Vietnam urged to speed up disbursement of ADB loans

Xinhua, Hanoi :
Asian Development Bank (ADB) President Takehiko Nakao urged Vietnam Wednesday to accelerate disbursement of ADB loans.
The visiting ADB governor made the appeal at a meeting with Vietnamese Prime Minister Nguyen Tan Dung in Hanoi, according to ADB press release.
Nakao said ADB is willing to assist Vietnam in boosting infrastructure development, especially transportation, energy, healthcare as well as carrying out reform in state- owned enterprises (SOEs).
Vietnam’s inflation rate has decreased sharply from more than 20 percent in August 2011 to about six percent in December 2013. The country managed to stabilize the exchange rate and build up current account surplus and foreign exchange reserves, said ADB President.
However, Nakao said more progress is needed to address the economy’s structural weakness.
“To reach its potential, Vietnam must deal with multiple risks and challenges such as improving competitiveness, managing growing inequities, developing institutional capacity, enhancing transparency, and strengthening governance,” the press release quoted Nakao as saying.
Nguyen Tan Dung said that Vietnam appreciated ADB’s assistance in funding and policy consultation for poverty alleviation.
Vietnam pledges to use ADB capital source effectively for the country’s socio- economic development, said Dung.