Vietnam bank for agriculture and rural development

Vietnam’s average disbursement rate is much lower than that of other recipients of the Asian Development Bank’s ODA loans, largely due to cumbersome and time-consuming procedures, said Eric Sidgwick, ADB country director for Vietnam. Minister of Finance Dinh Tien Dung speaks at a teleconference in Hanoi on June 26. Red tape is one of the main reasons for slow loan disbursement – PHOTO: THOI BAO TAI CHINH Speaking at a teleconference in Hanoi on Wednesday, Sidgwick said Vietnam had a good rate of disbursement in the past. However, the rate has been on the decline since 2014, and it is currently very slow, reported the local media. Vietnam’s average disbursement rate in 2018 reached 11.2%, or half of the rate in the 2011-2014 period, at 21.7%, and half the rates of other countries, according to the director. He pointed out that even minor changes in projects such as increases in scale, six-month loan extensions, cost structure changes or the use of … [Read more...] about Red tape results in low ODA disbursement in Vietnam: ADB

Acting on behalf of the government in disbursing capital for the nation’s important projects, the Vietnam Development Bank (VDB) has been found committing serious violations. VDB was established in 2006 as a not-for-profit bank which receives subsidy from the state for interest rate differences, and management and payment-guarantee fees. Under Decision No 1515 released in 2015, the government authorized the Ministry of Finance (MOF) to manage and exercise owner’s rights and duties. VDB has huge charter capital of VND30 trillion. A report fromMOF showed that the outstanding loans the bank provides is VND100 trillion each year. It also issues tens of trillions of dong worth of bonds. At a recent workshop, Nguyen Chi Trang, deputy general director of VDB, said VDB was holding and disbursing 60 percent of ODA capital. As of August 31, 2018, VDB’s foreign outstanding loans had reached VND152.9 trillion. The government’s inspectors have found that VDB did not … [Read more...] about State may have to pay debts of Vietnam Development Bank

Israeli Ambassador to Vietnam Nadav Eshcar (L) at a working session with Chairman of the provincial People’s Committee Dang Xuan Phong (Source: Lao Cai newspaper) Lao Cai (VNA) – Sound relations between Vietnam and Israel will be a favourable condition for the two governments and business communities to expand investment cooperation and exchanges in all fields in Vietnam, including Lao Cai province, Israeli Ambassador to Vietnam Nadav Eshcar said at a working session with Chairman of the provincial People’s Committee Dang Xuan Phong on November 19. Eshcar shared his good impression on Lao Cai during his previous trip to the province in August 2019 when the Israeli Embassy coordinated with the Vietnamese Ministry of Culture, Sports and Tourism and the provincial People’s Committee to organise a folk music programme. He said voluntary activities in Lao Cai’s popular resort town of Sa Pa are reaping initial outcomes, and participating youths will serve as … [Read more...] about Israeli Ambassador to Vietnam visits Lao Cai province

Illustrative image (Photo: VNA)   Hanoi (VNA) – The Lower Mekong countries of Cambodia, Laos, Thailand and Vietnam are likely to face severe droughts that hurt cultivation and agricultural production by January 2020. Experts from the Mekong River Commission (MRC) issued the warning on November 19 amid droughts that have made the Mekong River at its lowest level in the past six decades, adding that Thailand and Cambodia are more heavily hit than Laos and Vietnam. The drought and flooding management centre in Phnom Penh warned that the risk of drought could prolong while local residents could lack water for daily use. The situation is forecast to worsen from December to early January when the rainfall is at its low. Founded in 1995, the Mekong River Commission is an inter-governmental organisation that directly works with the governments of Cambodia, Laos, Thailand and Vietnam on common water resources management and the sustainable development of the Mekong River./. … [Read more...] about Severe droughts forecast in Cambodia, Laos, Thailand, Vietnam

Prime Minister Vu Duc Dam Dam hosted a reception for Steiner when the UNDP official has been on a visit to Vietnam to attend the 6th Global Environment Facility Assembly (GEF-6) held in Da Nang on June 27 and 28. Dam and Steiner exchanged views on the current major priorities of Vietnam, the UNDP and the UN in general. The two officials agreed on the need to further deepen the cooperation between Vietnam and the UNDP and to focus all necessary resources to effectively implement the 2030 Agenda. The Deputy PM updated his guest on the National Action Plan on the Implementation of the 2030 Agenda for Sustainable Development which was adopted by the Government of Vietnam last year, featuring 115 specific goals. He also mentioned Vietnam’s efforts to boost economic growth in tandem with the advancement of social equality and environmental protection. Dam discussed with the UNDP administrator about challenges faced by Vietnam in coping with climate change, ensuring sustainable … [Read more...] about Vietnam determined to fulfill 2030 Agenda: Deputy PM