ADB funds 190 million USD for development of USTH

Thursday - 10/11/2011 16:34

Hanoi, 10 Nov, 2011. ADB and the State Bank of Vietnam  signed on the agreements totaling 190$ million for developing USTH into an international standard University in Science and Technology filed. The project will establish USTH as a new model university focusing on international standard teaching and research with strong university-industry linkages. This new model university will also demonstrate a framework for establishment of other higher education institutions in Vietnam.

At the signing ceremony, the Government was represented by Mr. Nguyen Van Binh, Governor of the State Bank of Vietnam and ADB was represented by Mr. Tomoyuki Kimura, Country director for Vietnam

ADB's loans include 170 million U.S. dollars from ordinary capital sources, and 20 million U.S. dollars from the hard terms facility of its concessional Asian Development Fund. The government of France will complement the ADB assistance by extending about 100 million euros (roughly 135 million U.S. dollars) over ten years to help develop the university, with the government of Vietnam providing 23 million U.S. dollars. The government of Japan, through the Japan International Cooperation Agency, is supporting the development of the Hoa Lac High Tech Park, where USTH will be built.

The USTH project will open the door to knowledge-led development in Vietnam by supporting one of the three breakthroughs identified in the Socio-economic Development Strategy 2011-2020 adopted by the 11th Vietnamese Party Congress in January of this year -- namely the rapid development of human resources, notably high-quality human resources, focusing on the comprehensive reform of national education, said Mr. Kimura