WB Ready to Offer Support in Areas Vietnam Needs

Axel van Trotsenburg, the World Bank (WB) Managing Director of Operations paid an official visit to Vietnam on July 18-19
July 20, 2022 | 10:53
WB Ready to Offer Support in Areas Vietnam needs
National Assembly Chairman Vuong Dinh Hue (R) and WB Managing Director of Operations Axel van Trotsenburg. Photo: VNA

The World Bank (WB) has always been a very important and reliable partner of Vietnam, affirmed National Assembly (NA), Chairman Vuong Dinh Hue, while hosting WB Managing Director of Operations Axel van Trotsenburg in Hanoi on July 19, VNA reported.

Saying the close cooperation between the two sides has reaped many achievements, van Trotsenburg stated that the WB wants to assist the country in building the Vietnam 2045 report.

With changes happening all over the world that affect Vietnam, this is the right time to research and consider ways to help Vietnam achieve its development goals by 2030 and 2045, as well as for the WB to help the country obtain the best results, he added.

Welcoming such assistance, the top legislator suggested the research process be conducted in phases to support and advise on specific issues for Vietnam’s realization of its development goals by 2030 and 2045.

Regarding the global targets of net zero emissions, energy transition, and climate change adaptation, Hue hoped that the WB, with its resources and responsibility, will have a voice, solutions, and ways to aid countries without creating a larger gap between developed and developing nations.

In addition, the development of the capital market, the mobilization of green bonds and green capital, and the formation of a carbon market are big issues that Vietnam would very much appreciate help from the WB and international partners in a bid to build institutions for the operation of an ecosystem on climate change adaptation and energy conversion.

Informing his guest that the NA is consulting with domestic and international experts from its initiatives network concerning the topic and content of the Vietnam Economic Forum 2022, Hue hoped the WB and van Trotsenburg himself will deliver proposals and advice on the matter, and attend the forum.

Trotsenburg assumed his position as of the WB Managing Director of Operations on October 1, 2019. In this role, he oversees the Bank’s operational program and ensures that the Bank’s delivery model continues to meet the needs of client countries.

He also builds support and mobilizes financial resources across the international community for efforts to assist low and middle-income countries.

Currently, the WB and the Vietnamese Government are coordinating to develop a strategic framework for their collaboration in the 2023 – 2027 period.

The NA leader told the WB official that the framework still needs to focus on implementing Vietnam’s three strategic breakthroughs, including one on completing institutions.

Hue asked the WB to pay attention and give priority to supporting Vietnam in building "soft infrastructure", including financial and technical assistance for the improvement of institutions, policies and development ecosystems.

For "hard infrastructure", he suggested the WB focus on consulting and assisting Vietnam in building inter-region key national projects, creating a driving force for regional growth and climate change adaptation.

The NA Chairman also welcomed the WB's many activities in support of the Mekong Delta region’s response to climate change and recommended that both structural and non-structural solutions be launched.

For non-structural solutions, he hoped that the WB will have a greater voice in strengthening cooperation in the Mekong sub-region regarding water security issues, among others.

Agreeing with his host’s opinions and suggestions, van Trotsenburg affirmed that the WB is ready to offer support in areas that Vietnam needs to focus on and accelerate to realize its development goals by 2030.

He also highlighted the organization’s willingness to discuss further with the NA and its agencies policy options to effectively implement its sustainable development goals.

The WB wants to be an effective partner of Vietnam in the field of climate change response, the director added.

WB Ready to Offer Support in Areas Vietnam needs
Prime Minister Pham Minh Chinh (R) receives WB Managing Director of Operations Axel van Trotsenburg. Photo: VGP

The same day, Prime Minister Pham Minh Chinh and President Nguyen Xuan Phuc also received van Trotsenburg.

They thanked the bank for supporting resources, providing macro-policy advice, and making positive contributions to Vietnam's socio-economic development as well as the realization of the Millennium Development Goals, and e-Government building.

They also thanked the WB for supporting Vietnam to postpone the quick repayment of International Development Association (IDA) loans for one more year from July 2020 to July 2021 (worth nearly USD 400 million) to help the Government have more resources, and accompany the country in difficult times of Covid-19 prevention, recovery and socio-economic development.

The State leader also expressed his hope that the WB will provide technical and financial support for the formation of a carbon-free economy and post-pandemic economic recovery.

Vietnam pledges to work closely with the WB to implement cooperation programs in the time ahead, including in disbursing official development assistance (ODA) capital, he said, suggesting the bank create a more favorable mechanism to facilitate this process.

Before that, van Trotsenburg had a meeting and worked with the Governor of the State Bank Nguyen Thi Hong. The two sides discussed support to promote Vietnam's economic recovery after the pandemic and the role of the banking and financial sector in responding to and mitigating the impacts of climate change.

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