Prime Minister asks World Bank to support Vietnam in implementing large-scale infrastructure projects

Prime Minister Pham Minh Chinh received Ms. Mariam J. Sherman, World Bank (WB) Country Director for Vietnam, Laos and Cambodia. Photo: Duong Giang/VNA

Pleased to meet again with Ms. Mariam J. Sherman in her position as Country Director of the World Bank (WB) Regional Office for Vietnam, Laos and Cambodia, Prime Minister Pham Minh Chinh believes that she will continue to successfully lead the WB Regional Office, contributing to consolidating the WB's pioneering role in proposing orientations for economic and social development, sustainable poverty reduction, and effective response to climate change; while strengthening the extensive cooperation between the WB and its member countries, including Vietnam.

The Prime Minister said that the Vietnamese Government always considers the WB an important, close and trustworthy partner that has provided much support and made positive contributions to Vietnam's socio-economic development, contributing to the great achievements that Vietnam has achieved on the path of innovation, international integration and sustainable development. The Prime Minister hopes that the WB will continue to promote its role as a leading development partner, share experiences and increase support for Vietnam in maintaining macroeconomic stability, promoting rapid and sustainable growth; support Vietnam in effectively implementing programs on developing a green economy, a digital economy, a circular economy, and improving the competitiveness and resilience of the economy to external shocks.

The Prime Minister asked Ms. Mariam J. Sherman to make practical suggestions and recommendations to the Government in developing policies and programs for inter-regional and international cooperation in areas of mutual interest such as transportation, energy, climate change response and integrated water resources management, especially in the Mekong sub-region.

Prime Minister Pham Minh Chinh received Ms. Mariam J. Sherman, World Bank (WB) Country Director for Vietnam, Laos and Cambodia. Photo: Duong Giang/VNA

Ms. Mariam J. Sherman thanked the Prime Minister for taking the time to receive the delegation, as well as for his good evaluation and goodwill towards the WB in general and the WB Regional Office for Vietnam, Laos and Cambodia in particular, and congratulated the 50th anniversary of national reunification, as well as Vietnam's socio-economic achievements in recent times. She highly appreciated Vietnam's new-era national development strategy; the WB supports and will accompany and assist Vietnam in this process, especially in the areas that Vietnam prioritizes and proposes, including the proposal to provide Vietnam with a loan of more than 11 billion USD in the next 5 years.

Considering that innovation is a process, the WB Regional Country Director suggested that the Prime Minister direct Vietnamese ministries, sectors and agencies to speed up project preparation and project implementation progress, especially in priority areas and projects such as the projects: 1 million hectares of high-quality, low-emission rice in the Mekong Delta; enhancing renewable energy development; 3 transport routes in the Mekong Delta; sustainable fisheries development, etc.

Welcoming the WB's proposal to provide Vietnam with a loan of more than 11 billion USD over the next 5 years, the Prime Minister affirmed the Government's determination to promote public investment disbursement, especially in key infrastructure sectors. The Prime Minister asked the WB to continue supporting Vietnam with preferential interest rates in priority areas such as: infrastructure, especially large-scale transport projects that are of a changing nature; energy, including energy transition and renewable energy development; agriculture, especially projects that have a positive impact on the environment and climate change adaptation; and support for private economic development. In particular, the Prime Minister asked the WB to provide capital support for Vietnam to implement the investment project to build the North-South high-speed railway, expected to start construction in 2026 with a total capital of about 67 billion USD.

According to the Prime Minister, Vietnam is making efforts to improve its institutions, remove institutional and policy barriers to reform administrative procedures and address differences between domestic regulations and donor requirements. The Government has completed the National Steering Committee on ODA and preferential loans, and will soon hold a working session with a group of donors, including the World Bank.

Directing ministries and sectors to immediately resolve difficulties in specific projects mentioned by Ms. Mariam J. Sherman, Prime Minister Pham Minh Chinh suggested that the two sides continue to maintain regular exchanges and cooperate more effectively. The WB region closely coordinates with Vietnamese ministries and agencies to study and propose solutions to simplify processes, procedures and regulations in loan agreements, thereby shortening the preparation time and submitting to competent authorities for approval in cases where there are differences between regulations of Vietnam and the WB - in the immediate future, promptly handle projects that are in the process of negotiating loan agreements or non-refundable aid.

Expressing his wish to soon welcome WB President Ajay Banga to Vietnam, the Prime Minister asked the WB Regional Office to continue to have frank and open discussions with relevant ministries, branches and localities to soon complete the content of the National Partnership Framework for submission to the leaders of both sides for approval.

Agreeing with the Prime Minister's opinion, Ms. Mariam J. Sherman said she will report these opinions to the WB President, especially on interest rates, capital support for high-speed railways, capital support for the Vietnamese private economic sector...

Proposing that the two sides consider establishing a strategic partnership mechanism between the WB and Vietnam on cooperation in developing Vietnam's strategic infrastructure at the macro level, Ms. Mariam J. Sherman pledged to find other more preferential sources of capital, and at the same time provide policy advice, technical advice, and expertise to help Vietnam prepare and effectively implement projects using loans from the WB and other donors.

Emphasizing that the WB has supported and contributed to helping the Vietnamese people escape poverty, and wishing that the WB continue to support Vietnam in getting rich, Prime Minister Pham Minh Chinh agreed to establish a comprehensive strategic partnership between Vietnam and the WB; proposed a contact mechanism between the Prime Minister and the WB President to promote increasingly practical and effective cooperation between the two sides.

According to Baotintuc.vn

Source: https://baohoabinh.com.vn/12/201084/Thu-tuong-de-nghi-World-Bank-ho-tro-Viet-Nam-trien-khai-cac-du-an-ha-tang-quy-mo-lon.htm