Prime Minister proposes WB allocate 11 billion USD for some major projects in Vietnam

Expressing his pleasure to meet Ms. Manuela V. Ferro again and welcoming her and her colleagues to visit and work in Vietnam, Prime Minister Pham Minh Chinh thanked the WB Board of Directors for trusting in placing the WB Regional Offices of Vietnam, Laos and Cambodia in Hanoi; affirmed that Vietnam is ready to cooperate closely with the WB Regional Office in the coming time, and hopes to welcome the WB President to visit Vietnam soon.

The Prime Minister was pleased with the increasingly good relationship between Vietnam and the World Bank, expressing his appreciation for the WB's effective cooperation and support for Vietnam over the years with a total capital of about 25 billion USD.

According to the Prime Minister, Vietnam always attaches importance to and advocates promoting and deepening Vietnam-WB cooperation; hopes that the WB will continue to accompany and support Vietnam in implementing programs and policies to promote sustainable growth, develop green economy, digital economy, circular economy, sharing economy, knowledge economy, etc.

Congratulating Ms. Mariam J. Sherman on her new position as Country Director of the World Bank Regional Office for Vietnam, Laos and Cambodia, Prime Minister Pham Minh Chinh believes that with her extensive experience, she will have a successful term in Vietnam.

Announcing the main features of Vietnam's socio-economic situation, the Prime Minister hoped that the WB, in the spirit of mutual win, harmonious benefits, and shared risks, would continue to support Vietnam in terms of capital with preferential interest rates, technology, institution building, improving governance capacity, human resource training, policy advice, etc. to promote sustainable growth, enhance the competitiveness of the economy, and achieve national development goals.

Welcoming the WB's proposal to lend Vietnam about more than 11 billion USD in the next 5 years, the Prime Minister suggested that both sides continue to review, innovate thinking, working methods, and restructure governance in implementing projects, with a Deputy Prime Minister directly directing and controlling project progress monthly and quarterly to complete the project, avoid prolongation, and bring about specific and highly effective products.

At the same time, focus this capital on a number of large projects in a number of key areas such as the 1 million ha high-quality, low-emission rice program in the Mekong Delta; large-scale, sustainable infrastructure projects with spillover effects, inter-regional connectivity, expanding development space and effectively responding to climate change, such as the urban railway project from the center of Hanoi to Hoa Lac, the high-speed railway from Ho Chi Minh City to Can Tho; clean energy projects.

According to the Prime Minister, focusing capital on a number of large projects that are transformational and situation-changing will help maximize capital efficiency and save time in carrying out processes and procedures.

The Prime Minister also thanked the World Bank for supporting Vietnam to become the first country in the East Asia - Pacific region to receive payments based on emission reduction results from the World Bank's Forest Carbon Partnership Facility (FCPF), hoping that the World Bank will continue to support Vietnam to participate in the global carbon credit market; effectively implement the project "Enhancing the Renewable Energy Integration System" (REACH)...

Prime Minister Pham Minh Chinh said that recently, the Government has resolutely directed ministries and branches to discuss and clarify with the World Bank about policy differences and propose solutions to facilitate the preparation, negotiation and implementation of projects; continue to review institutions, policies and procedures on ODA and foreign preferential loans.

Recently, Vietnam has been very active in perfecting institutions and policies, removing difficulties and obstacles through the development and promulgation of new laws, including the Land Law; at the same time, clearing land for projects faster with new approaches, mobilizing the participation of the entire local political system, mobilizing people to actively participate and ensuring the rights and legitimate interests of people on the basis of harmonious interests and shared risks between the State, enterprises and people.

WB Vice President Manuela V. Ferro expressed her strong belief in the opportunities for cooperation with Vietnam and other countries in the region in the coming time, bringing practical benefits to all parties; highly appreciated Vietnam's efforts in implementing cooperation projects with the WB in recent times, especially the activities of the Working Group headed by Deputy Prime Minister Tran Luu Quang.

She assessed that Vietnam has come a long way on the path of development, achieving impressive results with the determination, strength and efforts of all its people. The WB is committed and wishes to continue to cooperate closely and effectively, accompanying Vietnam on the next development journey, becoming a developed country by 2045, "Vietnam's success is also the WB's success"; at the same time, contributing to promoting the connection between Vietnam and countries in the region, in the context of an increasingly complex world.

Fully agreeing with the Prime Minister's opinions, the Vice President said that the WB hopes to soon receive official proposals from Vietnamese agencies, speed up negotiations, signing and implementation of specific projects to ensure progress and efficiency. The WB President also hopes to visit Vietnam at an appropriate time.

Also at the meeting, the two sides agreed to coordinate in building the Vietnam - WB Country Partnership Framework for the 2025-2029 period, determining the direction of cooperation between the two sides in the coming period, especially the ability to mobilize and support resources of the WB for the funding portfolio for Vietnam; soon agree on the content of the Country Partnership Framework to submit to the leaders of both sides for approval.