Deputy Prime Minister Hồ Đức Phớc (left) and the visiting World Bank’s Vice President for the East Asia and Pacific (EAP) Region Carlos Felipe Jaramillo in Hà Nội on November 25. — VNA/VNS Photo

HÀ NỘI — Deputy Prime Minister Hồ Đức Phớc received in Hà Nội on Tuesday Carlos Felipe Jaramillo, the World Bank (WB)’s Vice President for the East Asia and Pacific (EAP) Region, during which he appreciated the WB’s support for Việt Nam in recent years.

Since 1993, the WB has consistently been one of Việt Nam's largest international donors. As of the end of 2024, it had supported Việt Nam with 180 programmes/projects totalling over US$26 billion, of which approximately $23 billion was loan agreements. These projects have facilitated Việt Nam's strong development, particularly in infrastructure development and technical support in treasury and banking sectors.

According to the Deputy PM, the recently released World Bank report titled “Việt Nam Rising – Pathways to a High-Income Future” offers four highly practical recommendations for Việt Nam, including investing deeply in human capital and digital transformation; expanding and improving the efficiency of public investment; strengthening financial sector oversight to reduce systemic risks; and promoting green transition and enhancing human resource capacity and undertaking fundamental institutional reforms.

Regarding proposed cooperation orientations for the coming period, Phớc requested the WB to enhance collaboration in areas where it has strengths and Việt Nam has urgent needs, such as strategic infrastructure, logistics, clean energy, urban development, digital transformation, data governance, and climate adaptation. He also suggested cooperation on ODA and concessional loans through new development finance instruments for transport infrastructure and coastal resilience; and the implementation of climate-related loans under a “climate co-benefits” approach.

Regarding the WB’s lending operations in Việt Nam, the Deputy PM discussed with Vice President Jaramillo several difficulties in implementing WB-funded projects, including loan costs and the implementation of non-refundable aid programmes. He urged the WB to adopt more flexible standards in applying conditions and requirements related to procurement, environment, and social issues; consider appropriate interest rates for certain loans; and show flexibility in addressing policy differences, thereby accelerating project implementation.

He noted that Việt Nam will soon carry out numerous major projects and hopes to continue effective cooperation with the WB in developing transport infrastructure, energy, digital transformation, and climate change adaptation. He requested that the WB Vice President continue to pay attention to and accompany Việt Nam, and work closely with the WB Country Director in Việt Nam to promote the effective implementation of cooperative initiatives and realise the shared priorities of both sides.

Appreciating Việt Nam's development goals and orientation for the coming period, the WB Vice President, his colleagues, and Deputy PM Phớc held candid discussions on several issues, such as implementing reforms to reduce processing time and accelerate project progress; mobilising capital for major projects through a combination of public and private financing; investing in projects applying science, technology, innovation, and digital transformation; and applying advanced technology in infrastructure development.

They also focused discussions on responding to climate change; preventing erosion, subsidence, saltwater intrusion, and flooding in the Mekong Delta and HCM City; implementing the project on sustainable development of 1 million hectares of high-quality, low-emission rice linked to green growth in the Mekong Delta; and providing financial support for private businesses implementing wind power, solar power, and mining projects. — VNA/VNS