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Aug 15, 2019 / 17:05

Vietnam secures US$45 million loan to boost inclusive growth in secondary towns

The project will construct climate-resilient transport and urban infrastructure needed to boost tourist arrivals and tourist services investment in the provinces of Hoa Binh, Nghe An, Quang Binh, Quang Tri, and Thua Thien-Hue.

Vietnam’s Ministry of Finance (MoF) and Provincial People’s Committees of a number of secondary towns today signed a US$45-million loan agreement with the Asian Development Bank (ADB), aiming to boost inclusive growth in these area. 
 
Overview of the signing. Source: ADB.
Overview of the signing. Source: ADB.
The project aims to transform secondary towns, including Hoa Binh, Nghe An, Quang Binh, Quang Tri and Thua Thien-Hue, along the Second Greater Mekong Subregion (GMS) eastern corridor into economically inclusive, competitive tourism destinations by improving transport infrastructure, urban services, and capacity to sustainably manage tourism growth.

“In the past years, the government has effectively used ADB’s support to improve infrastructure, strengthen environmental management in tourism destinations, promote tourism-related enterprise development, and deepen regional tourism cooperation with GMS and ASEAN neighbors,” said Eric Sidgwick, ADB Country Director for Vietnam. “As a result, tourism is thriving in project areas, benefitting thousands of residents and locally owned businesses.”

The ADB has a long and successful track record supporting inclusive and sustainable tourism development in Vietnam. This is the 4th consecutive tourism project since 2003; and 12 provinces have now received ADB tourism-sector assistance with cumulative ADB financing totaling more than US$110 million.

The project will construct climate-resilient transport and urban infrastructure needed to boost tourist arrivals and tourist services investment in the provinces of Hoa Binh, Nghe An, Quang Binh, Quang Tri, and Thua Thien-Hue. It will also develop urban green spaces and public beaches in these provinces, and the project is expected to benefit about 168,000 residents and more than 8 million visitors annually.