PANO – A loan contract was signed on November 10th in Hanoi between the Governor of the State Bank of Vietnam (SBV), Mr. Nguyen Van Binh and the Country Director of the Asian Development Bank (ADB) in Vietnam, Mr. Tomoyuki Kimura.

The contract valued at US$ 190 million is to fund the foundation of the Hanoi University of Science and Technology (USTH), which is seen as a new model university in Vietnam.

USTH will function as an institute and a tertiary training facility under the international standards. Under the project, USTF will harmoniously link with training, research and related industries.

According to officials, USTH will also be operational under new policies, which will then be applied to other universities in the country if they prove to be successful and effective.

At the signing ceremony, Tomoyuki Kimura said that, as USTH is expected to train and provide high-quality workforce, the project will open the door to the development of a knowledge-based economy in Vietnam in the future.

This will fundamentally and comprehensively renew Vietnam’s tertiary education and training, he added.

Translated by Thu Nguyen