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Vietnam Urges Stronger ADB Action Against Crisis

Friday, May 22, 2009

TOKYO (Nikkei)--Vietnamese Prime Minister Nguyen Tan Dung called on the Asian Development Bank to play a greater role in preventing the global financial crisis from significantly slowing Asian growth, at an economic forum here Thursday.

Speaking at the annual Future of Asia conference, Dung urged the ADB to expand credit to private companies in the region, among other measures. He said although the current crisis is not as serious as the one that hit Asia in 1997, "its impact on the region's economies is not negligible."

He said the ADB, which he characterized as "Asia's most important financial institution," should be used more effectively to limit the impact of tight regional lending on Asian economic growth.

The Vietnamese leader urged greater regional cooperation in containing the global spread of swine flu. "Asian governments need to cooperate with one another to cope with the situation, in addition to taking individual measures," he said.

(The Nikkei May 21 evening edition)

Titles of speakers, names of companies, etc., were correct as of the time when the forum was held.