Vietnam's PM urges World Bank to prioritize funding for vital transport projects, seeking to boost infrastructure development.

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    Oct 29, 2023

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PM Pham Minh Chinh urged the World Bank to explore flexible funding methods and models catering to Vietnam's diverse requirements.

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During the visit of Carolyn Turk, the WB Country Director in Vietnam, to Hanoi on Friday, Chinh emphasized the importance of prioritizing key projects in strategic transport infrastructure development. He highlighted specific projects, including the North-South high-speed railway, the Ho Chi Minh City-Can Tho railway, and the Hanoi-Hoa Lac Hi-Tech Park railway, urging the bank to allocate resources accordingly.

The Mekong Delta region has several other important agendas to address alongside its primary concerns. These priorities encompass various areas such as renewable energy, smart agriculture, low-carbon emission initiatives, digital transformation, and climate change adaptation strategies.

During their discussion, Prime Minister Chinh conveyed to his guest that Vietnam maintains the capacity to accommodate new Official Development Assistance (ODA) loans. He assured them that the government has been efficiently managing both public and government debts, as well as keeping budget overspending within acceptable thresholds.

The photograph captures the moment when Prime Minister Pham Minh Chinh warmly welcomes Carolyn Turk, the Country Director of the World Bank in Vietnam, during their meeting in Hanoi on October 27, 2023. The image, taken by Nhat Bac, portrays a significant exchange between two influential figures in their respective roles.

He expressed gratitude towards the country Director and her team for their valuable contributions to Vietnam's socio-economic development since 1993. The World Bank's consistent support, policy consultation, financial assistance for ODA projects, and concessional loans have played a significant role in advancing Vietnam's progress.

Both parties deliberated on distinct matters regarding the promotion of innovative thinking and streamlining administrative processes to enhance significant, extensive, and continuous initiatives.

Turk expressed her support for the PM's guidance and priorities concerning crucial projects. In addition, she praised Vietnam's remarkable vision, development strategies, and steadfast commitments, particularly in addressing climate change adaptation and reducing emissions.

In addition, she brought attention to numerous crucial matters that require additional focus. These include the urgent need to guarantee energy security amidst a swiftly expanding economy, the exploration of carbon trading's potential, the advancement of the digital transformation agenda, addressing climate change challenges in the Mekong Delta region, and the implementation of a program aimed at cultivating 1 million hectares of high-quality rice with low emissions. She firmly believed that accomplishing these objectives could propel Vietnam into a leadership position in this domain.

She put forward concrete steps to address challenges in the execution of projects, particularly those of a significant scale. She pledged her commitment to collaborating closely with relevant Vietnamese organizations and supporting Vietnam in its socio-economic progress, specifically in sectors highlighted by Chinh.

The Prime Minister has consented to the formation of a collaborative committee that will thoroughly examine existing regulations and procedures. The ultimate objective is to simplify and streamline processes, promoting smoother interactions between the two parties involved. This significant undertaking aims to eliminate obstacles, shorten implementation duration, and enhance overall project efficiency.

In addition, Deputy Prime Minister Tran Luu Quang has been tasked with spearheading initiatives to remove barriers, expedite project advancements, and ensure efficient utilization of the World Bank's financial resources.


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