International donors have pledged to give Vietnam a record of USD 5.426 billion in official development assistance (ODA) for 2008, up nearly 20 per cent over the last year’s figure.
The commitment was made at the Consultative Group Meeting for Vietnam, held in Hanoi on December 6-7 under the title Laying the Foundations for Sustainable Development.
The Asian Development Bank is the biggest donor providing USD 1.35 billion, followed by Japan with USD 1.111 billion, the World Bank with USD 1.110 billion, and the EU with USD 963 million.
The record numbers were proof of growing trust in Vietnam’s development among the international community and showed donors’ support for the development process of the country, Planning and Investment Minister Vo Hong Phuc said.
Vietnam has made great social and economic achievements, and the Government is accelerating efforts to help the country get out of the underdevelopment status by the next decade, Prime Minister Nguyen Tan Dung affirmed at the meeting.
The country has always appreciated ODA from international donors and pledges to manage ODA more effectively, he said.
“The story of Vietnam’s development provides key lessons for many countries that are struggling to reduce poverty, World Bank country director Ajay Chhibber said.
However, the country should deliver on its WTO commitments and invest in both hard and soft infrastructure, he said.
Donors also warned challenges facing a middle-income country like Vietnam, which require more comprehensive efforts of the Government.
According to the Ministry of Planning and Investment’s estimates, foreign direct investment into Vietnam would reach USD 16 billion by the year-end. The past 11 months saw 1,283 new projects licensed with a total of USD 13.4 billion in registered capital, an increase of 67.3 per cent.-