Australian Ambassador to Việt Nam Andrew Goledzinowski and World Bank Country Director for Việt Nam Carolyn Tusk exchanged documents on the extension of the partnership between the Australian Government and WB to support Việt Nam's sustainable, inclusive development. — Photo courtesy of the World Bank in Việt Nam

HÀ NỘI — The Australian Government and the World Bank have formally agreed to extend their partnership in support of Việt Nam’s sustainable and inclusive development agenda.

The partnership started in Việt Nam in 2012 and will now continue until 2026, valued at AUD95 million.

Australian Ambassador to Việt Nam Andrew Goledzinowski said: “The extension of our partnership with the World Bank comes during our 50th year anniversary of Australia and Việt Nam’s bilateral relations and demonstrates our ongoing commitment to Vietnamese men and women.

"For Việt Nam to realise its ambition to become a high-income country in 2045, the legislative reform process and strong governance continue to be essential. We are proud to be supporting this ambition in partnership with the World Bank.”

The partnership is designed to support Việt Nam’s development agenda by providing data, analysis and technical assistance to support policies that are informed, inclusive and sustainable.

World Bank Country Director for Việt Nam Carolyn Tusk said: “We are grateful that Australia has made available this additional resource to enable our Australia – World Bank Partnership to support Việt Nam in this critical stage of its development as the country looks for ways to achieve its aspiration for high-income status in 2045.

“The areas of support are of strategic importance for the country, including institutional reforms, social equity and inclusion, the transition to a low carbon economy and innovation-driven growth.”

Over the past five years, the Australian and World Bank partnership has had an impact on more than 58 policies and regulations and helped drive meaningful legislative change.

Recent examples include the Prime Minister’s decision on the Mekong Delta Regional Master Plan for 2021-30, the Ministry of Labour, Invalids and Social Affairs’ circular on career guidance and job counselling that is estimated to benefit over 2 million students, and its guidance on the rollout of digital social assistance payments to all 63 provinces with approximately 3.5 million beneficiaries

The partnership also provided data that helped informed improvements in child-care services for the Labor Code of 2019.

These successes have led to a renewed commitment to 2026. The partnership will continue to work closely with Việt Nam to reflect the needs of the country and its people. — VNS