Prime Minister Pham Minh Chinh hosted a reception for Mariam J. Sherman, World Bank Country Director for Vietnam, Cambodia and Laos in Hanoi on May 15, during which he suggested the bank reform its lending procedures and conditions, provide policy advice, and support Vietnam in implementing strategic goals, particularly in infrastructure development with large-scale projects.

Prime Minister Pham Minh Chinh (R) receives Mariam J. Sherman, World Bank Country Director for Vietnam, Cambodia and Laos in Hanoi on May 15. Photo: VNA

Chinh stated that the Vietnamese Government always regards the WB as an important, close, and trusted partner that has provided great support and made positive contributions to the country’s socio-economic development, helping the Southeast Asian nation achieve significant accomplishments in its “Doi moi” (renewal) process, international integration, and sustainable development.

The PM hoped for deeper cooperation between the bank and its member countries, including Vietnam, showing his belief that Sherman will successfully lead the WB's regional office, contributing to strengthening the bank’s pioneering role in proposing orientations for socio-economic development, sustainable poverty reduction, and effective climate change response.

Chinh expressed his desire that the WB will uphold its role as a leading development partner, share its experience, and enhance support for Vietnam in maintaining macroeconomic stability and promoting rapid and sustainable growth. He also called for the bank’s assistance in materialising green, digital and circular economy initiatives, as well as in strengthening the country's competitiveness and resilience to external shocks.

The PM suggested Sherman offer practical proposals and recommendations to the Vietnamese Government in developing policies and cross-regional and international cooperation programmes in areas of mutual interest such as transportation, energy, climate change response, and integrated water resource management—particularly in the Mekong sub-region.

For her part, Sherman congratulated Vietnam on its recent socio-economic achievements and praised the country's national development strategy in the new era, affirming that the WB supports and will accompany and assist Vietnam in this scheme, especially in its priority areas proposed by the country, including a 11-billion-USD loan in the next five years.

The WB official urged the PM to direct Vietnam's ministries, sectors, and agencies to accelerate the preparation and implementation of projects, especially prioritised projects to plant one million hectares of high-quality, low-emission rice linked with green growth in the Mekong Delta region; expand renewable energy development; develop three transport routes in the Mekong Delta region; and promote sustainable fisheries development.

Applauding the WB’s proposal to provide Vietnam with over 11 billion USD in loan over the next five years, PM Chinh affirmed the Government’s strong commitment to speeding up public investment disbursement, especially in infrastructure development.

He called for the bank’s provision of concessional loans in priority areas such as infrastructure, energy transition and renewable energy development, agriculture, and private economic sector development.

Notably, Chinh suggested the bank provide funding for the North–South high-speed railway project whose construction is expected to begin in 2026 with a total investment of 67 billion USD.

According to the PM, Vietnam is making efforts to improve its institutional framework and remove policy and regulatory barriers to reform administrative procedures and address discrepancies between domestic regulations and donors’ requirements. The Government has strengthened the the National Steering Committee on ODA and Concessional Loans, and planned to hold a working session with donors, including the WB, in the near future.

He proposed the two sides maintain regular dialogues and more effective cooperation, towards early handling projects that are under loan and non-refundable aid agreement negotiations.

The PM requested the WB's regional office to continue frank and open discussions with relevant ministries, sectors, and localities of Vietnam in order to promptly finalise the content of the Country Partnership Framework (CPF) for Vietnam for approval by both sides’ leadership.

Sherman proposed the two sides consider establishing a strategic partnership mechanism for cooperation in developing Vietnam’s strategic infrastructure at a macro level, stating that the bank will seek additional concessional funding sources and provide policy, technical and expert consultation to help Vietnam effectively implement projects funded by the bank and other donors.

Agreeing with Sherman's proposals, Chinh said the two sides should set up a direct communication mechanism between the PM and the WB President to further promote practical and effective cooperation.