World Bank pledges support for WTO bid

August 11, 2003 | 18:16
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THE World Bank fully supports Vietnam’s bid for WTO membership by the end of 2005 and is ready to offer all assistance necessary for the goal to be reached, a visiting senior executive from the bank has said.

The World Bank says business reforms will underpin Vietnam’s WTO bid
Zhang made a four-day visit to the capital, meeting with senior government officials to discuss Vietnam’s development and poverty reduction efforts, and its planned accession to the WTO.
“Structural reforms in the business and financial sectors, which are already a priority under domestic reform, will also underpin Vietnam’s path towards full WTO membership,” Zhang said.
“To accede to the WTO by 2005, Vietnam has to take prompt action in order to complete accelerated market reforms in the next two years.
“Vietnam has made remarkable progress in reducing domestic protection, but strong political support is needed, as are a reform acceleration plan and an effective and efficient coordination mechanism led directly by the country’s leaders.
“We stand ready to assist the government with technical assistance for the policy and institutional changes required, and to enhance the capacity of policy makers at the central and local levels for cross-sector coordination.”
Zhang met with Party General Secretary Nong Duc Manh, Prime Minister Phan Van Khai, Minister of Planning and Investment Vo Hong Phuc, and Ho Chi Minh City People’s Committee chairman Le Thanh Hai.
“Vietnam has had a great deal of success in recent years, becoming the first country to control SARS and achieving a decade of dramatic results in growth and poverty reduction,” he said.
According to the MPI, Vietnam has reduced its overall poverty from 58 per cent in 1993, to 37 per cent in 1998 and 29 per cent in 2002.
Zhang said the World Bank was pleased to be a partner of the government and was committed to working closely with it in support of its development objectives.
Zhang also inspected a World Bank-funded urban upgrade project, met with representatives of private enterprises and visited the Phu My 2.2 power plant, now under construction by a private sector consortium under a World Bank-supported partial risk guarantee.
Commenting on Phu My, Zhang said: “This project is an example of how innovative financing solutions can attract private sector investment for Vietnam’s growing infrastructure needs that require private financing in addition to public resources.”
The World Bank has 26 active projects in Vietnam with commitments of $2.8 billion.

By Nguyen Ha

vir.com.vn

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