HÀ NỘI — The World Bank Group on Thursday released its new Country Partnership Framework (CFP) with Việt Nam, focusing on inclusive growth, investment in people, environmental sustainability and good governance.

It accompanies Việt Nam as it is transforming further into middle income country status and has graduated from the International Development Association - the World Bank’s fund for low income countries. The new partnership framework leverages further support for the country by mobilising commercial finance and private sector engagement.

It prioritises inclusive growth and private sector participation; investment in people and knowledge; environmental sustainability and resilience; and good governance. 

The CPF introduces a number of strategic shifts.

These include comprehensive engagement to strengthen private sector development and participation across sectors; financial sustainability of public services and transfers; supporting poverty reduction amongst ethnic minorities, through activities that generate jobs and incomes; strengthening linkages between education and the labour market; and promoting and stimulating low-carbon energy generation.

Minister of Planning and Investment Nguyễn Chí Dũng said Việt Nam has been consistently implementing the goal of rapid and sustainable economic development and economic restructuring through promoting quality, efficiency and competitiveness, and preserving and regenerating the eco environment, he said.

He believes the CPF agenda for the 2017-20 period will realise Việt Nam’s development goals and ambitions in the coming decades, helping Việt Nam become a high middle income country with comprehensive growth, intellectual and human development, private sector development and improved State management.

“Over the period of this renewed partnership, the World Bank Group’s engagement in Việt Nam will focus on key reform and development areas that may have transformative impact. And we will mobilise all our institutions – World Bank, International Finance Corporation (IFC), Multilateral Investment Guarantee Agency (MIGA) – and the instruments and products we have to effect transformative changes, be they lending, policy dialogue, analytical and advisory work and/ or guarantees,” said Ousmane Dione.

Throughout the CPF period, the IFC will also leverage its investment and advisory services and mobilise long-term financing for investments that bring strong socio-economic benefits, and support the development of Việt Nam’s capital markets. To help boost the country’s economic competitiveness and advance private sector development, IFC will continue to attract international investors to key sectors of finance, infrastructure, manufacturing, and energy, combining global expertise with local knowledge and leveraging investment returns and social benefits.

Through its traditional political risk insurance and credit enhancement products, the MIGA will complement World Bank lending and IFC engagement by mobilising private investment and supporting commercial borrowing by the Government and potentially also by State-owned enterprises. — VNS