The World Bank Group on Thursday released its new Country Partnership Framework (CFP) with Viet Nam, focusing on inclusive growth, investment in people, environmental sustaina-bility and good governance.

It accompanies Viet Nam as it is transitioning further into middle income country status and has graduated from the International Development Association - the World Bank’s fund for low income countries. The new partnership framework leverages further support for the country by mobilising commercial finance and private sector engagement.

It prioritises inclusive growth and private sector participation; investment in people and knowledge; environmental sustainability and resilience; and good governance.

The CPF introduces a number of strategic shifts.

These include comprehensive engagement to strengthen private sector development and participation across sectors; financial sustainability of public services and transfers; supporting poverty reduction amongst ethnic minorities, through activities that generate jobs and incomes; strengthening linkages between education and the labour market; and promoting and stimulating low-carbon energy generation.

Minister of Planning and Investment Nguyen Chi Dung said the CPF agenda for the 2017-2020 period will realise Viet Nam’s development goals and ambitions in the coming decades.

“Over the period of this renewed partnership, the World Bank Group’s engagement in Viet Nam will focus on key reform and development areas that may have transformative impact,” said WB Country Director for Viet Nam Ousmane Dione. — VNS