Prime Minister Pham Minh Chinh (R) hosts a reception for World Bank (WB) Division Director for Viet Nam, Cambodia and Lao PDR Mariam J. Sherman, Ha Noi, May 15, 2025 - Photo: VGP

Pham hailed hails the WB's decision to establish a regional office, expressing thanks to the WB for its practical, effective, and positive support and contributions to Viet Nam's socio-economic development, especially in poverty reduction, and requested the bank to continue supporting the country in its upcoming journey toward becoming a more prosperous nation.

He called on the WB to continue playing its role as a leading development partner by sharing valuable international experience, providing policy advice, and increasing assistance for Viet Nam in achieving its strategic goals.

The Government chief urged the bank to help the Southeast Asian nation implement the "strategic quartet," maintain macroeconomic stability, boost rapid and sustainable growth, and advance green economy, digital economy, and circular economy, while improving the economy's competitiveness and resilience to external shocks.

Pham welcomed the international lender's proposal to allocate over US$11 billion in loans to Viet Nam over the next five years, emphasizing the need to focus this funding on projects that are transformative and game-changing.

The Prime Minister also proposed that the WB provide funding to both public and private sectors, with more preferential and competitive interest rates, as well as more flexible and efficient capital management models.

He asked for prioritizing funding for key areas such as infrastructure-especially large-scale transport projects-energy transition and renewable energy development, and environmental and climate-resilient agricultural projects, such as low-emission rice cultivation and inland waterway transportation.

The Vietnamese leader suggested that the bank offer funding for Viet Nam to implement the North-South high-speed railway project, which is expected to begin construction by 2026 with a total estimated investment of around US$67 billion.

He recommended the WB's regional office closely work with the Ministry of Finance and the State Bank of Viet Nam to study and propose solutions for streamlining and simplifying procedures, and regulations.

Sherman, for her part, commended Viet Nam's new national development strategy, adding that the WB stands ready to support Viet Nam in the process to become a high-income and developed country by 2045 by sending more experienced experts to provide policy advice, fostering cooperation, and ensuring the swift and effective implementation of projects.

She consented with the points raised by the Prime Minister-which also align with the bank's priorities, affirming that she would report these views to the WB President, especially regarding strategic infrastructure development and assistance for the private sector.

Both sides discussed solutions to accelerate the progress of several ongoing cooperation projects, including three transportation routes in the Mekong Delta region and the development of sustainable fisheries./.