Vietnam, as a middle-income country, must have better infrastructure, education and vocational training and conduct more economic reforms to develop further and become a high-income country.
President of the Asian Development Bank (ADB), Haruhiko Kuroda told Vietnam News Agency reporter on Oct. 29.
The country should also focus on administrative and state owned enterprise reforms to improve corporate governance and efficiency, he said..
In the Asian Development Outlook 2010 Update issued in September, ADB has projected Vietnam’s growth rate in 2010 and 2011 at 6.7 percent and 7 percent, respectively.
“Vietnam has done very well in responding to the global economic crisis with quick formulation of a substantial economic stimulus package,” said the bank’s President.
However, the President pointed out “number one” challenge that Vietnam is facing which is infrastructure shortage though highways have been built quite rapidly together with the development of railways, roads, airports and seaports.
In the next 5-10 years, Vietnam’s infrastructure needs to be significantly improved, he said.
He also suggested that the country learn experience from China, one of the fastest growing countries in Asia which has invested much into infrastructure to accelerate its economy.
As a major donor for developing countries in the region, ADB will continue supporting Vietnam not only by financing development projects but also by providing necessary policy and capacity building in accordance with ADB’s long-term strategic framework, Strategy 2020, he said.
The support will be fully aligned with Vietnam’s socio-economic development strategy 2011-2020 and socio-economic development plan 2011-2020, said the President./.
President of the Asian Development Bank (ADB), Haruhiko Kuroda told Vietnam News Agency reporter on Oct. 29.
The country should also focus on administrative and state owned enterprise reforms to improve corporate governance and efficiency, he said..
In the Asian Development Outlook 2010 Update issued in September, ADB has projected Vietnam’s growth rate in 2010 and 2011 at 6.7 percent and 7 percent, respectively.
“Vietnam has done very well in responding to the global economic crisis with quick formulation of a substantial economic stimulus package,” said the bank’s President.
However, the President pointed out “number one” challenge that Vietnam is facing which is infrastructure shortage though highways have been built quite rapidly together with the development of railways, roads, airports and seaports.
In the next 5-10 years, Vietnam’s infrastructure needs to be significantly improved, he said.
He also suggested that the country learn experience from China, one of the fastest growing countries in Asia which has invested much into infrastructure to accelerate its economy.
As a major donor for developing countries in the region, ADB will continue supporting Vietnam not only by financing development projects but also by providing necessary policy and capacity building in accordance with ADB’s long-term strategic framework, Strategy 2020, he said.
The support will be fully aligned with Vietnam’s socio-economic development strategy 2011-2020 and socio-economic development plan 2011-2020, said the President./.
