Vietnam receives US$51.5 million from World Bank for forest emission reduction
Vietnam becomes the first country in the East Asia Pacific region to receive a results-based payment from the World Bank’s Forest Carbon Partnership Facility (FCPF).
Vietnam becomes the first country in the East Asia Pacific region to receive a results-based payment from the World Bank’s Forest Carbon Partnership Facility (FCPF).
Manufacturing continues to be the main sector attracting FDI into Vietnam.
The World Bank fully supports Vietnam’s strategic directions and expects future cooperation to bring about transformational changes in the country’s development over the next decade.
A challenging external environment and weaker domestic demand are leading to a slowdown in economic growth in Vietnam.
Reforms supported by this credit will strengthen Vietnam's ongoing recovery from the Covid-19 pandemic and subsequent commodity price shocks.
The partnership, valued at AUD95 million (US$64 million), started in Vietnam in 2012 and will now continue until 2026.
The World Bank would share experience and enhance capacity building to help Vietnam establish the necessary regulatory framework and implement projects that promote sustainable development.
Much remains to be done for Vietnam to reach the goal of becoming a developed country by 2045, but it is moving in the right direction.
The GDP growth would rebound to 7.2% in 2022 and moderate to 6.7% in 2023.
The World Bank recommended that the government remain vigilant about inflation risks associated with food and basic prices.