ADB ready to support HCM City in economic recovery: Country Director

The Asian Development Bank (ADB) stands ready to provide comprehensive assistance for Ho Chi Minh City’s economic recovery in the short term, as well as its economic development in both medium and long terms.

ADB Country Director for Vietnam Andrew Jeffries made the promise during his virtual meeting with Chairman of the municipal People’s Committee Phan Van Mai on October 23.

ADB is also willing to coordinate with HCM City in the disbursement of capital for joint projects and provision of credit to help recover local businesses affected by COVID-19 through intermediate financial institutions or guaranteed bank loans, he said.

Jeffries expressed his belief that HCM City will soon overcome adverse impacts of the pandemic, and spoke highly of the economic development capacity of HCM City and Vietnam as well in the medium and long terms.

The next six months will be an important period when businesses, especially small and medium-sized enterprises (SMEs), and investors should receive support to surpass difficulties caused by COVID-19, he said.

For his part, Mai applauded the bank’s support to Vietnam in economic recovery and safe adaptation to the pandemic, highlighting the ADB-funded COVID-19 financial relief worth 5 million USD to support women-led SMEs, among others.

According to the official, the city has identified a phased economic recovery roadmap and drawn up 11 strategies to safely, flexibly adapt to and effectively control the COVID-19 pandemic.

HCM City wants to receive ADB’s recommendations for its economic recovery strategies, he added.

The two sides agreed to improve the efficiency of cooperation in ongoing projects, and discuss new ones associated with economic recovery plans of HCM City and Vietnam.