Allocating $ 11 billion from the World Bank to major projects

On the afternoon of May 27, Prime Minister Pham Minh Chinh received Ms Manuela V. Ferro, Vice President of the World Bank(WB), and Ms Mariam J. Sherman, WB Country Director for Vietnam, Laos, and Cambodia, along with their delegation.

The Prime Minister expressed his gratitude to the WB leadership for choosing Hanoi as the regional office headquarters and looked forward to closer cooperation with the WB, hoping to welcome the WB President to Vietnam soon.

The Prime Minister expressed pleasure at the strong relationship between Vietnam and the WB and appreciated the WB's cooperation and support over the years, with total funding of about USD 25 billion. The government leader affirmed that Vietnam always values and seeks to deepen this relationship, and requested the WB to continue supporting the implementation of programs promoting sustainable growth and the development of a green economy, digital economy, circular economy, sharing economy, and knowledge economy.

The Prime Minister welcomed the WB's proposal for a loan of more than $ 11 billion over the next five years and suggested that this capital should focus on major projects in key areas such as the program for 1 million hectares of high-quality, low-emission rice in the Mekong Delta; large-scale, sustainable infrastructure projects; and clean energy projects such as the urban railway project from central Hanoi to Hoa Lac and the high-speed railway project from Ho Chi Minh City to Can Tho.

The Prime Minister noted that concentrating funds on transformative projects would maximize effectiveness and reduce the time required for procedures and processes.

The government leader thanked the WB for supporting Vietnam in becoming the first country in the East Asia-Pacific region to receive a payment from the WB's Forest Carbon Partnership Facility (FCPF) and hoped the WB would continue to support Vietnam in participating in the global carbon credit market and implementing the "Renewable Energy Acceleration and Integration" (REACH) project.

Prime Minister Pham Minh Chinh also mentioned that the government has been proactively directing ministries and sectors to clarify policy differences with the WB and propose solutions to facilitate the preparation, negotiation, and implementation of projects.

Vietnam has actively improved its institutions and policies and addressed difficulties and obstacles by developing and enacting new laws, while also speeding up land clearance with new methods, involving the entire political system at the local level, and ensuring the legitimate rights of the people.

WB Vice President Manuela V. Ferro expressed confidence in the opportunities for cooperation with Vietnam and the countries in the region, bringing practical benefits to all parties. She appreciated Vietnam's efforts in implementing cooperative projects with the WB and looked forward to continued close and effective collaboration with Vietnam. She also fully supported Prime Minister Pham Minh Chinh's suggestions and hoped to receive official proposals from Vietnam soon to expedite the negotiation, signing, and implementation of projects.

At the meeting, both sides agreed to coordinate in developing the Vietnam - WB Country Partnership Framework for 2025 - 2029, outlining the direction of cooperation and the potential mobilization of WB resources for Vietnam's funding portfolio.