World Bank Group announces new strategy in Vietnam

Representatives said the CPF prioritizes the four areas of inclusive growth and private sector participation, investing in people and knowledge, environmental sustainability and resilience, and good governance.

The Country Partnership Framework (CPF) introduces a number of strategic shifts, including comprehensive engagement to strengthen private sector development and participation across sectors; support to achieve the financial sustainability of public services and transfers; support of poverty reduction among ethnic minorities through activities that generate jobs and incomes; multi-sector engagement to strengthen linkages between education and the labor market; and promotion and stimulation of low carbon energy generation.

World Bank Country Director for Vietnam Ousmane Dione.

Through the CPF, the WBG will assist Vietnam in carrying out its five-year Socio-Economic Development Plan for 2016-2020 and its goals of balancing economic prosperity with environmental sustainability, promoting equity, and enhancing the capacity and accountability of state agencies.

Representatives from Mekong Delta cities and provinces greatly valued strategic orientations set in the new framework.

They expressed their hope for support in job generation for rural labourers in response to adverse impacts of technological applications in agriculture, along with assistance in capital disbursement mechanisms and procedures, and capital access in order to carry out infrastructure, transport and water projects.

The framework aims 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.

In his speech, WB Country Director in Vietnam Ousmane Dione pledged that the WBG will mobilise all its institutions – the WB, the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA), as well as available instruments in order to create strategic changes like lending, policy dialogue, analytical and advisory work or guarantees.