ADB will scale-up support new and reliable strategies for Viet Nam

TCCT In August 14th 2015, Deputy Minister Cao Quoc Hung, hold a courtesy greeting with Mr. Eric Sidwick, Country Director of Viet Nam Resident Mission Asian Development Bank (ADB), who has been newly nomin

Deputy Minister Cao Quoc Hung appreciated ADB’s long-term cooperation with the MOIT, including Mr. Kimura’s contributions and wish Mr. Sidwick will continue developing traditional relations between the two sides in his term in office.

Mr. Sidwick expressed the honor to be inaugurated in the time of coming important events of Viet Nam, including preparations for the Economic Development Strategy 2016-2020. ADB will also scale-up support new and reliable strategies for Viet Nam to utilize ODA funds more efficiently in the context of changes in ADB lending capacity and priority.

The energy sector will continue to be the major field of cooperation between the ADB and MOIT, especially the technical assistances and loans to facilitate the Rural Electrification Program, and projects for the development and reform of power sector, pilot wholesales and retail power competitive market, power transmission and distribution system, electricity saving, renewable energy, private sector participation and investment and cross border power interconnection and trading with countries in Greater Mekong Subregion.

In addition, MOIT has proposed ADB to expand the Bank’s support resources to small and medium enterprises of Viet Nam engaging in the development of supporting industrial industries and potential cooperation opportunities in infrastructure investment and trade.

The ADB agreed with the recommendations of MOIT and commit to continue exchanging discussion and cooperation with MOIT to formulate new mechanisms and modalities for investment projects, budget support operations, and policy issues./.