HCM City authorities on November 14 signed a Memorandum of Understanding (MoU) with the World Bank on a comprehensive partnership for strategic engagements in the 2018-21 period. — VNA/VNS Phto Xuân Khu

HCM CITY — HCM City authorities on November 14 signed a Memorandum of Understanding (MoU) with the World Bank on a comprehensive partnership for strategic engagements in the 2018-21 period. 

Speaking at the signing ceremony, Nguyễn Thành Phong, chairman of HCM City’s People’s Committee, said the signing of the MoU was an important milestone, deepening the cooperation between the World Bank and HCM City in the coming time.

The World Bank is one of HCM City’s long-term partners, he said, adding that its investment projects and technical assistance have contributed to improving infrastructure and the quality of life of its residents.  

He said the city hoped to continue to receive assistance from foreign partners so that it could maintain its role as a driving force for economic growth in the country and in the region.

Phong noted that HCM City would continue to work closely with the World Bank to implement the MoU in line with Vietnamese law to benefit both parties.

Ousmane Dione, country director for World Bank Việt Nam, said HCM City was well on its way to becoming a regional hub in the Southeast Asia region. 

The National Assembly’s resolution on the city’s autonomy offers a window of opportunity for the city to start planning for the next generation of urban development, focusing on integrated and smart solutions to manage rapid urbanisation, he said. 

The vision for the city to become a livable, sustainable and smart city will be accomplished through seven breakthrough programmes of the city, which will require substantial resources beyond the city’s budget, Dione said.

“This is where I envision the city leveraging private sector participation in critical infrastructure sectors while maintaining a balance of not slowing down growth,” he said. “This can be done if we can get more from less and become more efficient in public spending.”

Dione said the city should take urgent action to tackle important issues such as transport and flood risks that could easily wipe away the gains made in the last decade. 

The World Bank has been a longstanding partner of HCM City for the past 20 years. It has supported the development of the city through investments and technical assistance with a focus on urban upgrading, water supply and sanitation improvements, urban mobility and fiscal management. 

Eight World Bank-supported projects totalling about US$1.2 billion have made significant contributions to the city. — VNS