Prime Minister Nguyen Xuan Phuc has proposed the World Bank (WB) to continue its non-refundable aid for Vietnam in institutional reform, legal framework improvement and economic restructuring.

Prime Minister Nguyen Xuan Phuc receives WB Vice President for East Asia and Pacific Victoria Kwakwa

Receiving WB Vice President for East Asia and Pacific Victoria Kwakwa in Hanoi on September 11, PM Phuc applauded the WB official’s attendance at the World Economic Forum on ASEAN (WEF ASEAN) 2018, saying that this will make an important contribution to the success of the event. 

Vietnam always treasures the WB’s support for the country, not only its long-term loans but also policy consultancy to help the Vietnamese Government improve macroeconomic management, he stressed.

The PM added that the Government of Vietnam backs the WB’s plan to increase capital to provide long-term financial resources for its members.

While expressing his gratitude to the WB and Kwakwa personally for calling assistance for Vietnam, PM Phuc urged the WB to continue its assistance to Vietnam in energy and transport development, and help Vietnam build a roadmap for increasing the private sector’s investment in these areas, thus reducing the leadership role of the Government.

The Vietnamese leader suggested the WB to provide consultancy and coordinate with other donors such as the Asian Development Bank (ABD), the Asia Infrastructure Investment Bank (AIIB) to co-finance Vietnam in the context that the Southeast Asian nation has a strong demand for infrastructure development in the coming time.

He thanked the WB for supporting the Vietnamese Government and its Office in building e-Government, adding that on the occasion of the upcoming debut of the e-Government Committee, the WB in Vietnam and the Government Office will sign a cooperation framework. 

The PM noted with pleasure that more and more foreign and multinational businesses, including many leading enterprises in the world, have chosen Vietnam as a destination for their investment and business activities.

For her part, Kwakwa congratulated Vietnam on its recent socio-economic achievements, and said that Vietnam’s macro indicators have achieved positive results, such as growth, export, foreign direct investment (FDI) attraction and foreign exchange reserves.  

Notably, Vietnam's external position in the region and the world has been improved, she said. 

While discussing the outlook for Vietnam’s economic growth this year, Kwakwa said that Vietnam's economy has good prospects thanks to positive indicators related to its exports and FDI attraction. 

Vietnam is likely to reach a growth rate of 6.8 percent in 2018, she said, expressing her belief that Vietnam’s economic development will be stronger in the time to come. 

Kwakwa recommended the Vietnamese Government to roll out clear policies to help improve confidence of investors and promote stability of the country’s macro-economy. 

She also congratulated Vietnam on the increasing confidence of business communities in the world in its potential, especially its stable macro-economy and social-economic development and opportunities for development in all fields.

If Vietnam continues to well manage its macro economy and curb inflation, it will attract more and more enterprises and investors, she said, suggesting that Vietnam needs to continue removing points that are not in line with international practices in the field of taxation.

PM Phuc appreciated Kwakwa's recommendations as a financial expert and policymaker, saying that she is very knowledgeable about Vietnam and always gives the country and people special sentiments.

He expressed his hope that Kwakwa will continue to supporting Vietnam's development and integration in the years to come.-VNA