Vietnam and World Bank discuss priorities for APEC 2027

The meeting focused on strategic cooperation between Vietnam and the WBG, efforts to boost new drivers of economic growth, and coordination in preparing for APEC 2027, which Vietnam will host.

Minister Ngo Van Tuan and Paschal Donohoe, WBG's managing director and chief knowledge officer. Photo: MoF

At the meeting, Minister Tuan expressed his sincere appreciation for the valuable support and close partnership the WBG had provided to Vietnam over several decades.

He said that the WBG’s concessional financing, technical assistance programmes, and in-depth policy advice had played a particularly important role in supporting Vietnam’s economic reforms, infrastructure modernisation, and social welfare development.

With Vietnam preparing to host APEC 2027, the minister underscored the government’s determination to ensure comprehensive and thorough preparations for the major international event.

He called on WBG to continue its role as a leading development partner and work closely with Vietnam’s Ministry of Finance (MoF) to develop and refine the priorities and substantive agenda for APEC 2027’s finance track. These efforts should remain aligned with the core objectives of the Incheon Action Plan and the APEC Putrajaya Vision 2040, he said.

Discussing sustainable growth, Minister Tuan highlighted the pivotal role of micro, small, and medium-sized enterprises (MSMEs), which are important contributors to employment and economic activity. To unlock the sector’s potential, Vietnam has been implementing a range of support policies and measures to streamline administrative procedures.

The minister added that Vietnam’s National Assembly was discussing a draft Law on the Development of Small and Medium-sized Enterprises during its ongoing session.

The draft proposes a range of policies to address barriers to land access and financing, simplify administrative procedures, standardise enterprise classification criteria, and create more better conditions for small and medium-sized businesses.

Minister Tuan stressed that Vietnam’s MoF stood ready to work closely with the WBG to research and assess international initiatives and effective solutions, with a view to incorporating suitable approaches into the country’s national development policy framework.

Donohoe congratulated Vietnam on a significant recent achievement: the upgrading of its sovereign credit rating by international rating agencies.

He praised Vietnam’s efforts and notable achievements in managing and using state budget resources efficiently, maintaining macroeconomic stability, and strengthening its fiscal foundations. These achievements provide an important basis for Vietnam to realise its ambition of becoming a developed, high-income country by 2045.

Donohoe emphasised that fully addressing MSMEs’ access to finance would be critical to creating a stronger foundation for double-digit economic growth.

He proposed that Vietnam consider making MSME financing a central priority under the APEC 2027 agenda, in alignment with the WBG’s recently announced global MSME strategy.

Beyond multilateral cooperation under APEC, the two sides held extensive discussions on progress in developing the Vietnam-WBG Country Partnership Framework for 2027-2032.

Minister Tuan called on the WBG to continue exploring flexible concessional financing packages, improve disbursement, and work closely with Vietnamese agencies to simplify administration. These measures will help ensure that programmes and projects are implemented more promptly.

Donohoe reaffirmed the WBG’s commitment to providing the knowledge, policy advice, and technical resources needed to help ensure the success of APEC 2027 and support Vietnam’s long-term development goals.

Minister Tuan formally invited the WBG’s leadership to visit Vietnam and attend key conferences held as part of APEC 2027. Donohoe warmly accepted the invitation and confirmed that he would personally lead a WBG delegation to Vietnam to participate in these important events.

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