Vietnam strengthens partnership with WB to become high-income economy

The report will take stock of the pace of reforms laid out in 2016’s Vietnam 2035 roadmap, analyse how Vietnam’s economic trajectory has been affected by the COVID-19 pandemic and other global mega-trends, and provide recommendations to inform policy reform discussions leading up to the fourteenth Party Congress, scheduled for early 2026, World Bank said in a media release.

“We are committed to work with Vietnam as it charts a renewed course towards ambitious development goals,” Ferro said. “Our partnership will focus on strategic areas that promote productivity-led, climate-resilient, inclusive growth, contributing the World Bank’s global and local expertise, embedded in evidence-based analysis and financing.”

On her first official visit to Vietnam, Ferro met with Prime Minister Pham Minh Chinh, national assembly chairman Vuong Dinh Hue, and other high-ranking officials. In these meetings, she discussed Vietnam’s development priorities and challenges and how the country can use support of the World Bank to achieve transformational and tangible improvements in the lives of the Vietnamese people.

“Vietnam’s development journey is evolving and so is the nature of our partnership,” said Ferro. “The World Bank will offer innovative solutions that address new development challenges and fit the unique profile of Vietnam’s development opportunities.”

Ferro also visited Ho Chi Minh City to broaden the partnership between the World Bank and Vietnam’s economic powerhouse. During the meeting with chairman of Ho Chi Minh City People’s Committee Phan Van Mai, the two sides discussed key challenges the city is facing as it bounces back from COVID-induced recession and explored how it could mobilise knowledge and financial resources from the World Bank to boost its competitiveness and resilience. A joint HCMC-World Bank Working Group was formally launched to prepare an engagement plan for the coming years.

The World Bank’s current portfolio in Vietnam consists of 33 operations, worth a total of $5.72 billion focused on transforming livelihoods and increasing infrastructure’s resilience to climate risks, education, health care, transport, energy, water resource management, and urban resilience. Since its re-engagement in Vietnam in 1994, the Bank has committed a total of more than $25.3 billion towards financing Vietnam’s development.

ALCHEMPro News Desk (KD)