Vietnam, World Bank strengthen partnership to meet goal of high-income economy by 2045

HANOI  — World Bank Vice President for East Asia and Pacific Manuela V. Ferro today concluded a five-day visit to Vietnam, reaffirming the institution’s commitment to supporting Vietnam in realizing its goals of becoming a high-income economy by 2045 and reaching net zero emissions by 2050.

“We are committed to work with Vietnam as it charts a renewed course towards ambitious development goals,” Ferro said. “Our partnership will focus on strategic areas that promote productivity-led, climate-resilient, inclusive growth, contributing the World Bank’s global and local expertise, embedded in evidence-based analysis and financing.”

On her first official visit to Vietnam, Ferro met with Prime Minister Pham Minh Chinh, National Assembly Chairman Vuong Dinh Hue, and other high-ranking officials. In these meetings, she discussed Vietnam’s development priorities and challenges and how the country can use support of the World Bank to achieve transformational and tangible improvements in the lives of the Vietnamese people.

A highlight of the trip was the agreement between Ferro and Prime Minister Chinh to jointly produce a report, Vietnam 2045 that will offer pathways and solutions for Vietnam to realize its aspiration of becoming a high-income economy by 2045. The report will take stock of the pace of reforms laid out in 2016’s Vietnam 2035 roadmap, analyze how Vietnam’s economic trajectory has been affected by the COVID-19 pandemic and other global mega-trends, and provide recommendations to inform policy reform discussions leading up to the fourteenth Party Congress, scheduled for early 2026.

“Vietnam’s development journey is evolving and so is the nature of our partnership,” said Ferro. “The World Bank will offer innovative solutions that address new development challenges and fit the unique profile of Vietnam’s development opportunities.”

Ferro also visited Ho Chi Minh City to broaden the partnership between the World Bank and Vietnam’s economic powerhouse. During the meeting with Chairman of Ho Chi Minh City People’s Committee Phan Van Mai, the two sides discussed key challenges the city is facing as it bounces back from COVID-induced recession and explored how it could mobilize knowledge and financial resources from the World Bank to boost its competitiveness and resilience. A joint HCMC-World Bank Working Group was formally launched to prepare an engagement plan for the coming years.

The World Bank’s current portfolio in Vietnam consists of 33 operations, worth a total of US$5.72 billion focused on transforming livelihoods and increasing infrastructure’s resilience to climate risks, education, health care, transport, energy, water resource management, and urban resilience. Since its re-engagement in Vietnam in 1994, the Bank has committed a total of more than US$25.3 billion toward financing Vietnam’s development.

 

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