PM secures ADB loan to plough millions for Vietnam's border provinces

By VGP, Dam Tuan May 6, 2016 | 02:27 am PT

Prime Minister Nguyen Xuan Phuc recently signed off an ADB-financed project themed Support to Border Areas Development in three Indochinese countries that will run for six years with total investment of $122.1 million.

The project aims to support the Cambodia-Laos-Vietnam Development Triangle Area (CLV-DTA) where the Vietnamese provinces of Kon Tum, Gia Lai, Dak Lak, Dak Nong and Binh Phuoc are working to become more active growth centers.

Local socio-economic matters are also take into account within the project, including agriculture, forestry and tourism potential; strengthening human resources in theses areas; and improving living standards for poor people.

pm-approves-adb-funded-project-to-support-border-provinces

Border provinces will be the main beneficiaries of the project. Photo by FinancePlus

According to the project report, it will also help Vietnam to improve critical transport infrastructure, connecting areas with high economic potential with domestic and international markets.

Support to Border Areas Development will be implemented over six years with total investment of $122.1 million that will be managed by the Ministry of Planning and Investment.

The ADB said that the poverty rate in Viet Nam's DTA provinces is the second highest in the country, and poverty among ethnic minority groups remains high.

The Cambodia-Laos-Viet Nam Development Triangle Area (CLV-DTA) was established in 1999 and is located at the junction of Cambodia, Laos and Viet Nam. It covers 13 provinces in the neighboring countries.

Expanded access to markets outside the DTA, such as Phnom Penh, Vientiane, Hanoi and Ho Chi Minh City, will create the opportunity for products to reach higher-value markets and the largest economic centers in the three countries.