Vietnam considers the World Bank a trusted friend and a vital development partner

DNHN - Prime Minister Pham Minh Chinh's emphasis at a meeting with Mr Axel van Trotsenburg - Executive Director of the World Bank (WB) on the afternoon of July 18, at Government Headquarters.

The visit of the World Bank General Director to Vietnam was greatly appreciated by the head of the Vietnamese Government, demonstrating the two sides' collaboration is becoming increasingly tight and successful. The Prime Minister highlighted Vietnam regards the World Bank as a close friend and a vital development partner!

At the same time, the Prime Minister thanked the World Bank for many years of financial support, macroeconomic policy guidance, and making beneficial contributions to Vietnam's socio-economic growth by accomplishing the following goals. Millennium Development Goals, and has lately effectively assisted Vietnam in the development of e-Government.

At the meeting, the Vietnamese Prime Minister commended the World Bank for assisting Vietnam in deferring the immediate repayment of IDA loans totalling almost $400 million for an additional year, from July 2020 to March 2021.

This event confirms the World Bank has always accompanied Vietnam in tough times to avoid epidemics and recover and improve socioeconomics; practical assistance has greatly increased the Government's resources. Specifically, the World Bank is slated to offer 450 million USD during a recent conference to discuss investment planning and promotion in the Mekong Delta.

Prime Minister Pham Minh Chinh thanked the World Bank for its assistance in completing the Vietnam 2035 Report and asked the WB to continue close collaboration and support in the production of the Vietnam 2045 Report, assuring strategic scope.

Continue to support Vietnam in strategic infrastructure development, promote sustainable development, and green growth, reduce emissions, fight climate change, research and perfect policies to build an independent, self-sufficient economy, proactive, resilient enough to external fluctuations, and positively, proactively integrate deeply into the international community, actually effe

Spending a significant amount of time at COP26 discussing the implementation of Vietnam's commitments, Prime Minister Pham Minh Chinh stated Vietnam is responsible, actively and actively participating with the international community in the response to climate change with an approach to ensure fairness and justice, identifying this as one of the key and urgent tasks, as well as an opportunity to transform the development model, build a transformative industry.

The Prime Minister praised the World Bank for producing a National Development and Climate Report in 30 countries worldwide, with Vietnam being the first nation produced by the WB and this being the second finished report, which was announced last week.

The Prime Minister proposed the World Bank continue to support Vietnam in climate change adaptation with a two-pronged approach, focusing on three areas: perfecting institutions, mechanisms, and policies; training to improve the quality of human resources; and surveying and evaluating the potential for wind and solar energy development.

Vietnam, for its part, has pledged to provide almost 16 million USD over three years (2021-2023) to the World Bank's greatest capital increase in history (mobilizing 13 billion USD) to augment operational capital. WB, demonstrating Vietnam's duty, commitments, endeavours, and significant efforts in the face of several problems and challenges.

The World Bank's CEO praised and expressed his appreciation for the Government of Vietnam's solutions and outcomes in concurrently executing difficult-to-achieve goals in the past and present settings. Nowadays, macro management incorporates several instruments such as fiscal and monetary policy coherently and sensibly.

According to Mr Axel van Trotsenburg, Vietnam has achieved remarkable growth rates throughout the years and is an example of the overall development of the Asia-Pacific area. The World Bank has drawn numerous lessons from Vietnam's experience. Vietnam can share its development, disease prevention, and control experiences with many other nations and continue to contribute to the resolution of many global concerns such as food security.

Mr Axel van Trotsenburg emphasized that the World Bank will continue to accompany the Government of Vietnam on its upcoming development journey, not only in the financial sector, but also in areas such as improving the capacity of the health system, and economy, disease response, and climate change adaptation.

Mr Axel van Trotsenburg was in complete agreement with the Prime Minister's cooperation proposals and expected the two sides to work closely to review and update the National Strategic Partnership Framework for the 3rd period from 2022 to 2025 to determine the source of the national strategic partnership, support resources, and priority areas of the two sides, thereby compiling a list and implementing appropriate and effective cooperation activities because Vietnam is undergoing rapid economic development.

The World Bank is prepared to deploy a team of global experts and the Vietnam Office to assist the government in creating the Vietnam 2045 Report, which will contribute to Vietnam's aim of becoming a developed and high-income country by 2045.

During a discussion of global and regional issues, the World Bank's CEO strongly supported and agreed with the views of Vietnam's Head of Government on the global approach, calling for solidarity, upholding international cooperation and multilateralism in the spirit of "sincerity, trust, and efficiency," with solutions tailored to each country's characteristics to solve current emerging problems such as epidemics, climate change, non-traditional security issues, water security, and so on. Mr Axel van Trotsenburg stated that the voices of nations such as Vietnam play a vital part in this process.

The World Bank is an international financial agency that provides lending programs to underdeveloped nations to enhance their economies. The World Bank declares poverty reduction to be its primary mission. The World Bank is made up of two organizations: the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA).

Tran Linh (A Brief Report from the Government Newspaper)