Party General Secretary Nguyen Phu Trong has asked the World Bank (WB) to continue its support for Vietnam, aiming to help the country realise its socio-economic development targets and development orientations as set out in the Vietnam 2035 Report.

Party General Secretary Nguyen Phu Trong (R) receives World Bank Group President Jim Yong Kim

During his reception for the visiting World Bank Group President Jim Yong Kim in Hanoi on February 23, the Party chief spoke highly of the valuable support provided by the WB as well as personally by its president for Vietnam in recent times, saying that they helped Vietnam reach remarkable achievements during the country’s Renewal (Doi Moi) process, especially in socio-economic development and international integration.

He called for the WB’s further assistance to Vietnam in dealing with challenges in the country’s development process, including those related to international integration and global climate change.

According to the Party leader, Vietnam strives to become an industrial modernity-driven nation in the future , with a focus on improving the quality of labour productivity and competitiveness of its economy, renovating its growth model, promoting restructuring of State-owned enterprises, resolving bad debts, and ensuring safety of public debt.

While congratulating Vietnam on the success of the 12 th National Party Congress, the WB Group President valued Vietnam’s efforts in stablising its macro-economy, affirming that the country’s orientation to build a socialism-oriented economy is a judicious and suitable strategy.

Vietnam should take drastic measures to ensure effective implementation of its set goals, especially in reforming institutions and building its legal system, he suggested.

The guest affirmed that the WB will continue providing support for Vietnam, including its efforts to persuade international financial institutions to furnish Vietnam with preferential financial sources, thus helping Vietnam strengthen economic reform, stabilise its macro-economy, and effectively adapt to climate change.

In his meeting with Jim Yong Kim on the same day , President Truong Tan Sang shared that Vietnam is in increasing need of capital for infrastructure development, expressing his hope that the WB will support the country in accessing new sources of financial assistance.

Appreciating the WB’s proposal to assist Vietnam in developing renewable energy, the President stressed that this will help Vietnam improve the environment in accordance with the outcomes of the 21st Conference of the Parties (COP 21) to the United Nations Framework Convention on Climate Change in Paris last year.

For his part, Jim asserted the WB’s commitment to supporting Vietnam in hunting for preferential capital sources, towards realising its socio-economic development objectives.

The same day, Deputy Prime Minister Nguyen Xuan Phuc also hosted a reception for Jim Yong Kim.

Vietnamese leader applauds WB’s support to local development

Prime Minister Nguyen Tan Dung met with World Bank (WB) Group President Jim Yong Kim in Hanoi on February 23, appreciating the WB’s cooperation during Vietnam’s socio-economic development, especially in poverty reduction and sustainable development.

He also spoke highly of the close coordination between Vietnamese agencies and the WB in preparing the report “Vietnam 2035: Toward Prosperity, Creativity, Equity and Democracy”.

The report includes concrete targets and recommendations which match Vietnam’s development orientations, the PM said, highly valuing Kim’s presence in his country to unveil the report.

During three decades of Doi moi (reform), Vietnam has gained substantial and historic accomplishments. However, it is also facing major problems, especially the low development level, severe climate change impacts and lingering war consequences. With local socio-economic infrastructure and manpower training quality not yet meeting the development demand, challenges posed by international economic integration are big, the Cabinet leader noted.

He expressed his hope for the WB’s collaboration, particularly through supporting resources, in seeking preferential sponsorship sources, policy consultancy and technical assistance, to fulfill the country’s development goals.

Jim Yong Kim said Vietnam has attained numerous achievements, particularly in socio-economic development, poverty elimination, development gap-narrowing and the improvement of people’s living standards.

He said he believes that with the achievments already made, a long-term vision, intensive international integration, and effort made by each citizen, Vietnam will make even greater strides in the future.

The WB Group has continually followed and admired Vietnam, which has become one of the world’s great development success stories. It is ready to stand side by side with Vietnam and believes that the country will reach a developed and high-income status, Kim added.

He noted that his delegation’s presence in Hanoi to release the Vietnam 2035 report demonstrated the WB’s strong commitment to Vietnam’s development, and that the World Bank Group will help the country access concessional long-term loans to develop renewable energy, education and health care.

At the end of the meeting, WB Group President Kim presented PM Nguyen Tan Dung with the Vietnam 2035 report, which was compiled over more than a year by Vietnamese and WB specialists.

The report suggests directions and measures in fields that Vietnam should focus on to become an industrialised and upper-middle income nation by 2035, ensure social progress and equality, and strengthen the State’s capacity and accountability.

VNA