|Country Director for ADB in Vietnam Eric Sidgwick (centre, right) signs a loan agreement with Nguyen Dung (centre, left), Vice Chairman of the Thua Thien-Hue People's Committee, on August 15. (Photo: ADB)
The signing of these specific pacts came after the ADB and the Ministry of Finance inked an overall 45 million USD loan agreement for the project, the bank’s 4th consecutive tourism project in the country since 2003.
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 capacity for sustainable tourism growth management.
It will construct climate-resilient transport and urban infrastructure needed to boost tourist arrivals and tourist services investment, while developing urban green spaces and public beaches in the five provinces. It is expected to benefit about 168,000 residents and more than 8 million visitors annually.
“In the past years, the Government has effectively used the ADB’s support to improve infrastructure, strengthen environmental management in tourism destinations, promote tourism-related enterprise development, and deepen regional tourism cooperation with GMS and ASEAN neighbors,” said Eric Sidgwick, ADB Country Director for Vietnam.
“As a result, tourism is thriving in project areas, benefitting thousands of residents and locally owned businesses,” he added.
The ADB has a long and successful track record supporting inclusive and sustainable tourism development in Vietnam. A total of 12 provinces have to date received the bank’s tourism growth assistance, with the cumulative financing totaling more than 110 million USD.