The Australian Agency for International Development (AusAID) and the World Bank (WB) have recently signed a strategic partnership agreement to jointly support Việt Nam’s longterm socioeconomic development.

Under the five-year agreement, AusAID will provide AUD 58 million to the WB’s investment and advisory program to assist Việt Nam.

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

Australian Ambassador to Việt Nam Allaster Cox expressed delight to have the opportunity to partner with the World Bank in joint efforts to support Việt Nam’s development agenda. 

The analysis in our respective country partnership strategies has identified key constraints to Việt Nam’s development and shows a shared view on the responses needed to assist Việt Nam with its development efforts, she added.  

Ms. Victoria Kwakwa, the WB Country Director for Việt Nam noted that the agreement marks a new phase in the partnership between AusAID and the World Bank in support of Việt Nam'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, she confirmed.

This stepped up engagement will be mutually beneficial and help deliver stronger development results for Việt Nam, she added.

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 Việt Nam to 2015 and the Bank’s CPS 2012-2016. 

Source: VGP News