Vietnam thankful for WB’s contribution to development

During his meeting with World Bank (WB) Country Director in Vietnam, Ms. Carolyn Turk, in Hanoi on October 27, Prime Minister Pham Minh Chinh spoke highly of the WB’s support and active contributions to Vietnam’s socio-economic development since 1993 through policy consultation and financial assistance for ODA projects and concessional loans, according to a report from the Vietnam News Agency (VNA).

The Prime Minister told his guest that the government considers the WB a close friend and significant development partner.

He discussed specific issues with Ms. Turk relating to innovative thinking and the simplification of administrative procedures to hasten significant, large-scale, and ongoing projects.

The government leader told his guest that Vietnam still has space for new ODA loans, as the government is effectively controlling public and government debt and budget overspending is within acceptable limits.

He suggested that the WB consider various flexible funding methods and models to meet Vietnam’s diverse needs, give priority to key projects in the development of strategic transport infrastructure, such as the North - South high-speed railway and the Ho Chi Minh City - Can Tho and Hanoi - Hoa Lac Hi-Tech Park railways. Other priorities include renewable energy, smart agriculture, low-carbon emissions, digital transformation, and climate change adaptation in the Mekong Delta.

Ms. Turk, for her part, agreed with the Prime Minister’s directions and priorities for key projects. She also commended Vietnam’s vision, development orientations, and commitments, especially in areas relating to climate change adaptation and emission reductions.

She also highlighted several important issues that need further attention, such as ensuring energy security in a rapidly-growing economy, exploring the potential of carbon trading, advancing the digital transformation agenda, responding to climate change in the Mekong Delta, and implementing a program to cultivate 1 million ha of high-quality rice with low emissions in the Delta. She believes that, if successful, Vietnam can become a leader in this field.

Ms. Turk also proposed specific measures to remove difficulties in the implementation of projects, especially large-scale endeavors. She promised to actively work with relevant agencies and to accompany Vietnam in its socio-economic development, especially in areas suggested by the Prime Minister.

Prime Minister Chinh agreed to establish a working group to review regulations and procedures with the aim of simplifying and streamlining processes between the two sides. This is intended to remove bottlenecks, reduce implementation time, and improve project efficiency.

He also assigned Deputy Prime Minister Tran Luu Quang to lead efforts to clear obstacles, hasten project progress, and effectively disburse WB capital.