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Today: Oct 28, 2020

ADB funds $190 million for universities in Vietnam

ADB funds $190 million for universities in Vietnam

The Asian Development Bank (ADB) and the government of Vietnam have signed two loan agreements totalling $190 million for the development of the University of Science and Technology of Hanoi (USTH) – a state-of-the-art institution which contributes higher skills that facilitate Vietnam’s progress through medium-income status and underpins the country’s move to more intensive industrialisation.

“To progress beyond middle-income country status and become an industrialised nation by 2020, Vietnam needs to accelerate building its knowledge, science and technological capacities,” said Tomoyuki Kimura, country director of ADB for Vietnam.

“The USTH project will open the door to knowledge-led development in Vietnam by supporting one of the three breakthroughs identified in the Socio-Economic Development Strategy 2011-2020 adopted by the 11th Party Congress in January of this year – namely the rapid development of human resources, notably high-quality human resources, focusing on the comprehensive renovation of national education,” Kimura added.

The project will establish a new model university focused on international standard teaching and research in science and technology with stronger university-industry linkages.

This new model university will also demonstrate a new policy framework to serve as a basis for reforms that would allow it to be extended to other higher education institutions.

ADB’s loans include $170 million from ordinary capital resources, and $20 million from the hard terms facility of its concessional Asian Development Fund.

The Government of France will complement the ADB assistance by extending about €100 million over ten years to help develop the university, with the government of Vietnam providing $23 million.

The government of Japan, through the Japan International Cooperation Agency, is supporting the development of the Hoa Lac Hi-tech Park, where USTH will be built.

ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration.

Established in 1966, it is owned by 67 members – 48 from the region. In 2010, ADB approvals, including, cofinancing, totaled $17.51 billion. In addition, ADB’s ongoing Trade Finance Programme supported $2.8 billion in trade.


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Last Updated (Saturday, 19 November 2011 14:05)