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Economic News

Last updated: Monday, October 23, 2017

 

Vietnam Welcomes WB's Efforts to Support Economy

Posted: Thursday, September 21, 2017

PM Nguyen Xuan Phuc receives WB Country Director to Vietnam Ousmane Dione. Photo: VGP/Quang Hieu
PM Nguyen Xuan Phuc receives WB Country Director to Vietnam Ousmane Dione. Photo: VGP/Quang Hieu

Vietnamese Prime Minister Nguyen Xuan Phuc has welcomed the efforts exerted by the World Bank (WB) for Vietnam, especially its establishment of a supporting mechanism to provide the International Development Association (IDA) suitable with the country’s conditions and context.

Speaking to WB Country Director to Vietnam Ousmane Dione at a meeting in Hanoi Wednesday, Mr. Phuc highly valued the WB’s establishment of the Country Partnership Framework (CPF) for Vietnam, which is regarded as a foundation for the two sides’ future cooperation following Vietnam’s graduation from the IDA from July 1, 2017.

Mr. Ousmane Dione appraised the Vietnamese government’s reforms in terms of tax and bad debt, adding that the WB is willing to cooperate with the Vietnamese agencies to support further reforms.
He proposed the government considering setting up a reform coordinating agency model which has been realized successfully in other nations.

Mr. Phuc suggested the WB assist the Ministry of Planning and Investment in narrowing prioritized projects, which were financed by the Official Development Assistance and preferential loans.
He expected that the WB’s support will help Vietnam address development challenges proposed in the WB’s Vietnam 2035 Report.

He asked the WB to seek non-refundable aid for Vietnam in the future to reduce expenditures and increase preferentiality of loans as well as referred to other cooperative areas such as climate change adaption, inter-regional infrastructure, water resource, human resources training, renovation and high-tech agriculture.

The PM hoped that the WB will continue its assistance for the MPI and other relevant agencies to establish a legal framework to mobilize capital in the form of Public–Private Partnership.

The WB Country Director said that the WB is considering measures to mobilize more supporting capital for Vietnam, expecting to enhance cooperation between the WB and Vietnam more effectively, especially in implementing ODA projects to improve the competitiveness of Vietnam’s economy.

He presented WB’s reports on food safety, benefit conflict and agricultural modernization in Vietnam to the Vietnamese PM at the meeting.

VGP








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