At a reception in Hanoi on May 15 for Mariam J. Sherman, Country Director of the World Bank (WB) for Vietnam, Laos, and Cambodia, the Government leader welcomed the WB official back in her current capacity. He expressed confidence in her leadership of the regional office, as a contribution to enhancing the WB’s pioneering role in shaping socio-economic development directions, sustainable poverty reduction, and effective climate change response, as well as stepping up the Bank’s extensive cooperation with member countries, including Vietnam.

He stressed that the Vietnamese Government considers the WB a close, important, and reliable partner that has considerably contributed to the country’s socio-economic development and its achievements in reform, international integration, and sustainable growth.

He expressed hope that the WB will continue to fulfill its role as a leading development partner, sharing experience and supporting Vietnam in maintaining macroeconomic stability and boosting fast, sustainable growth. He also called for continued assistance in green, digital, and circular economic development, enhancing competitiveness and resilience against external shocks.

The Vietnamese cabinet leader asked Sherman to offer practical policy recommendations for interregional and cross-border cooperation programs in fields of shared interest such as transportation, energy, climate change adaptation, and integrated water resource management, particularly in the Mekong sub-region.

In response, Sherman thanked the Prime Minister for the meeting and for Vietnam’s positive and constructive assessment of the WB in general and the regional office in particular. She congratulated the country on the 50th anniversary of national reunification and hailed its recent socio-economic achievements and new development strategy.

She affirmed the WB’s support and commitment to accompany Vietnam in this process, especially in priority areas identified by Vietnam, including a proposal for over US$11 billion in loans over the next five years.

Recognizing that reform is an ongoing process, Sherman asked the PM to instruct ministries and agencies to speed up project preparation and implementation, especially for high-priority projects such as the one-million-hectare low-emission, high-quality rice initiative in the Mekong Delta, renewable energy development, three regional transport routes, and sustainable fisheries.

Welcoming the proposed US$11 billion loan over five years, PM Chinh reaffirmed the Government’s determination to fast-track public investment disbursement, particularly in key infrastructure sectors.

He asked for continued WB support through preferential loans for strategic projects, especially major transport initiatives, energy transition and renewable energy development, environmentally sustainable agriculture, and private sector development.

He also asked the WB to provide funding for Vietnam’s planned North–South high-speed railway project, set to start in 2026 with a total estimated cost of US$67 billion.

Vietnam is working to improve its institutional framework, remove regulatory and policy obstacles, reform administrative procedures, and resolve inconsistencies between domestic regulations and donors’ requirements. The Government has restructured the National Steering Committee on ODA and concessional loans and plans to hold a meeting with donor groups, including the WB, Chinh told his guest.

Instructing ministries and agencies to promptly tackle obstacles in specific projects mentioned by Sherman, PM Chinh called on both sides to maintain regular communication and bolster cooperation. He urged the WB regional office to work hand in hand with Vietnamese competent agencies to propose streamlined procedures and loan agreement regulations, aiming to shorten project preparation and approval time, especially in cases of regulatory divergence between Vietnam and the WB, beginning with projects currently under negotiation for loans or grants.

Expressing hope to welcome WB President Ajay Banga to Vietnam soon, PM Chinh asked the WB regional office to continue open and frank dialogue with relevant ministries and localities to finalize the Country Partnership Framework for approval by both sides’ leaders.

Agreeing with the PM’s proposals, Sherman said she will report them to WB President Banga, especially the suggestions on interest rates, funding for the high-speed railway, and private sector support.

She also proposed considering the establishment of a strategic partnership mechanism between the WB and Vietnam on national-level infrastructure development cooperation. She pledged to explore additional sources of concessional financing and provide policy, technical, and professional advice to help Vietnam effectively prepare and implement projects funded by the WB and other donors.

Highlighting the WB’s support in helping Vietnamese people escape poverty, the Vietnamese Government chief expressed his hope that the Bank would now assist Vietnam in achieving prosperity. He adopted the proposal to establish a comprehensive strategic partnership between Vietnam and the WB and suggested a direct contact mechanism between the PM and the WB President to augment practical and effective cooperation.

PM urges WB to provide concessional loans for key infrastructure projects

Vietnamese Prime Minister Pham Minh Chinh has called for the World Bank (WB)'s continued support and concessional loans targeting key infrastructure projects, including high-speed and urban rail systems, major seaports and airports.

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