WB praises Vietnam’s socio-economic development

Vietnam has adopted a suitable monetary policy and introduced effective measures to weather the economic downturn, said the World Bank (WB) Chairman Robert Zoellick.

He made the assessment during a meeting with Prime Minister Nguyen Tan Dung on April 14 after the Nuclear Security Summit in Washington DC.

He suggested that Vietnam should further change its economic structure to ensure a balance amongst its economic sectors and to prevent the return of high inflation over the next ten years.

The WB is willing to help Vietnam boost its socio-economic development over the next ten years, especially in business administration, public investment, administrative reform and the effective operation of State-owned businesses.

Mr Zoellick proposed that the Vietnamese Government step up inspections projects currently underway and the disbursement of investment capital. He also voiced his support for Vietnam’s programmes to cope with climate change, particularly several development projects in the sub-Mekong region.

He confirmed that the WB will continue to support Vietnam in developing its science and technology sector, and changing its economic structure for sustainable development.

PM Dung thanked the WB for its positive support for Vietnam in recent years, and stressed that the WB Chairman has done a good job in Vietnam.

He briefed Mr Zoellick on Vietnam’s macro-economy and called for more financial assistance from the WB to help the country go ahead with its renovation process and overcome the negative impact of the global economic crisis.

PM Dung emphasised that Vietnam suffers from climate change and is in need of more support from the WB, especially in science and technology, to ensure its sustainable development in the future.

Mr Dung said that he had instructed the State Bank of Vietnam and other relevant agencies to work with the WB to hold a conference to review the 35 years of WB-Vietnam cooperation, from 1976 to 2011. The conference will create a venue for both parties to discuss specific measures and open up a new chapter for bilateral cooperation, he added.

In a reported released by its Independent Evaluation Group (IEG) on April 14, the WB said that Vietnam’s achievements in recent years have been very impressive.

The evaluation report said that in 2009 Vietnam successfully developed itself into an average-income country from being a poor country. About 35 million Vietnamese people escaped from poverty within one decade thanks to an annual economic growth rate of 7.2 percent before the global economic crisis occurred in 2008-2009.

On April 15, Prime Minister Nguyen Tan Dung left Washington DC after attending the first-ever Nuclear Security Summit, and is preparing to fly to Buenos Aires in the evening for an official visit to Argentina.

Before leaving Washington DC, Mr Dung met with Democrat Senator John Kerry, Republic Senator Richard Lugar, and other members of the US Senate Committee on Foreign Relations.

Mr Dung acknowledged the senators’ contributions to promoting relations between Vietnam and the US, especially when the two countries are celebrating 15 years of diplomatic relations.

Mr Dung and the senators shared the view that bilateral relations have developed well towards a proactive and constructive partnership, all-round cooperation and mutual benefit and respect.

He proposed that the senators persuade the US government and Congress to soon grant the Generalised Preference System (GPS) to Vietnam, recognise Vietnam’s market economy status, and abolish unfair trade barriers and anti-dumping tariffs on commodities imported from Vietnam.

He also asked the senators to support bilateral cooperation in education-training, and in addressing climate change and rising sea levels.

The same day, Mr Dung phoned former US President Bill Clinton and received officials from the US-Vietnam Dialogue Group on Agent Orange/Dioxin, and the Overseas Vietnamese Business Association in the US.
In the evening, Mr Dung will fly to Argentina, beginning an official visit to the second largest country in South America at the invitation of President Cristina Fernandez de Kirchner.