Reform Is Key to Viet Nam's Continued Growth: ADB President
MANILA, PHILIPPINES - At the conclusion of his visit to Viet Nam, Asian Development Bank (ADB) President Haruhiko Kuroda said that as the country’s economy continues to develop, Viet Nam will need to increasingly focus on factors that will make its economic growth sustainable and less vulnerable to changes in the global economic environment. Public administration and financial sector reforms, as well as close economic cooperation with Viet Nam’s Greater Mekong Subregion (GMS) neighbor countries in economic cooperation programs will be key to the country’s growth. “Significant reforms are already underway, and ADB stands ready to lend additional support for these efforts,” he said. President Kuroda met with the General Secretary of the Communist Party Nong Duc Manh, Prime Minister Nguyen Tan Dung, and other senior Government officials during his visit. He commended Viet Nam on its impressive 8.5% gross domestic product growth in 2007 following World Trade Organization accession, while noting that Viet Nam will need to carefully manage its macroeconomic policies given the current economic slowdown in the United States and its possible global impact. President Kuroda further noted that some slowdown in growth at this stage of Viet Nam’s economic development may in fact be useful, particularly to contain inflation and to ensure that the nation’s growth is sustainable. In advance of the forthcoming third Greater Mekong Subregion Summit in Lao People’s Democratic Republic, in which Prime Minister Dung is to participate, President Kuroda also discussed the GMS economic cooperation program with the leaders of the Government, and the role to be played by Viet Nam. During his meetings with government officials, President Kuroda thanked Viet Nam for cooperating with the international community to advance environmentally sustainable development. He reaffirmed ADB’s readiness to provide assistance in this area, as Viet Nam is among the countries that are most vulnerable to the effects of global warming and rising sea levels. “As Viet Nam strives to attain industrialized nation status by 2020, it needs to ensure that all of its citizens continue to reap the benefits of the country’s impressive growth, and that growth doesn’t come at the expense of the environment,” said President Kuroda. Since the resumption of operations in Viet Nam in 1993, ADB has provided more than $5.5 billion of assistance through loans, grants, and technical assistance packages. ADB’s 2008 work program in Viet Nam includes loans and technical assistance valued at $1.3 billion to $1.6 billion. About ADB | 
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