ADB unconcerned about Vietnam public debt

By Van Oanh – The Saigon Times Daily

HANOI – The Asian Development Bank (ADB) has said it is not concerned about Vietnam’s public debt at the moment despite the recent Standard & Poor’s lowering of the country’s credit rating.

Rajat M. Nag, managing director general of the regional lender, told reporters during the ADB’s annual meeting in Hanoi on Wednesday that the ADB was paying attention to how aid was being used.

If official development assistance loans are effectively used to develop projects like infrastructure to fuel the country’s growth, there would be no need to worry about, he said.

Commenting on the possible spread of the eurozone public debt crisis to Asia, especially emerging economies, he said that in an increasingly connected world, he did not rule out this possibility.

But he noted the Asian economies had learned some lessons from the 1997-98 financial and economic crisis, so they had taken precautionary measures to cope with any such crisis.

http://english.thesaigontimes.vn/Home/business/vietnam-economy/16749/