WB, IMF pledge to support Vietnam’s development

Vietnamese Deputy Prime Minister Vuong Dinh Hue (Right) and WB Chief Executive Officer Kristalina Georgieva

The WB attaches importance to cooperation with Vietnam and lauds the country’s strong development over the years, Kristalina said, highlighting Vietnam’s economic growth in tandem with sustainable development.

She urged Vietnam to focus investment in areas that serve sustainable development like human resources, health care, climate change response and water resource management.

The WB will consider fiscal measures suitable for Vietnam, and WB agencies are willing to have working sessions with Vietnamese partners to materialise programmes and plans, she noted.

For his part, Hue called on the WB to carry forward its role in the development of the Mekong Sub-region and become a main development partner of the Cambodia-Vietnam-Laos development triangle mechanism.

He applauded the bank’s recommendation on increasing investments in human resources, especially in the context of the fourth industrial revolution.

The official asked Kristalina to convey Prime Minister Nguyen Xuan Phuc’s invitation to WB President Jim Yong Kim to attend the World Economic Forum on ASEAN in September in the Vietnamese capital Hanoi.

During his official visit to the US from June 25-27, Hue met also with Deputy Managing Director of the International Monetary Fund (IMF) Mitsuhiro Furusawa, who also pledged to continue providing technical support and policy consultations for Vietnam.

Furusawa commended reforms carried out by the Vietnamese Government, saying they have helped Vietnam reap significant macro-economic achievements, such as a stabilised macro-economy, better business environment, higher competitiveness, curbed inflation and stabilised interest rates.

He suggested Vietnam speed up the reform and modernisation of monetary policies, consolidate its fiscal polices, raise the flexibility of exchange rates and promote the role of the private economic sector.

Deputy PM Hue thanked the IMF and Furusawa himself for their support for the Vietnamese Government, saying Vietnam wishes to receive more assistance from the fund for its policies and guidelines, as well as policy consultations.

Also on June 26, Deputy PM Hue met with President Pro Tempore of the US Senate Senator Orrin Hatch.

Hue said Vietnam hopes to develop the comprehensive partnership with the US on the basis of respect for each other’s political institutions and stands ready for further cooperation.

Senator Hatch lauded Vietnam’s reform achievements, noting that the country is an important partner of the US and President Donald Trump wants to foster ties with the Southeast Asian nation.

The Senator promised to urge the US to reinforce cooperation with Vietnam, especially in dealing with war consequences like dioxin, and supporting Agent Orange/dioxin victims.