The partnership between Vietnam and the World Bank will continue to be tightened

Minister of Finance Ho Duc Phoc had an online conference with Mrs. Manuela Ferro, World Bank Regional Vice President for East Asia and Pacific

At the meeting, Minister of Finance Ho Duc Phoc congratulated Mrs. Manuela Ferro on her appointment as World Bank Regional Vice President for East Asia and Pacific.

Appreciating the close and effective partnership between Vietnam and the World Bank in recent years, the Minister believed that under the leadership of Manuela Ferro, the partnership between the two parties would continue to be tightened in the future.

Speaking about Vietnam's macroeconomic situation, the Minister said that Vietnam had been heavily affected by the Covid-19 pandemic. In the first nine months of the year, GDP growth was only 1.42%, which was low compared to the target (about 6%). However, the macro-economy was still stable, the major balances of the basic economy were ensured, and inflation was controlled at a low level.

Currently, the Covid-19 pandemic is gradually being controlled, and Vietnam is determined to continue implementing the dual goal of pandemic prevention and economic development; continue to prioritize the implementation of monetary and fiscal policies to ensure economic development, attract investment, maintain major balances of the economy, and create jobs.

Mrs. Manuela Ferro, World Bank Regional Vice President for East Asia and Pacific

At the meeting, Minister Ho Duc Phoc highly appreciated the WB's role in advising and providing policies and technical support for Vietnam's public finance sector. At the same time, he highly appreciated the quality of the World Bank's advice and recommendations to the Ministry of Finance.

The World Bank has cooperated with the Ministry of Finance to implement many effective capital financing projects, provide policy advice and technical assistance to the Ministry of Finance in many fields and units, especially the consultancy program on analysis development of public financial management in Vietnam.

Minister of Finance Ho Duc Phoc also highly appreciated the WB's role in supporting Vietnam to successfully graduate from IDA, and suggested that Manuela Ferro in her new position continue to support Vietnam in mobilizing new loans as well as in extending WB loan projects to accomplish the projects’ objectives in the future.

WB Vice President Manuela Ferro thanked Minister Ho Duc Phuc for the comments and said that the World Bank highly appreciated Vietnam's position and importance in the development process. Mrs. Manuela Ferro also pledged that the WB was always open, ready to strengthen support and stand side by side with Vietnam so that Vietnam could truly become a high middle-income country.

At the meeting, the two parties spent time discussing solutions to cope with the Covid-19 pandemic; sustainable development goals, ensuring social security; infrastructure development; response to climate change; policies to support the private sector, and SMEs.