ADB backs business environment and financial sector improvements

ADB backs business environment and financial sector improvements By Thu Nguyet – The Saigon Times Daily HCMC – The Asian Development Bank (ADB) and Vietnam’s Government last Friday signed two loan agreements to support improving the business environment, particularly for small and medium enterprises (SMEs), and the financial sector. These policy-based loans are granted for the Second Small and Medium-Sized Enterprises Development Program (second SMEDP) and Subprogram 2 of the Third Financial Sector Program totaling US$100 million. “Development of SMEs is a key for private sector development in Vietnam,” said Ayumi Konishi, ADB’s country director for Vietnam, who signed the loans with Governor of the State Bank of Viet Nam Nguyen Van Giau. “We would like to see creation of more and better jobs, and the development of supporting industries comprised of SMEs through better macroeconomic, legal and administrative framework, strengthened competition regime, and SMEs’ better access to finance,” he said in a statement. “These are essential elements of Vietnam’s further microeconomic reforms to achieve sustainable socioeconomic growth as a new middle income country.” The newly approved program relating to the financial sector focuses on the overall financial stability and the development of the non-bank financial sector, including the securities…

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