Donald Lambert, principal private sector development specialist, Southeast Asia Department at the ADB Vietnam is preparing a new socio-economic development plan that will cover 2021 through 2025 and a new socio-economic development strategy covering 2021 through 2030. They are expected to establish ambitious development targets – as is appropriate for a country that has achieved much over recent years. Ambition, however, has a price tag, and Vietnam will need to adopt new approaches to fund its development. Let us put in context how much has changed since the last five-year plan. In 2015, Vietnam was the fifth-largest recipient of net official development assistance and qualified for some of the most concessional assistance from the ADB and other donors. It is a different story now. Vietnam’s per capita income has been increasing at a compound annual growth rate of over 6 per cent, making it one of the fastest-growing economies in the world. It is now firmly established as a middle-income country and is one of the most attractive destinations for foreign direct investment. This success means, however, that donors will begin to allocate grants and other forms of deeply concessional assistance to countries with more pressing needs. This is already… Read full this story
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