Hanoi (VNA) - Vietnam and the World Bank Group (WBG) have agreed to strengthen cooperation in preparation for APEC 2027, with a focus on policy priorities, support for micro, small and medium-sized enterprises (MSMEs), and technical assistance.
The agreement was reach during Minister of Finance Ngo Van Tuan’s October 20 working session with a WBG delegation led by Paschal Donohoe, Managing Director and Chief Knowledge Officer, on the sidelines of the 2026 APEC Finance Ministers’ Meeting in Hong Kong (China).
Tuan highlighted the importance of WBG financing, technical assistance and policy advice to Vietnam’s socio-economic development. He called on the bank to provide substantive support as Vietnam prepares to host APEC 2027, helping the ministry align its priorities with the Incheon Action Plan and the APEC Putrajaya Vision 2040.
Stressing the key role of MSMEs, he said Vietnam has stepped up administrative reforms and cut compliance costs for businesses by more than 50%, while the National Assembly is discussing amendments to the Law on MSMEs at its ongoing session. Proposed measures include improving access to land and finance, simplifying procedures, standardising business classification criteria and enabling MSMEs to participate more extensively in public procurement.
The Ministry of Finance stands ready to work closely with the WBG to study and incorporate effective initiatives into development policies, he said.
Donohoe congratulated Vietnam on a recent significant improvement in its sovereign credit rating and praised its efforts to manage the state budget effectively and strengthen fiscal foundations towards its goal of becoming a high-income country by 2045.
He said improving MSMEs’ access to finance would be critical to supporting double-digit economic growth. He suggested that Vietnam consider making MSME financing a key priority under its APEC 2027 agenda, in line with the bank’s newly announced MSME strategy.
The WBG pledges specialised technical assistance and corresponding resources for this process, he noted.
The two sides also discussed progress in developing the Country Partnership Framework (CPF) for 2027-2032. Tuan urged the WBG to consider concessional financing packages, adopt more flexible disbursement arrangements and further harmonise and simplify administrative procedures to accelerate the implementation of cooperation projects.
Welcoming Vietnam’s preparations for APEC 2027, Donohoe affirmed support for the priorities proposed by the Ministry of Finance and pledged to provide experts, share knowledge and deliver necessary technical assistance throughout the process.
On this occasion, Tuan invited the WBG to visit Vietnam and attend APEC 2027 meetings. Donohoe accepted the invitation and confirmed that he would personally travel to Vietnam for the events./.
VNA
