Vietnam and World Bank seek to accelerate key development projects

Vietnam and World Bank seek to accelerate key development projects

Vietnam and the World Bank are exploring strategic cooperation, as well as solutions to boost the preparation and implementation of priority projects.

The move was highlighted at a meeting on May 21 between Minister, Chairman of the Government Office Dang Xuan Phong and Mariam J. Sherman, World Bank division director for Vietnam, Cambodia, and Lao PDR.

Minister, Chairman Phong lauded the close cooperation between Vietnam and the World Bank over the past, especially support in terms of funding, policy advice, and reports and recommendations for Vietnam's macroeconomic situation.

“The Vietnamese government is taking drastic measures to ease administrative procedures, improve investment and business environment, and remove obstructions in public investment. Efforts are also made to maintain macroeconomic stability, especially in price management, monetary policy, and exchange rates. The government continues to complete the institutional framework,” he said. “Vietnam’s goal of sustaining high economic growth in the coming years will require continued efforts to improve the business and investment environment, strengthen institutions, and boost public investment. Vietnam hopes to continue receiving World Bank support in priority areas, including transport infrastructure, clean energy, climate resilience in the Mekong Delta, science and technology, innovation, and digital transformation.”

Vietnam sets a target of double-digit GDP growth in the next five years. Regarding the medium-term public investment plan for 2026-2030, projected total capital is approximately $328.8 billion, covering a wide range of proposed projects. Besides the need for capital, Vietnam particularly requires support from the World Bank in policy advice, technical assistance, and international experience sharing.

In response, Sherman said she appreciated the Government Office’s advisory and coordinating role, as well as its function as an effective bridge between Vietnamese ministries and agencies and the World Bank.

She also called for continued supporting efforts to address impediments during project preparation and implementation, particularly for key projects related to resilient infrastructure, transport, and sustainable fisheries.

“The World Bank is committed to continuing its partnership with Vietnam in the country’s next phase of development through financing, global knowledge, policy advice, and international experience sharing, helping investments deliver practical and more effective results more quickly,” she said.

Both sides agreed to maintain regular exchanges and establish firm timelines to jointly address challenges, ensure implementation, and accelerate progress of key programmes.

VIR