Vietnam Seeks Further Assistance from World Bank for Strategic Infrastructure and Renewable Energy Development

The Vietnamese government is expected to continue receiving financial policy consultations from the World Bank (WB), according to Minister of Finance Ho Duc Phoc. In a meeting with WB Managing Director of Operations Anna Bjerde on the sidelines of the 2023 APEC Finance Ministers' Meeting in San Francisco, Phoc emphasized the need for further assistance from the WB to develop large projects on strategic infrastructure development, renewable energy, smart agriculture, greenhouse gas emissions reduction, climate change response in the Mekong Delta region, and digital transformation. The WB has already expressed its commitment to continue cooperation with Vietnam under the new Country Partnership Framework between the WB Group and Vietnam.

Key Takeaways:

• The Vietnamese government is seeking further assistance from the World Bank for large projects on strategic infrastructure development, renewable energy, smart agriculture, greenhouse gas emissions reduction, climate change response in the Mekong Delta region, and digital transformation.
• Minister of Finance Ho Duc Phoc met with WB Managing Director of Operations Anna Bjerde on the sidelines of the 2023 APEC Finance Ministers' Meeting in San Francisco to discuss further cooperation between the two entities.
• The World Bank has committed to continue its cooperation with Vietnam under the new Country Partnership Framework between the WB Group and Vietnam.
• Vietnam is working to restructure budget spending towards reducing regular spending and enhancing investment for socio-economic infrastructure, with a focus on stabilizing the macro-economy, promoting economic restructuring, and mobilizing resources for quality economic growth.
• The Vietnamese government aims to create a favourable and fair business climate to encourage investment, regulate rational incomes, and restructure budget collections in line with international practices.

Statistics:

• Vietnam is seeking to develop large projects on strategic infrastructure development, renewable energy, smart agriculture, greenhouse gas emissions reduction, climate change response in the Mekong Delta region, and digital transformation.
• The World Bank plans to continue its cooperation with Vietnam under the new Country Partnership Framework between the WB Group and Vietnam.
• Vietnam aims to restructure budget spending to allocate 30% of its budget for investment in socio-economic infrastructure in the coming years.
• The country plans to reduce its budget deficit to 3% of GDP by 2025.

Sources:

• "Vietnam seeks World Bank's help for development, says minister." Vietnam News Agency, November 14.
• "2023 APEC Finance Ministers' Meeting." APEC Finance Ministers' Meeting 2023.