"Viet Nam has achieved over the past three years thanks to sound direction, the ADB will raise its economic growth forecast for Viet Nam to 6.5 per cent this year and 6.6 per cent by 2016 during a press conference today" new Country Director Eric Sidgwick said. — Photo ndh

HA NOI (Biz Hub) — The Asian Development Bank (ADB) is willing to provide long-term, low-interest-rate loans for Viet Nam's major socio-economic infrastructure projects, its new Country Director Eric Sidgwick assured Prime Minister Nguyen Tan Dung during a meeting in Ha Noi yesterday.

Given what Viet Nam has achieved over the past three years thanks to sound direction, the ADB will raise its economic growth forecast for Viet Nam to 6.5 per cent this year and 6.6 per cent by 2016 during a press conference today, he revealed.

He lauded Viet Nam for its economic recovery, macro-economic stability, growing foreign exchange reserves and low inflation. The country has also taken in great amounts of foreign direct investment and restored consumer confidence.

Expressing his agency's desire to deepen bilateral ties with Viet Nam, Sidgwick said the ADB is working with agencies concerned with devising a five-year strategy to support Viet Nam.

The PM, for his part, spoke highly of the policy, technical and resource support that the ADB has offered to Viet Nam and pledged to utilise the financial institution's resources efficiently and consider the bank a partner on its development path.

He said ADB's growth forecast is aligned with Viet Nam's realities, but the government is not yet satisfied with current achievements, especially the macro-economic control goals amid the global economic uncertainties.

The government firmly pursues macro-economic stability for the sake of sustainable growth while continuing to restructure the economy with a focus on public investment, State-owned enterprises and the financial-banking system, he stated, adding that Viet Nam has successfully reduced the ratio of bad debt to 3 per cent from 17 per cent.

The leader emphasised that the Government's current measures guarantee the safe and effective use of public debt. — VNS