Econ
World Bank to support Vietnam in 3 areas in period 2017-2020
On September 14, the World Bank has launched the workshop on Country Partnership Framework for period 2017-2020 as the foundation for the cooperation with Vietnam in the coming future.
With this framework, World bank will continue supporting Vietnam’s development to achieve higher objectives in the group of middle income countries, in turn contributes to a higher productivity and sustainable environmental development.
“Vietnam is determined to get more successes – including economic growth, higher level of industrialization, and living standard improvement. The growth cycle 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” – World Bank Country Director in Vietnam - Mr. Ousmane Dione said. “World Bank is honored to accompany Vietnam in the process of becoming a successful middle income country, as well as to create foundation to become a high income country”.
According to Mr. Dione, during the process of implementing the country partnership framework, World Bank will support Vietnam to carry out strategic reform activities. The main objective is for the growth of economy and sustainable development of the environment.
The country partnership framework focus on 3 areas and 11 objectives, including: creating conditions for harmonized growth and the participation of private economic sector. In this aspect, the focus will be on finalizing the management of the economy along with principles of market economy, developing private economy and agricultural enterprises; Increasing the commercial competitiveness in multimodal transport and logistics; finalizing the master plan for infrastructure development and urban area; 2nd aspect: investment in human resources and knowledge, in which improve public and private health service, improve efficiency in social support and health insurance; improve the education quality and the work force; 3th aspect: ensure the sustainability and the health of environment; including renewable energy, saving energy, resistance against climate change, natural resources management and water resources.
In term of the fund, resources will be financed for the government’s midterm investment plan. Vietnam will get loan from the transitional IDA (with similar conditions like IBRD) of 2.2 billion USD for period 2018-2020. It is expected that the IBRD fund in this period will be 1.88 billion USD. “We will mobilize all partners and institutions, as well as available instruments to diversify the source, transform the loan strategy, policy discussion, analyzing and consulting, or guarantee” – Representative of the World Bank said.
Minister of Planning & Investment Nguyen Chi Dung said, after 24 years of partnership between Vietnam and World Bank, the relationship has been improved and World bank is the leading partner in the process of Vietnam development. Vietnam has become a middle income country, with the efficiency in using the World Bank fund. However, Vietnam is facing numerous challenges of being left behind if the country do not transform in a dynamic world, with the middle income trap, challenges on the IT, climate change, global integration. Therefore, it is necessary for Vietnam to increase its competitiveness in the global value chain. With this being said, Vietnam will steadfast in transform the growth model toward sustainable development. Vietnam will strive for more successes, including economic growth to a higher industrialization rate and improve living standard, environmental sustainability. It is expected that for the period 2017-2022, World Bank will support Vietnam realize its potential, and achieve higher targets.
Overview of the meeting.
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According to Mr. Dione, during the process of implementing the country partnership framework, World Bank will support Vietnam to carry out strategic reform activities. The main objective is for the growth of economy and sustainable development of the environment.
The country partnership framework focus on 3 areas and 11 objectives, including: creating conditions for harmonized growth and the participation of private economic sector. In this aspect, the focus will be on finalizing the management of the economy along with principles of market economy, developing private economy and agricultural enterprises; Increasing the commercial competitiveness in multimodal transport and logistics; finalizing the master plan for infrastructure development and urban area; 2nd aspect: investment in human resources and knowledge, in which improve public and private health service, improve efficiency in social support and health insurance; improve the education quality and the work force; 3th aspect: ensure the sustainability and the health of environment; including renewable energy, saving energy, resistance against climate change, natural resources management and water resources.
In term of the fund, resources will be financed for the government’s midterm investment plan. Vietnam will get loan from the transitional IDA (with similar conditions like IBRD) of 2.2 billion USD for period 2018-2020. It is expected that the IBRD fund in this period will be 1.88 billion USD. “We will mobilize all partners and institutions, as well as available instruments to diversify the source, transform the loan strategy, policy discussion, analyzing and consulting, or guarantee” – Representative of the World Bank said.
Minister of Planning & Investment Nguyen Chi Dung said, after 24 years of partnership between Vietnam and World Bank, the relationship has been improved and World bank is the leading partner in the process of Vietnam development. Vietnam has become a middle income country, with the efficiency in using the World Bank fund. However, Vietnam is facing numerous challenges of being left behind if the country do not transform in a dynamic world, with the middle income trap, challenges on the IT, climate change, global integration. Therefore, it is necessary for Vietnam to increase its competitiveness in the global value chain. With this being said, Vietnam will steadfast in transform the growth model toward sustainable development. Vietnam will strive for more successes, including economic growth to a higher industrialization rate and improve living standard, environmental sustainability. It is expected that for the period 2017-2022, World Bank will support Vietnam realize its potential, and achieve higher targets.
