WB-AusAID partnership supports Vietnam’s development

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VOV News English - 71 month(s) ago 8 readings

WB-AusAID partnership supports Vietnam’s development

(VOV) - The Australian Agency for International Development (AusAID) and the World Bank (WB) have recently signed a strategic partnership agreement to jointly support Vietnam’s long-term socio-economic development.

Under the five-year agreement, AusAID will provide AUD58 million to the WB’s investment and advisory program to assist Vietnam.

The partnership aims to foster an enabling environment for improving economic competitiveness, increasing environment sustainability, and broadening access to economic and social opportunity. It will help enhance cooperation between AusAID and the WB in working for development effectiveness in Vietnam.

“We are very pleased to have the opportunity to partner with the World Bank in our joint efforts to support Vietnam’s development agenda”, said Allaster Cox, Australian Ambassador to Vietnam, at the signing ceremony. “The analysis in our respective country partnership strategies has identified key constraints to Vietnam’s development and shows a shared view on the responses needed to assist Vietnam with its development efforts.”

Victoria Kwakwa, the WB Country Director for Vietnam noted that the agreement marks a new phase in the partnership between AusAID and the World Bank in support of Vietnam's development.

“The approach is more strategic and proactive while also allowing adequate flexibility to respond to emerging priorities in the Government's reform program,” said Kwakwa. “This stepped up engagement will be mutually beneficial and help deliver stronger development results for Vietnam.”

The proposed engagements are aligned with and directly address the priorities outlined in the Vietnamese Government’s five-year Socio-Economic Development Plan 2011-2015 (SEDP) which is supported by AusAID’s Strategy for Vietnam to 2015, and the Bank’s CPS 2012-2016.

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