WB expresses agreement in supporting Vietnam’s socio-economic development

Vietnamese Prime Minister Pham Minh Chinh suggested the World Bank provide support and recommendations for Viet Nam to finalize and realize its new green growth strategy. The World Bank (WB) expresses the agreement of supports and actively contributes to Vietnam’s socio-economic development.
June 29, 2021 | 08:16
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Prime Minister Pham Minh Chinh (C) speaks at the meeting (Photo: VNA)
Prime Minister Pham Minh Chinh (C) speaks at the meeting (Photo: VNA)

Pham made the above suggestion at his reception for World Bank Regional Vice President for East Asia and the Pacific (EAP) Victoria Kwakwa in Ha Noi on Monday.

The new strategy will be developed to include an appropriate roadmap for harmonious development of green and clean energy that is in line with the real conditions in Viet Nam, said Pham, affirming that that the country will not trade off social equality and progress for mere growth, reported VGP.

Welcoming visiting the WB Regional Vice President for East Asia and the Pacific on June 28, PM Chinh appreciated the bank’s effective macro policy consultancy that conforms with the country’s development orientations and goals in different periods.

He thanked the WB for supporting Vietnam to delay quick repayment of IDA loans to have more resources for fighting COVID-19 and sustaining economic growth, and spoke highly of the bank’s initiative to back countries, including Vietnam, in the fight against the pandemic.

Kwakwa agreed to help Vietnam have equal access and negotiate contracts with COVID-19 vaccine producers in the world quickly and economically; give priority to providing financial sources for vaccine purchase and domestic vaccine production technology transfer; and promote the implementation of contracts signed with partners such as Pfizer and AstraZeneca to deliver vaccines to Vietnam as soon as possible, according to the vietnamplus.

Prime Minister Pham Minh Chinh hosts reception for World Bank Regional Vice President for East Asia and the Pacific (EAP) Victoria Kwakwa at the Government Office, Ha Noi, Viet Nam, June 28, 2021. Photo: VGP
Prime Minister Pham Minh Chinh hosts reception for World Bank Regional Vice President for East Asia and the Pacific (EAP) Victoria Kwakwa at the Government Office, Ha Noi, Viet Nam, June 28, 2021. Photo: VGP

The two sides discussed and reached consensus on the implementation of cooperation programmes and projects in the coming time to handle challenges, promote green growth, innovation, digital transformation and inclusive growth.

Viet Nam is in the process of drafting a new green growth strategy for the 2021-2030 period, which sets targets on reducing greenhouse gas emissions, helping all economic sectors go green, promoting sustainable consumption, and enhancing resilience during the green transition process, among other matters.

Targets, missions, and measures in the new strategy will be based on a wide range of quantitative methods, econometric models, cost-benefit analysis, and the impact on socio-economic development.

The strategy updates new factors to influence green growth and ensures synchronicity with the 2030 Sustainable Development Goals and the Paris Agreement on greenhouse gas emission reductions

Prime Minister Pham Minh Chinh welcomes WB Regional Vice President for East Asia and the Pacific Victoria Kwakwa (Photo: VNA)
Prime Minister Pham Minh Chinh welcomes WB Regional Vice President for East Asia and the Pacific Victoria Kwakwa (Photo: VNA)

They also discussed solutions to maintain innovations and overcome limitations and shortcomings in the construction on ODA programmes and projects and in ODA disbursement in Vietnam.

PM Chinh mentioned some development orientations and proposed the WB to support and provide consultancy to perfect and promote the green growth strategy. He affirmed that Vietnam definitely does not exchange social progress and equality for economic growth alone.

Kwakwa said she was impressed by the achievements gained by Vietnam in carrying out the dual targets of pandemic prevention and control, and economic development.

She thanked the Vietnamese Government for working closely with the WB in implementing cooperation programmes over the past years and emphasized that it will continue to accompany the government.

The official also expressed her trust in PM Chinh’s views on the green growth strategy, pledging to give priority to supporting Vietnam in this field with specific cooperation projects and programmes, providing policy consultancy and helping the country develop the 2045 Report to achieve its set strategies and plans towards the goal of building Vietnam into a developed and high-income country by 2045.

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Tarah Nguyen

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