22:28 (GMT +7) - Thursday 19/09/2019

Vietnam Today

ADB signs tourism agreements with 5 provinces

Released at: 13:35, 17/08/2019

ADB signs tourism agreements with 5 provinces

Photo: ADB

Agreements under Second Greater Mekong Subregion (GMS) Tourism Infrastructure for Inclusive Growth Project.

by Doanh Doanh

The Asian Development Bank (ADB) and the Provincial People’s Committees of northern Hoa Binh, north-central Nghe An, and central Quang Binh, Quang Tri, and Thua Thien Hue provinces have signed specific project agreements for the Second Greater Mekong Subregion (GMS) Tourism Infrastructure for Inclusive Growth Project, following the signing of an overall $45 million loan agreement with the Ministry of Finance.

The project aims to transform secondary towns along the GMS’s eastern corridor into economically-inclusive and competitive tourism destinations by improving transport infrastructure, urban services, and the capacity to sustainably manage tourism growth.

“The government has effectively used ADB’s support in past years to improve infrastructure, strengthen environmental management at tourism destinations, promote tourism-related enterprise development, and deepen regional tourism cooperation with GMS and ASEAN neighbors,” said Mr. Eric Sidgwick, ADB Country Director for Vietnam. “Tourism is thriving in project areas as a result, benefitting thousands of residents and locally-owned businesses.”

The ADB has a long and successful track record of supporting inclusive and sustainable tourism development in Vietnam. This is the fourth consecutive tourism project since 2003, and 12 provinces have now received ADB assistance in the tourism sector, with cumulative financing of more than $110 million.

The project will build the climate-resilient transport and urban infrastructure needed to boost tourist arrivals and tourism services investment in the provinces. It will also develop urban green spaces and public beaches, and is expected to benefit about 168,000 residents and more than 8 million visitors annually.

The ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific while sustaining its efforts to eradicate extreme poverty. In 2018, it made commitments of new loans and grants amounting to $21.6 billion. Established in 1966, it is owned by 68 members - 49 of whom are from the region.

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