ADB's 44th annual meeting opens in Vietnam

Vietnam: The 44th annual meeting of the Board of Governors of the Asian Development Bank (ADB) officially opened in Vietnam’s capital city of Hanoi Yesterday.

In a opening statement, Nguyen Tan Dung, Prime Minister of Vietnam said that the meeting is a good chance for regulators, policy-makers, CEOs and scholars to discuss important and urgent matters of the region and the world such as investment and business, reform of the international monetary system, post-crisis capital and financial markets, food security among others.

Nguyen Van Giau, Governor of the State Bank of Vietnam, Chairman of the Board of Governors said that the year 2010 witnessed significant progresses in the region. Asia has rebounded strongly from the financial crisis and economic recession.

Nonetheless, countries in the region are now facing the threats from higher inflation and inadequate management of capital flow, said Giau.

Giau added that as a regional financial institution, the ADB should affirm its commitment to achieving the Millennium Development Goals and to providing resources to member countries for protection of the most vulnerable and poorest groups through job creation, income subsidy measures, promotion of growth and investment in education. Haruhiko Kuroda, President of the ADB said at the meeting that with a growing middle class, Asia is well positioned to lead the unwinding of global imbalances by expanding its own markets to become a source of global demand.

“We need to start thinking beyond ‘factory Asia’ and find our place as ‘consumer Asia’ as well,” Kuroda said. 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 US dollars. Xinhua