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Jun 14, 2023 / 13:19

Australia, WB extend partnership in supporting Vietnam’s sustainable development

The partnership, valued at AUD95 million (US$64 million), started in Vietnam in 2012 and will now continue until 2026.

The Australian Government and the World Bank have formally agreed to extend their partnership to support Vietnam’s sustainable and inclusive development agenda.

 Australia's Ambassador to Vietnam, Andrew Goledzinowski, and World Bank Country Director for Vietnam Carolyn Turk, at the signing ceremony. Source: World Bank

"The extension of our partnership with the World Bank comes as Australia and Vietnam celebrate 50 years of bilateral relations and demonstrates our ongoing commitment to the men and women of Vietnam. For Vietnam to realize its ambition of becoming a high-income country by 2045, the legal reform process and strong governance remain critical. We are proud to support this ambition in partnership with the World Bank," said Andrew Goledzinowski, Australian Ambassador to Vietnam.

The partnership aims to support Vietnam's development agenda by providing data, analysis, and technical assistance to underpin informed, inclusive, and sustainable policies.

"We are grateful that Australia has provided these additional resources to enable our Australia-World Bank partnership to support Vietnam at this critical stage of its development, as the country looks for ways to achieve its goal of high-income status by 2045," said Carolyn Turk, World Bank Country Director for Vietnam. "The areas of support are of strategic importance to the country, including institutional reform, social equity and inclusion, the transition to a low-carbon economy, and innovation-led growth."

Over the past five years, the Australian and World Bank partnership has had an impact on more than 58 policies and regulations and helped drive meaningful legislative change.

Recent examples include the Prime Minister’s decision on the Mekong Delta Regional Master Plan for 2021-30, the Ministry of Labor, Invalids and Social Affairs’ circular on career guidance and job counseling that is estimated to benefit over 2 million students, and its guidance on the rollout of digital social assistance payments to all 63 provinces with approximately 3.5 million beneficiaries. The partnership also provided data that helped informed improvements in child-care services for the Labor Code of 2019.

These successes have led to a renewed commitment to 2026. The partnership will continue to work closely with Vietnam to reflect the country's and its people's needs.