Vietnam 2020 economic growth may exceed ADB's 4.1% forecast: Country director

Vietnam is predicted to achieve an economic growth rate of 4–4.1% this year, however, there is a possibility that the country may exceed this expectation, according to Country Director of the Asian Development Bank (ADB) in Vietnam Eric Sidgwick.

ADB Director in Vietnam Eric Sidgwick and Prime Minister Nguyen Xuan Phuc. Photo: VGP.

Nevertheless, in this current crisis, the fact that the country could realize ADB’s economic forecast is already a no small feat, said Sidgwick while bidding farewell to Vietnamese Prime Minister Nguyen Xuan Phuc on June 22.

As his term is coming to an end, Sigwick said the ADB and Vietnamese government have seen significant cooperation over the years.

Sigwick said he is touched with the enthusiasm and support from the Vietnamese people, adding Vietnam has been utilizing efficiently financial resources allocated from the ADB.  

Most recently, Vietnam’s successful containment of the Covid-19 is a significant achievement, Sidwick stated.

For the next year, ADB is setting up a new country partnership strategy to correspond to the new situation in Vietnam.

At the meeting, Prime Minister Phuc said the country considers the ADB one of the top financial donors and technical consultants for Vietnam.

Phuc thanked the ADB for its support in the establishment of the e-cabinet system for the government.

Vietnam would continue to support the ADB’s 2030 strategy towards the realization of the United Nations’ Sustainable Development Goals, Phuc stressed.

According to Phuc, as Vietnam has initially succeeded in pushing back Covid-19, the country is now focusing on economic recovery in the post pandemic phase.

Vietnam intends to perfect the legal framework for official development assistance (ODA) management, particular in the field of public investment and public debt management to ensure efficient utilization of foreign loans.

Phuc stated Vietnam is striving to become a middle-income country, and for such a purpose, the country would need huge resources, including financial support from the ADB.

Vietnam is looking for more support from the ADB in the development of priority fields, including infrastructure; smart agriculture; clean energy and urban development, environment, healthcare and education, among others.

Phuc stressed that the continued support from the ADB is necessary for Vietnam and further boost cooperation between all parties involved.