Deputy Minister Nguyen The Phuong worked with the World Bank's Senior Director of Macroeconomic and Fiscal Management

>Overview of the working session. Photo: Duc Trung (MPI)

Speaking at the meeting, Deputy Minister Nguyen The Phuong assessed that the WB is a major donor to Vietnam. The list of WB loan projects includes 50 projects with a total capital of 10,357 million USD, of which 3,234 million USD has been disbursed. WB capital provided to Vietnam focuses on important areas of the economy such as infrastructure development, poverty reduction, social fields, macroeconomic reform... WB also plays a coordinating sponsor role in the donor community for Vietnam in areas related to development, macroeconomic and fiscal policy reform and economic restructuring. Specifically, the WB supports Vietnam in developing the Vietnam 2035 Report to orient Vietnam's development path to2035; Implement the macroeconomic reform program (EMCC), poverty reduction credit (PRSC), public investment restructuring loan (PIR), and work with the Government of Vietnam to build a framework of policy actions that need reform in all fields; Organize an annual high-level dialogue forum, now VDF, to exchange recommendations to help Vietnam in building and perfecting policy institutions.

From July 1, 2017, Vietnam has graduated from IDA, so Vietnam wishes to continue to receive support in the process of rapid, sustainable development, avoiding the middle income trap. Deputy Minister Nguyen The Phuong proposed that the WB coordinate with the Vietnamese Government to implement the recommendations set out in the Vietnam 2035 Report; Continue to provide advice on policy reform on macroeconomic and fiscal management; Advise the Government on emerging development issues that have a profound impact on Vietnam's development in the coming time such as public debt, overspending, and budget fiscal management.

WB Senior Director Felipe Carlos Jaramillo highly appreciated Vietnam's efforts in socio-economic development and becoming a middle-income country. At the same time, sharing about the process and experience working at Government agencies in the fields of finance, planning, trade in Colombia and lessons learned when accompanying developing countries to solve problems related to fiscal management, public debt, economic crisis, mobilization and development of the private sector...

At the meeting, the two sides highly appreciated the good relationship between the WB and Vietnam in general, as well as between the WB Office and the Ministry of Planning and Investment in particular, and committed to further strengthening coordination between the two agencies to improve aid effectiveness, contributing to Vietnam's socio-economic development./.