Workers at the Agricultural Machine and Tractor Manufacturing Company in Ha Noi's Ha Dong District. The World Bank and its member organisations will actively provide effective and necessary support for Viet Nam by implementing commitments and increasing profits from the Trans-Pacific Partnership. — VNA/VNS Photo Tran Viet

HA NOI (Biz Hub) — Viet Nam proposed that the World Bank (WB) help the country take advantage of opportunities and limit challenges when joining free trade agreements, Party Central Committee Economic Commission Head Vuong Dinh Hue said.

Hue, a Politburo member, made the statement yesterday while receiving Senior Director of the WB Group Global Practice on Trade and Competitiveness Anabel Gonzales, who is on a working visit to Viet Nam, and WB Country Director Victoria Kwakwa.

He asked WB to promote its co-ordination role and support Viet Nam effectively in sustainable poverty reduction, capital market development, completing economic institution and coping with challenges caused by climate change and sea water rise.

He also proposed WB to create conditions for Viet Nam to get access to sources of preferential loans following an appropriate roadmap in line with conditions of the country.

He praised valuable and effective assistance of WB for Viet Nam's socio-economic development and asked the WB to continue supporting the construction process and effective implementation of the socio-economic development during the 2016-20 period as well as its international integration.

He informed the guests of Viet Nam's key tasks in the near future, focusing on promoting the effective implementation of three key strategic breakthroughs, including restructuring the economy, and restructuring State-owned enterprises and the banking sector to renew the growth model towards comprehensive and sustainable development.

Other important goals included ensuring the stability of the macro-economy and improving the business environment with an emphasis on enhancing growth quality, national competitiveness, labour productivity and renewal to create a new wave of investment, he said.

For their parts, Anabel and Victoria applauded the socio-economic achievements recorded by Viet Nam over the past years as well as its development potential and opportunities during the global integration process, particularly Viet Nam's active participation at the same time many free trade agreements, especially the Trans-Pacific Partnership (TPP).

They said they supported and agreed with policies and orientations of the Party and Government of Viet Nam in dealing with emerging challenges, particularly in improving the business environment, promoting national competitive capacity, expanding trade, promoting the role of the private sector and participating more effectively in global value chains.

They affirmed that WB and its member organizations would actively provide effective and necessary support for Viet Nam in implementing commitments and increasing profits from TPP and ensuring sustainable growth as well as fulfill targets set by the 12th National Party Congress. — VNS