Prime Minister receives WB Vice President for East Asia and Pacific Region

Prime Minister Nguyen Xuan Phuc hosted a reception for Victoria Kwakwa, Vice President of the World Bank (WB) for East Asia and Pacific Region, on November 7, on the sidelines of the Vietnam Business Summit (WB), taking place in the central coastal city of Da Nang.

Prime Minister Nguyen Xuan Phuc (right) and WB Vice President for East Asia and Pacific Region, Victoria Kwakwa.
Prime Minister Nguyen Xuan Phuc (right) and WB Vice President for East Asia and Pacific Region, Victoria Kwakwa.

The PM expressed his delights to meet again with Kwakwa, a close friend of Vietnam, stating that the WB and Vietnam have been fostering effective cooperation over the past few years, and that Vietnam always speaks highly of the WB’s position at international and regional forums.

For her part, Kwakwa voiced her pleasure on returning to Vietnam and continue with the WB’s cooperation activities in the country, noting that she was impressed at Vietnam’s economic growth so far this year as well as the country remaining a destination for foreign investors.

With 2017 marking 20 years of the 1997 Asian financial crisis, Vietnam should facilitate the risk assessment, restructure the financial system as well as make breakthroughs in dealing with bad debts, Kwakwa said, affirming that the WB always stands ready to support Vietnam in the work.

In the context of Vietnam’s huge capital demand for infrastructure development, the WB wishes to cooperate with the country in mobilising resources in the form of public-private partnership (PPP) and building other mechanisms to attract capital from the private sector, she added.

Welcoming the WB Vice President’s recommendations, PM Phuc said that Vietnam wishes to cooperate with the WB in building institutions in order to enhance the efficiency of attracting private capital, to deal with the situation of nearing the public debt ceiling set at 65% of gross domestic product (GDP).

The PM spoke highly of the WB’s building of a Country Partnership Framework (CPF) for Vietnam for 2017-2022, which he said is an important document shaping the Vietnam-WB cooperation in the next five years, with three concentrations of fostering inclusive growth and facilitating the private sector’s engagement, developing human resources, and promoting sustainable environmental protection and climate change adaptation.

He called on the WB to provide financial support and consultations on strategic policies for Vietnam, aiming to help the country fight and adapt to climate change, especially in the Mekong Delta region.