PM, WB leaders discuss deepening partnership for sustainable development

Prime Minister Pham Minh Chinh hosted a reception in Hanoi on May 27 for visiting Vice President of the World Bank (WB) Manuela V. Ferro and WB Country Director Vietnam, Laos, and Cambodia Mariam J. Sherman, along with their associates.

PM Pham Minh Chinh (R) and Vice President of the World Bank (WB) Manuela V. Ferro. (Photo: SGGP)

PM Chinh expressed his appreciation for the WB’s contributions to Vietnam's socio-economic development since 1993, with total funding of up to US$24 billion, especially in poverty reduction.

Highlighting Vietnam's commitment to a deeper partnership, he requested the WB’s continued support for programs and policies promoting sustainable growth, green, digital, circular, sharing and knowledge-based economies.

Ferro, for her part, noted that the WB has shown trust by establishing its regional office for Vietnam, Laos, and Cambodia in Hanoi. She affirmed that the lender is eager and ready to work closely with Vietnam to ensure that the regional office operates efficiently, benefiting all the three countries.

She underlined ongoing collaboration with Vietnamese ministries and agencies to review existing projects and develop a new phase of the Vietnam-WB Country Partnership Framework.

Expressing readiness to welcome the WB President to Vietnam, the Vietnamese leader hailed the proposed US$11 billion in WB lending for Vietnam over the next five years, focusing on large-scale infrastructure, energy and agriculture.

He encouraged the WB to consider flexible capital management models and adjust its approach to provide preferential loans for critical infrastructure projects. These projects, he emphasized, should have a broad impact, connect regions, create development space and effectively address climate change concerns. Specifically, he mentioned the North-South high-speed railway, the Ho Chi Minh City-Can Tho railway, the Hanoi metro line, and the development of 1 million ha of quality rice in the Mekong Delta.

According to him, Vietnam has made changes in governance, investment structure, procedure reform, and a people-centric approach. This will ensure a harmonious balance of interests among the people, the State, and businesses.

The host hoped that the WB would continue assisting Vietnam in accessing the global carbon credit market, creating new avenues to finance Vietnam's climate commitments and goals.

The WB Vice President pledged the WB's continued partnership with Vietnam to achieve its development goals for 2030 and 2050 through concrete actions and projects. The WB, she assured, would collaborate with Vietnam to discuss and adopt solutions to expedite and enhance the efficiency of their joint work, as expected by the PM.

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