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WB to provide US$11 billion for Vietnam over five years

The Saigon Times

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HCMC – The World Bank (WB) has proposed lending Vietnam over US$11 billion in the next five years to fund major projects, especially large-scale infrastructure, energy and agriculture.

On May 27, Prime Minister Pham Minh Chinh met with Manuela V. Ferro, vice president of the World Bank, during her visit to Vietnam.

PM Chinh appreciated the effective cooperation and support provided by the World Bank to Vietnam over the years, amounting to around US$25 billion. With the World Bank’s proposal to lend Vietnam more than US$11 billion in the next five years, the PM suggested both sides continue to review and innovate methods in implementing projects.

The Vietnamese Government plans to focus financial resources on large-scale projects in key sectors. These include a one-million-hectare high-quality rice growing program in the Mekong Delta, an urban railway project connecting Hanoi and Hoa Lac, a high-speed railway project between HCMC and Can Tho, and renewable energy projects.

Ferro commended Vietnam’s efforts in implementing projects in collaboration with the World Bank in recent times.

During the meeting, both parties agreed to collaborate on building the Vietnam-World Bank National Partnership Framework for the 2025-2029 period. This framework will guide the cooperation between the two parties, particularly in mobilizing resources and support from the World Bank for Vietnam’s financing portfolio.

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