WB, Australia help Vietnam’s economic reforms

15:22 | 22/04/2017 Economy- Society

(VEN) - The World Bank (WB) in Vietnam and the Australian government recently signed a five-year partnership to continue their assistance for Vietnam’s sustainable economic reforms in the 2018-2023 period.

The first stage of the partnership has had a positive impact on clean water supply in Vietnam

This will be the second stage of a cooperation program between the WB and the Australian government, which is aimed at assisting Vietnam’s sustainable economic development. The first stage was implemented from 2012 to 2017.

The Australian government will provide AU$25 million for the WB to implement this partnership over the next five years.

Focusing on the areas of trade and national competitiveness, transport infrastructure, ethnic minorities, and sustainable development of the Mekong Delta, the partnership will help Vietnam implement reform priorities identified in its Socioeconomic Development Plan for the 2016-2020 period.

The WB and the Australian government decided to assist Vietnam because economic reforms have transformed it from one of the world’s poorest nations to a lower middle-income country. But in the process of promoting economic growth, reducing poverty and integrating into the world economy, however, Vietnam has faced difficulties and challenges related to gender equality, ethnic minorities and policy improvements. The cooperation program between the WB and the Australian government is aimed at helping Vietnam overcome these problems and achieve higher and more sustainable economic growth.

According to the WB, the program achieved significant results in its first stage. Specifically, it helped Vietnam improve transport infrastructure and provided businesses, farmers and poor people with better access to the market through the construction of more than 200km of rural roads and 87 new bridges, and upgraded national highways. The program has increased access to clean water and environmental sanitation services thanks to the application of the mobile phone technology in monitoring the use of water. The program has also improved the poverty reduction strategies for rural communities in northern mountainous areas through policy consultancy for the compilation of a law on ethnic minorities.

According to Australian Ambassador to Vietnam Craig Chittick, one of the great achievements of the first stage was the assistance to the Vietnamese government in finalizing the Vietnam 2035 Report with a bold and ambitious vision of economic growth in the next two decades.

WB Country Director for Vietnam Ousmane Dione said the partnership between the WB and the Australian government has created a strong synergy to support Vietnam’s development agenda. Joint work in critical policy and reform areas enabled greater impact and influence than working individually.

Linh Dan