The three pillars of reform identified by the Vietnamese Governmentare certainly appropriate, and if successful, they will put Vietnam on apath to sustainable economic growth.
Vice President of the Asian Development Bank in East Asia, SoutheastAsia and the Pacific, Stephen P. Groff made this remark in an interviewgranted to Vietnam News Agency in Hanoi on Feb. 9.
Groff said that the restructuring of state-owned enterprises and thefinancial sector requires carefully designed roadmaps that areimplemented in a sequenced manner over time, as well as sustained andunwavering political commitment to reforms during and beyond 2012.
He said that ADB plans to finance support for strengthening legalframeworks of the financial sector, developing a well-functioning moneymarket, and promoting a deeper and more liquid Government bond market,skills training in public institutions within the financial sector andthe development of a micro-finance sector.
In themedium term, ADB’s new Country Partnership and Strategy for 2012–2015will fully align with Vietnam’s socio-economic development plan for2011–2015 in terms of promoting sustainable and inclusive growth, whilemaintaining macroeconomic stability. ADB expects to continue itslevel of commitment at approximately 1.4 billion USD per year, subjectto each project’s readiness, Groff said.
RegardingADB’s focus for regional economies this years, Groff said that ADBwill continue to support efforts for high and sustainable growth tocreate productive jobs, supporting measures to ensure equal access toeconomic opportunities and resources, strengthening social safety netsto protect against economic shocks and prevent extreme poverty, andsupporting good governance and strong institutions.
As for recommendations to governments in East Asia, Southeast Asia andAsia Pacific, he said that Asia needs to continue pursuing the prudentand responsible fiscal policies that have proven helpful in bufferingthe region against impacts of the crisis, and actively participate inthe process of strengthening global and regional financial safety nets.
ADB is backing attempts to rebalance growth,helping Asian and Pacific countries to strengthen their own sources ofgrowth and dynamism, especially given the ongoing public debt andfinancial crisis in the Eurozone, Groff said./.
Vice President of the Asian Development Bank in East Asia, SoutheastAsia and the Pacific, Stephen P. Groff made this remark in an interviewgranted to Vietnam News Agency in Hanoi on Feb. 9.
Groff said that the restructuring of state-owned enterprises and thefinancial sector requires carefully designed roadmaps that areimplemented in a sequenced manner over time, as well as sustained andunwavering political commitment to reforms during and beyond 2012.
He said that ADB plans to finance support for strengthening legalframeworks of the financial sector, developing a well-functioning moneymarket, and promoting a deeper and more liquid Government bond market,skills training in public institutions within the financial sector andthe development of a micro-finance sector.
In themedium term, ADB’s new Country Partnership and Strategy for 2012–2015will fully align with Vietnam’s socio-economic development plan for2011–2015 in terms of promoting sustainable and inclusive growth, whilemaintaining macroeconomic stability. ADB expects to continue itslevel of commitment at approximately 1.4 billion USD per year, subjectto each project’s readiness, Groff said.
RegardingADB’s focus for regional economies this years, Groff said that ADBwill continue to support efforts for high and sustainable growth tocreate productive jobs, supporting measures to ensure equal access toeconomic opportunities and resources, strengthening social safety netsto protect against economic shocks and prevent extreme poverty, andsupporting good governance and strong institutions.
As for recommendations to governments in East Asia, Southeast Asia andAsia Pacific, he said that Asia needs to continue pursuing the prudentand responsible fiscal policies that have proven helpful in bufferingthe region against impacts of the crisis, and actively participate inthe process of strengthening global and regional financial safety nets.
ADB is backing attempts to rebalance growth,helping Asian and Pacific countries to strengthen their own sources ofgrowth and dynamism, especially given the ongoing public debt andfinancial crisis in the Eurozone, Groff said./.
