Việt Nam,kq arsenal WB address bottlenecks in project implementation

March 13, 2024 - 17:26 Your browser does not support the audio element. Since 1993, the WB has allocated about US$25 billion in concessional loans to Việt Nam, along with technical assistance and policy consultation, contributing significantly to national socioeconomic development.

 

Deputy Prime Minister Trần Lưu Quang (right) had talks with WB Country Director Carolyn Turk. — VNA/VNS Photo Lâm Khánh

 

HÀ NỘI — Deputy Prime Minister Trần Lưu Quang lauded the World Bank (WB) for its continued support in mobilising funding for development projects in Việt Nam at a reception in Hà Nội on Wednesday for WB Country Director Carolyn Turk.

Quang suggested that both sides continue working closely together to overcome difficulties in the implementation and completion of projects using WB’s loans.

Since 1993, the WB has allocated about US$25 billion in concessional loans to Việt Nam, along with technical assistance and policy consultation, contributing significantly to national socioeconomic development.

Both sides reviewed the current state of the WB’s projects in Việt Nam, especially since the establishment of a task force in charge of stepping up their progress led by Deputy Minister of Planning and Investment Trần Quốc Phương.

According to the Ministry of Planning and Investment, major barriers hindering project approval stem from differences in compensation policies, land clearance and complaint settlement mechanism between Việt Nam and the WB.

To address these obstacles, the Vietnamese side proposed negotiating and signing a framework agreement to harmonise procedures between Việt Nam and the WB, with a specific focus on compensation, land clearance and complaint settlement mechanisms.

Turk, for her part, expressed the WB’s willingness to engage in further discussions with Việt Nam regarding this proposal.

The WB highly values its relationship with Việt Nam and considers Việt Nam a critically important partner, she said. — VNS