Australia grants Vietnam AUD5 million for competitiveness increase

Australian Ambassador to Vietnam Robyn Mudie (Photo: vneconomy.vn)

This is complementary funding to the Australia - Bank Partnership in Vietnam (ABP), designed to support Vietnam's development agenda across a variety of policy areas.

“The COVID-19 pandemic continues to have a significant impact on Vietnam’s reform agenda and exacerbate inequalities, which are more pronounced and harder to close for ethnic minorities, for women and for other marginalized groups. Responding to this, Australia’s extended collaboration with the World Bank will continue to support Vietnam’s quick economic recovery and help achieve its development goals,” said Australian Ambassador to Vietnam Robyn Mudie.

The ABP will continue its work on gender equality and the sustainable development of the Mekong Delta. In addition, it will also help address new priorities set out in the country’s recently adopted Socio-Economic Development Strategy from 2021 to 2030 and Socio-Economic Development Plan from 2021 to 2025, including the transition to a low carbon economy, social equity and inclusion, and innovation-driven growth.

“The ABP will continue providing high-quality advisory work, enabling Vietnamese policymakers to pursue substantive reforms,” said Carolyn Turk, World Bank Country Director for Vietnam. “These reforms are needed both for recovery from the economic costs of COVID, but also to set a solid basis for the pathway to higher income status.”

The ABP was established in 2017 with an initial funding amount of AUD25 million. During the COVID-19 pandemic, the ABP responded quickly and provided an additional AUD5 million to support Vietnam to respond to, and recover from, the pandemic. The program leverages expertise from Australia and the World Bank Group to support the Government of Vietnam in strengthening its development policies and programs./.