Vietnam seeks $500 million loan

The Vietnamese government is holding talks with the Asian Development Bank (ADB) about a US$500 million loan to help boost the economy, according to a State Bank of Vietnam official.

The unnamed official told Sai Gon Tiep Thi (Saigon Marketing) newspaper that the loan may come from the $3 billion emergency fund set up by the ADB in May to help Asian countries cope with the global economic crisis.

ADB Country Director in Vietnam Ayumi Konishi said: “We hope to conclude our talks soon even though there are still unsettled issues,” Sai Gon Tiep Thi reported.

The Vietnamese government has called for up to $8 billion in investment and aid to turn around the economic downturn Vietnam has experienced since 2007.

Minister of Planning and Investment Vo Hong Phuc told a National Assembly session in May that the country’s stimulus package would be funded by foreign exchange reserves and newly issued government bonds.

The Philippines-based ADB has already provided a $500 million five-year loan to the Philippines from the $3 billion fund.

vietnews, sgtt

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