Illustrative image (Source: VNA)
Washington D.C.(VNA) – Vietnam’s Minister of Planning and Investment Nguyen Chi Dung discussed with WB senior officials the preparations for Vietnam’s “graduation” from IDA capital sources during his visit to the US beginning September 6.

Dung held a working session with the World Bank (WB)’s Vice President of Development Finance Axel van Trotsenburg, WB Vice President for the East Asia and Pacific Region Victoria Kwakwa and WB Country Director in Vietnam Ousmane Dione, during the first day of the visit.

The Minister appreciated the WB’s provision of international development assistance (IDA) and policy assistance for Vietnam, noting that though Vietnam has become a lower middle-income country and will stop receiving IDA soon, the nation still needs more of WB’s capital for development.

He affirmed that the Vietnamese government will continue restructuring the economy, especially public investment, commercial banks and State-owned enterprises, while continuing to realise international commitments such as the 2030 Agenda for Sustainable Development and the Paris Agreement on Climate Change.

On Vietnam-WB cooperation, he suggested the WB assist Vietnam in devising a strategy to attract foreign direct investment, building a comprehensive master plan on regional development, as well as in the fields of technology transfer besides the traditional fields of health care, education and climate change.

Trotsenburd, for his part, pledged to work closely with Vietnam to ensure a smooth IDA graduation and improve the efficiency of using the WB-funded official development assistance.

According to him, a final decision on support for countries to be graduated from IDA will be made at a meeting slated for October.

On the occasion, Kwakwa introduced Minister Dung to the newly-appointed WB Country Director in Vietnam, who will begin his tenure in mid-September.

During a meeting with a WB team working on the Doing Business 2017 report, Dung shared the Vietnamese government’s priorities on developing the private sector, improving business climate and national competitiveness, supporting start-ups and boosting administrative reform.

At another session with the WB department for studies on global and regional economic prospects, Dung spoke highly of the result of the research project on economic prospects of the world and East Asia, including Vietnam.

He agreed with the WB’s viewpoint on challenges to the recovery of the world and regional economy, and asked the WB and experts to make policy recommendations to the Vietnamese government in the context./.