Vietnam, World Bank to work on long-term partnership strategy

Vietnam would continue to work with the World Bank to update the current partnership strategy in the 2018 – 2021 period to better reflect the current situation and during the Covid-19 pandemic, according to Deputy Prime Minister Pham Binh Minh.

Deputy Prime Minister Pham Binh Minh (middle) in the online meeting. Photo: Hai Minh.

Additionally, both sides are expected to draft the strategy for the 2022 – 2025 in terms of priority fields to focus on, which would later result in a list of projects subject for financial support from the World Bank, stated Mr. Minh in an online meeting with World Bank Managing Director of Operations Axel van Trotsenburg on November 4.

According to Mr. Minh, Vietnam considers the World Bank a major development partner, while the latter’s support in many projects and policy development processes have contributed actively to the country’s socio-economic development.

Mr. Minh requested the bank to continue accompanying Vietnam in defining orientations during policies formulation and draft socio-economic development plan for the 2021 – 2025 period.

The Deputy PM welcomed World Bank’s initiative in supporting countries around the world against the Covid-19 pandemic, including non-refundable aid of US$6.2 million for Vietnam, expecting the World Bank to continue providing financial support for Vietnam in the Covid-19 fight.

Regarding the disbursement of loans from the World Bank and other donors, Mr. Minh asked the bank to closely cooperate with Vietnam's government agencies in addressing bottlenecks during the implementation process.

Amid growing needs of energy production for rapid economic development, Mr. Minh asked for the World Bank's support in the fields of renewable energy and electrification in remote areas.

For his part, World Bank Managing Director of Operations Axel van Trotsenburg sent his condolences to severe losses in people’s lives and property during the natural disaster in the country’s central region, while expressing his impression of Vietnam’s effective measures against the Covid-19 pandemic that have laid a foundation for positive economic growth.

Mr. Trotsenburg said the Vietnam – World Bank relations are growing strongly, and is committed to further boosting this relation to a new height.

According to Mr. Trotsenburg, the World Bank is willing to support Vietnam in various fields, including climate change adaptation, renewable energy and greater access to capital for development.