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Economic Sector

Last updated: Monday, October 23, 2017

 

Enhancing Competitiveness, Sustainability for Vietnam

Posted: Thursday, September 28, 2017


“The World Bank Group’s engagement in Vietnam will focus on key reform and development areas that may have transformative impact and will mobilise all its institutions, instruments and products to effect transformative changes such as lending, policy dialogue, analytical and advisory work and/or guarantees,” said Ousmane Dione, World Bank Country Director for Vietnam at the Launch Workshop of Country Partnership Strategy (CPS) for Vietnam in 2017 - 2022.

He said, within this framework, the World Bank will accompany Vietnam in the process of becoming a successful middle income country as well as creating foundation to become a high income country.

Vietnam is determined to get more successes, including accelerated economic growth, higher level of industrialisation, and living standard improvement. The growth trajectory of Vietnam has proved that there is effort to achieve the highest results, however, in order to get to these objectives, the method and the implementation process must be refined, Mr Ousmane Dione added.

Minister of Planning and Investment Nguyen Chi Dung said that Vietnam has made consistent efforts in realising rapid and sustainable development goals in line with renewing growth model and restructuring the economy in way of enhancing effectiveness and competitiveness, thus, creating force to implement tasks on social development, preserving the ecosystem and heading to sustainable development.

He expected that the Country Partnership Framework will realise the tasks and prospects of Vietnam, not only in the five-year period but also in the next decades, making Vietnam a high middle-income nation with inclusive development, human and intellectual development, private sector development, improved governance, sustainable development and environmental resilience.

In recent years, Vietnam has achieved impressive growth, with the visionary and firm direction of its leaders, the determination to complete necessary transition: leading finance to long-term sustainable trajectory, improving labour productivity growth and increasing private engagement, modernising higher education and vocational training to better meet labour market demands, preventing environmental degradation and enhancing adaptability to climate change, and enhancing governance. In that context, the Vietnam Country Partnership Framework is built on the shift in Vietnam - WB partnership.

Vietnam graduated from the International Development Association (IDA) and shifted to borrow from the International Bank for Reconstruction and Development (IBRD) since late June 2017. The transition to IBRD loans shows that Vietnam has attained certain development achievements. However, this process is also accompanied by plenty of challenges, requiring Vietnam and the World Bank to be creative and seek new and effective ways of working.

Vietnam’s Country Partnership Framework in 2017 - 2022 support Vietnam to achieve goals in the 5-Year Socioeconomic Development Plan in 2016 - 2021 and realise the objectives of balancing economic development and sustainable environment, promoting equality, and enhancing State agencies’ capacity and accountability.

This new framework will continue to bolster WB’s existing supports in coordination with other development partners to mobilise other resources for development.
The Vietnam Country Partnership Framework focuses on three areas (facilitating private sector growth and engagement, investing in people and knowledge, and ensuring environmental sustainability and adaptive capacity) and the following targets (strengthening economic governance and growth institution; promoting private sector and agribusiness; enhancing commercial competitiveness, multimodal connectivity and logistic services; planning and managing service infrastructure and urban land; empowering women and minorities to engage in economic activity; improving access and quality of public and private services and reducing malnutrition; strengthening integration and saving of social security services, retirement, health insurance; improving educational quality to meet labour growth requirements; encouraging low-emission electricity production; and strengthening response to climate change and disaster risk management).

The Country Partnership Framework will be implemented with considerable involvement of local authorities, will pilot and apply a cross-sector approach by region, address and integrate gender issues through various forms, including policy dialogue, analytical and advisory work, lending and strategic partnership.

In term of the funding, resources will be financed for the government’s midterm investment plan. Vietnam will get loan from the transitional IDA (with conditions similar to IBRD) of US$2.2 billion for the 2018 - 2020 period. IBRD’s funds for this period are expected at US$1.88 billion.

Quynh Chi








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