The Australian Agency for International Development (AusAID) and the World Bank have signed an agreement worth more than US$61 million to support the effective development of Vietnam over the next five years.
AusAID will provide the funding for the World Bank's investment and advisory program, which aims to embolden Vietnam's economic competitiveness, environmental sustainability and access to economic and social opportunities, the World Bank said in a press release Friday.
"The analysis in our respective country partnership strategies has identified key constraints to Vietnam's development and shows a shared view on the responses needed to assist Vietnam with its development efforts," the release quoted Allaster Cox, Australian ambassador to Vietnam, as saying.
Victoria Kwakwa, the World Bank Country Director for Vietnam, said, "The approach is more strategic and proactive while also allowing adequate flexibility to respond to emerging priorities in the government's reform program."
The support will directly address the priorities outlined in the Vietnamese government's five-year Socio-Economic Development Plan for 2011-2015, the release said.