The Asian Development Bank (ADB) will provide Vietnam with loans worth 190 million USD to build the University of Science and Technology of Hanoi (USTH) – a state of the art institution.

An agreement to this effect was signed in Hanoi on Nov. 10 by Governor of the State Bank of Vietnam Nguyen Van Binh and ADB Country Director for Vietnam Tomoyuki Kimura.

ADB loans include 170 million USD from ordinary capital sources, and 20 million USD from the hard terms facility of its concessional Asian Development Fund.

The Government of France will complement the ADB assistance by extending about 100 million EUR over ten years to help develop the university, while the Government of Vietnam will provide 23 million USD.

The Government of Japan, through the Japan International Cooperation Agency, is supporting the development of Hoa Lac High Tech Park, where USTH will be built.

The project is expected to contribute higher quality skills to facilitate Vietnam ’s progress through medium-income status and underpins the country’s move to more intensive industrialisation.

Speaking at the signing ceremony, Tomoyuki Kimura said the project will establish a new model university focused on international standard teaching and research in science and technology with stronger industry linkages./.