World Bank Proposes Loan of US $11 Billion to Vietnam

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Prime Minister Pham Minh Chinh hosted a reception in Hanoi for visiting Vice President of the World Bank (WB) Manuela V. Ferro and WB Country Director Vietnam, Laos, and Cambodia Mariam J. Sherman, along with their associates.

Prime Minister Pham Minh Chinh (right) and Vice President of the World Bank (WB) Manuela V. Ferro and WB Country Director Vietnam, Laos, and Cambodia Mariam J. Sherman (left) at the meeting on May 27 (Photo: VNA).

One of the highlights of the discussion was that the World Bank proposed to lend more than US $11 billion to Vietnam over the next 5 years. According to the discussion between the two sides, the loan focuses on large-scale information infrastructure, energy, and agriculture.

Chinh expressed his appreciation for the World Bank’s contributions to Vietnam's socio-economic development since 1993, with total funding of up to US $24 billion, especially in poverty reduction. Highlighting Vietnam's commitment to a deeper partnership, he requested the WB’s continued support for programs and policies promoting sustainable growth, green, digital, circular, sharing, and knowledge-based economies.

In response, Manuela V. Ferro noted that the World Bank has shown trust by establishing its regional office for Vietnam, Laos, and Cambodia in Hanoi. She affirmed that the lender is eager and ready to work closely with Vietnam to ensure that the regional office operates efficiently, benefiting all three countries, VNS reported.

The guest underlined ongoing collaboration with Vietnamese ministries and agencies to review existing projects and develop a new phase of the Vietnam-World Bank Country Partnership Framework.

Regarding the Vietnam-World Bank National Partnership Framework for 2025-2029, the host proposed that the two sides coordinate to set the direction of cooperation, especially the ability to mobilize resources and the World Bank's sponsorship portfolio for Vietnam. Also, Chinh hoped that the WB would continue assisting the country in accessing the global carbon credit market, creating new avenues to finance its climate commitments and goals.

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