Indian Prime Minister Manmohan Singh addresses the meeting

A Vietnamese delegation led by Dao Minh Tu, Deputy Governor of the State Bank of Vietnam, is attending the 46th Annual Meeting of the Board of Governors of the Asia Bank for Development (ADB), which is underway in New Delhi, India from May 2-5.

The meeting also draws the participation of about 5,000 delegates who are leading policy makers and representatives from ADB member countries, international economic and financial organisations, non-governmental organisations, commercial banks and businesses.

In addition to this year’s theme of “Beyond Factory Asia: Fueling Growth in a Changing World”, participants also focus on the theme of “Development through Empowerment”, chosen by the host country, including issues on comprehensive and sustainable development in Asia as well as seeking ways to help vulnerable groups gain better access to health, education and other social services.

Addressing the event, the ADB’s new President Takehiko Nakao said that despite recording high growth in the past decades, Asia still faces numerous development challenges with over 800 million people living in absolute poverty and growing inequality.

He revealed that in the ABD’ 2020 strategy, promoting comprehensive and sustainable development and strengthening regional connectivity and cooperation remain “key” to overcome the challenges.

The strategy also emphasised the importance of boosting the development of the private sector, an important factor for maintaining a high economic growth, he said.

In his opening remark, Indian Minister of Finance Chidambaram called on the ADB and other international financial institutions to invest more in Asian infrastructure.

Set up in 1966 with 31 members, the ADB has grown to 67 - of which 48 are from Asia and the Pacific.

VNA