Hanoi (VNA) – Prime Minister Nguyen Xuan Phucreceived World Bank (WB) CEO Kristalina I. Georgieva in Hanoi on March 23,valuing the WB’s role in Vietnam’s socio-economic development, especially inpoverty elimination.

He said the next five years are important to thecountry’s development as aside from promoting economic growth and ensuringsocial welfare, Vietnam will have to build a solid institutional foundationserving as the basis for realising the set orientations and strategies.

The top targets are to stablise themacro-economy, promote the implementation of strategic breakthroughs,restructure the economy in association with growth model reform, ensure socialwelfares, proactively respond to climate change, and strive for an averagegrowth rate of 6.5 – 7 percent between 2016 and 2020.

However, an array of challenges remain in thecourse of integration and economic development, he noted, adding that Vietnamis also heavily affected by climate change. Therefore, the country needsassistance from sponsors, including the WB, to help it achieve the set targets.

Due to the high demand for investment andsupport, Vietnam hopes that aside from the International Development Association’ssupport, the WB will increase assistance from other organisations of the WBGroup such as the International Bank for Reconstruction and Development, theMultilateral Investment Guarantee Agency, and the International FinanceCorporation, to maximize the effectiveness of support to Vietnam, PM Phuc said.

He affirmed that Vietnam pledges to use foreignloans, including those provided by the WB, in an effective fashion.

For her part, CEO Georgieva said Vietnam’s successes are theresults of sound policies. She also thanked the Vietnamese Government andagencies for their close cooperation with the WB and hoped that the strongpartnership will be maintained in the future.

She underlined the willingness to work with the VietnameseGovernment to pinpoint the growth momentum for the economy and to assist thecountry to counter economic and natural disaster shocks.

Vietnam still has much room for economicdevelopment, she said, adding that the WB will continue cooperating with andsupporting the country during its development.

The WB CEO also asked the Vietnamese Governmentto ensure resources allocated for projects using WB loans, noting that she willassign the WB Country Director for Vietnam to closely work with local agenciesto address any issues emerging.-VNA