Prime Minister seeks World Bank's intervention for extensive infrastructure development ventures
Rewritten Article:
Title: World Bank Gets Green Light for Vietnam Infrastructure Push from PM Pham Minh Chinh
HA NOI - Prime Minister Pham Minh Chinh rolled out the red carpet for Mariam J. Sherman, World Bank Country Director for Vietnam, Cambodia, and Laos, on Thursday, expressing a desire for a deeper partnership between the two entities.
Sherman received a warm welcome from Chinh, who emphasized Vietnam's hopes for revamped lending procedures, policy advice, and support to drive strategic objectives – particularly infrastructure development.
Chinh acknowledged the World Bank's integral role in Vietnam's development journey, praising it as a trusted ally that's consistently offered valuable support and contributions. He credited the bank for helping Vietnam attain signficant milestones in its mission for renewal, international integration, and sustainable development — all while navigating a new era.
Chinh stressed the need for closer ties between the World Bank and its member nations, hinting at his faith in Sherman as the ideal leader to steer the regional office, bolstering its pioneering status in advising socio-economic development, reducing poverty, and addressing climate change challenges.
The Prime Minister voiced his expectations for the World Bank to continue championing its role as a mighty partner, sharing expertise, and bolstering support for Vietnam's economic stability and sustainable growth. He further urged the bank to assist Vietnam in implementing green, digital, and circular economy initiatives, as well as boosting Vietnam's competitiveness and resilience against external shocks.
Chinh encouraged Sherman to offer actionable proposals and recommendations to Vietnam's government in crafting policies and cross-regional programs, specifically focused on vital areas such as transportation, energy, climate change solutions, and integrated water resource management – particularly in the Mekong sub-region.
Sherman applauded Vietnam's economic successes and lauded its National Development Strategy, vowing the World Bank's unwavering support and collaboration in its priority areas. She highlighted an upcoming $11-billion loan commitment from the World Bank, earmarked for Vietnam over the next five years.
Sherman also pressed for urgency in mobilizing Vietnam's ministries, sectors, and agencies to swiftly prepare and execute projects. Key projects included:
- Developing one million hectares of high-quality, low-emission rice in the Mekong Delta region.
- Expanding renewable energy development.
- Constructing three transport routes in the Mekong Delta region.
- Promoting sustainable fisheries development.
Chinh gleamed at this proposal, confirming Vietnam's commitment to expediting public investment disbursement. He further sought concessional loans in strategic areas like infrastructure, energy transition, renewable energy development, agriculture, and private sector growth.
While Chinh proposed the World Bank support Vietnam’s North-South high-speed railway project – estimated to begin construction in 2026 with a staggering total investment of $67 billion – Sherman hinted at the possibility of seeking additional concessional funding sources, as well as offering policy, technical, and expert consultations to drive effective project execution.
The Vietnamese Prime Minister underscored Vietnam's efforts in reforming its administrative framework, eliminating policy and regulatory barriers, and refining administrative procedures to align with donors’ requirements. He also discussed planning a collaborative meeting with donors, including the World Bank, at a forthcoming workshop.
Sherman and Chinh agreed to maintain regular dialogue and efficient cooperation, expediting projects currently under loan and non-refundable aid agreement negotiations. Additionally, they explored the possibility of establishing a strategic partnership mechanism to collaborate on large-scale infrastructure development at a national level.
Prime Minister Phạm Minh Chính (right) receives Mariam J. Sherman, World Bank Country Director for Việt Nam, Cambodia and Laos in Hà Nội on May 15. - VNA/VNS Photo
Sources: [1], [2], [3], [4]
[1] Vietnam aims for high-income status by 2045 with World Bank's aid[2] World Bank eyes over $11 billion loan for Vietnam over the next five years[3] Vietnam’s North-South high-speed railway to receive $67 billion investment[4] World Bank proposes strategic partnership with Vietnam for large-scale infrastructure development
- The Prime Minister of Vietnam, Pham Minh Chinh, expressed a desire for a deeper partnership with the World Bank, highlighting infrastructure development as a strategic objective that requires revamped lending procedures and policy advice.
- In the realm of policy, Prime Minister Chinh urged the World Bank to offer actionable proposals and recommendations that could aid Vietnam in implementing green, digital, and circular economy initiatives.
- Sherman, the World Bank Country Director, affirmed the bank's commitment to supporting Vietnam's economic growth, particularly in its priority areas, and announced a planned $11-billion loan commitment for Vietnam over the next five years.
- In the context of climate change, key projects proposed by the World Bank include developing low-emission rice in the Mekong Delta region, expanding renewable energy development, and promoting sustainable fisheries development.
- A strategically vital area of collaboration between Vietnam and the World Bank is the North-South high-speed railway project, with a planned investment of $67 billion, where the World Bank may provide additional concessional funding, policy consultations, and expert advice for effective project execution.
