Vietnam to Borrow $100M from ADB to Improve Business, Financial Market
Vietnam will borrow $100 million from the Asian Development Bank to spur growth of the country’s small- and medium-sized enterprises (SMEs) and improve the local financial sector.
Ayumi Konishi, the Hanoi-based country director for the Asian Development Bank (ADB), and Governor Nguyen Van Giau of the State Bank of Vietnam signed an agreement for the loan.
SMEs are a key for development of the private sector in Vietnam, Konishi said in a statement, adding that the loans target at SMEs and the non-bank financial sector, including the securities and bond markets.
“We would like to see creation of more and better jobs, and the development of supporting industries comprised of SMEs through a better macroeconomic, legal and administrative framework, strengthened competition regime, and better access to finance,” he said.
The country director, however, did not give any more details on the loan.
Vietnam was among the founding members of the ADB in 1966, but operations were suspended between 1979 and 1992, before resuming again in 1993.
Cumulative assistance since ADB resumed its operations in Vietnam includes 99 sovereign loans totaling $8 billion, 245 technical assistance grant projects amounting to $188.4 million, and 24 other grant projects totaling $139.1 million. (Labourer)
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