Việt Nam and the World Bank Group (WBG) have agreed to strengthen cooperation in preparation for APEC 2027, with a focus on policy priorities, support for micro-, small- and medium-sized enterprises (MSMEs) and technical assistance.

 

The agreement was reach during Minister of Finance Ngô Văn Tuấn’s October 20 working session with a WBG delegation led by Paschal Donohoe, managing director and chief knowledge officer, on the sidelines of the 2026 APEC Finance Ministers’ Meeting in Hong Kong (China).

 

Tuấn highlighted the importance of WBG financing, technical assistance and policy advice to Việt Nam’s socio-economic development. He called on the bank to provide substantive support as Việt Nam prepares to host APEC 2027, helping the ministry align its priorities with the Incheon Action Plan and the APEC Putrajaya Vision 2040.

 

Stressing the key role of MSMEs, he said Việt Nam has stepped up administrative reforms and cut compliance costs for businesses by more than 50 per cent, while the National Assembly is discussing amendments to the Law on MSMEs at its ongoing session. Proposed measures include improving access to land and finance, simplifying procedures, standardising business classification criteria and enabling MSMEs to participate more extensively in public procurement.

 

The Ministry of Finance stands ready to work closely with the WBG to study and incorporate effective initiatives into development policies, he said.

 

Donohoe congratulated Việt Nam on a recent significant improvement in its sovereign credit rating and praised its efforts to manage the state budget effectively and strengthen fiscal foundations towards its goal of becoming a high-income country by 2045.

 

He said improving MSMEs’ access to finance would be critical to supporting double-digit economic growth. He suggested that Việt Nam consider making MSME financing a key priority under its APEC 2027 agenda, in line with the bank’s newly announced MSME strategy.

 

The WBG pledges specialised technical assistance and corresponding resources for this process, he noted.

 

The two sides also discussed progress in developing the Country Partnership Framework (CPF) for 2027-32. Tuấn urged the WBG to consider concessional financing packages, adopt more flexible disbursement arrangements and further harmonise and simplify administrative procedures to accelerate the implementation of cooperation projects.

 

Welcoming Việt Nam’s preparations for APEC 2027, Donohoe affirmed support for the priorities proposed by the Ministry of Finance and pledged to provide experts, share knowledge and deliver necessary technical assistance throughout the process.

 

On this occasion, Tuấn invited the WBG to visit Việt Nan and attend APEC 2027 meetings. Donohoe accepted the invitation and confirmed that he would personally travel to Việt Nam for the events. — VNA/VNS

 

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