The framework is designed to help Vietnam attain the balance between economic development and sustainable environment, promote equality, and improve state agencies’ capacity and accountability.
It will continue the WB Vietnam’s existing supports in coordination with other development partners while mobilising other resources to boost development.
The CPF prioritises the four areas of inclusive growth and private sector participation, investing in people and knowledge, environmental sustainability and resilience, and good governance. It will be implemented with considerable engagement of local governments.
The CPF also puts forth some strategic shifts, including comprehensive engagement to strengthen private sector development and participation across sectors, support to achieve financial sustainability of public services and transfers, support for ethnic minority poverty reduction through livelihood and income generation activities, multisectoral engagements to strengthen linkages between education and the labour market, support to promote and stimulate low carbon energy generation.
The group’s country director Ousmane Dione said the report marks a new milestone in cooperation between Vietnam and the World Bank Group for the shared development goal of a prosperous, fair, and sustainable nation.
Ousmane said the document sets strategic orientations for the participation of the World Bank Group in Vietnam.
“The framework establishes specific objectives and our plan engagement that responds to Vietnam's existing as well as emerging development challenges. It also lays out approaches and principles of engagement. These include base selective, engaging in critical areas that may have transformative impact and leveraging support from various members of the World Bank group and also in mobilizing various products and services it has to offer," he said.
Minister of Planning and Investment Nguyen Chi Dung said, “The framework will help realize Vietnam’s development goals, not only for the next 5 years, but for many decades to come, and make Vietnam a middle-income country.
The framework will be an important orientation to maximize the World Bank Group’s support for Vietnam.”