An aerial photo of Hanoi-Hai Phong Expressway (Photo: VNA)Hanoi (VNA) – The Asian Development Bank (ADB) will continue its support forinfrastructure development in Vietnam, said ADB Vice President forKnowledgement Management and Sustainable Development Bambang Susantono at apress conference on March 8.
He suggested Vietnam pay further attention to fiscal renovation, including taxreform, spending re-orientation as well as prudence in borrowing and collectingnon-tax revenues.
In addition to encouraging the participation of private sector, creatingattractive environmental climate and deepening the capital market, the VietnameseGovernment should sort out priorities for spending and investment, hehighlighted.
Meanwhile, ADB Country Director for Vietnam Eric Sidgwick underlined measuresto attract private investment in infrastructure development as well as ADB’s roleas a sponsor for infrastructure projects in the coming time.
At the press conference, the ADB representative introduced the report “MeetingAsia’s infrastructure Needs”, which covers the region’s power, transport,telecommunications and water and sanitation infrastructure. It comprehensivelyexamines current infrastructure stocks and investments, future investment needsand financing mechanisms for developing Asia.
Developing Asia will need to invest 26 trillion USD from 2016-2030, or 1.7trillion USD per year, if the region is to maintain its growth momentum,eradicate poverty and respond to climate change. Without climate changemitigation and adaptation costs, 22.6 trillion USD will be needed, or 1.5trillion USD per year.
Of the total climate-adjusted investment needs during the period, 14.7 trillionUSD will be for power and 8.4 trillion USD for transport. Investment intelecommunications will reach 2.3 trillion USD, with water and sanitation costsat 800 billion USD over the period.
East Asia will account for 61 percent of climate-adjusted in investment needsthrough 2030. As a percentage of GDP, however, the Pacific leads all othersub-regions, requiring investments valued at 9.1 percent of GDP. This isfollowed by South Asia at 8.8 percent, Central Asia at 7.8 percent, SoutheastAsia at 5.7 percent and East Asia at 5.2 percent of GDP.-VNA
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