Vietnam and the World Bank Group agreed to expand cooperation as Vietnam prepares to host APEC 2027. The two sides will focus on policy priorities, support for micro, small and medium-sized enterprises, and technical assistance.
The agreement was reached on October 20 during Minister of Finance Ngo Van Tuan’s working session with a World Bank Group delegation led by Managing Director and Chief Knowledge Officer Paschal Donohoe. The meeting took place on the sidelines of the 2026 APEC Finance Ministers’ Meeting in Hong Kong, China.
Tuan highlighted the importance of World Bank Group financing, technical assistance and policy advice to Vietnam’s socio-economic development. He called on the bank to provide substantive support as Vietnam prepares to host APEC 2027, helping the ministry align its priorities with the Incheon Action Plan and the APEC Putrajaya Vision 2040.
Speaking about the role of micro, small and medium-sized enterprises, the minister said Vietnam has stepped up administrative reforms and cut business compliance costs by more than 50%. The National Assembly is discussing amendments to the Law on Micro, Small and Medium-sized Enterprises at its ongoing session. Proposed measures include improving access to land and finance, simplifying procedures, standardising business classification criteria and enabling these enterprises to participate more extensively in public procurement.
Tuan said the Ministry of Finance is ready to work closely with the World Bank Group to study effective initiatives and incorporate them into development policies.
Donohoe congratulated Vietnam on a recent significant improvement in its sovereign credit rating and praised the country’s efforts to manage the state budget effectively and strengthen its fiscal foundations as it works towards becoming a high-income country by 2045.
He said improving access to finance for micro, small and medium-sized enterprises would be critical to supporting double-digit economic growth. Donohoe suggested that Vietnam make MSME financing a priority under its APEC 2027 agenda, in line with the World Bank Group’s newly announced MSME strategy.
The World Bank Group will provide specialised technical assistance and corresponding resources for this work.
The two sides also discussed progress in developing the Country Partnership Framework for 2027–2032. Tuan urged the World Bank Group to consider concessional financing packages, adopt more flexible disbursement arrangements, and continue harmonising and simplifying administrative procedures to speed up the implementation of cooperation projects.
Donohoe welcomed Vietnam’s preparations for APEC 2027, confirmed support for the priorities proposed by the Ministry of Finance, and pledged to provide experts, share knowledge and deliver the necessary technical assistance throughout the process.
Tuan invited the World Bank Group to visit Vietnam and attend APEC 2027 meetings. Donohoe accepted the invitation and confirmed that he would personally travel to Vietnam for the events.
Sources: VietnamPlus / Vietnam News Agency
