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Vietnam joined the World Bank Group (WBG) … Vietnam joined the World Bank Group (WBG) on 21 September 1956. Before the mid-1980s, Vietnam was one of the world's least developed countries. A series of economic and political reforms launched in 1986, known as Đổi Mới, caused Vietnam to experience rapid economic growth and development, becoming a lower middle-income country. The World Bank (WB) has maintained a development partnership with Vietnam since 1993. As of 25 March 2019, it has committed a total of US$24 billion in loans, credits, and grants to Vietnam through 165 operations and projects, 44 of which are active as of 2019 and comprise US$9 billion. With an estimated extreme poverty rate below 3% and a GDP growth rate of 7.1% in 2018, Vietnam's economy continues to show fundamental strength and is supported by robust domestic demand and export-oriented manufacturing. In an effort to support the reforms in Vietnam and foster the country's shift from a centrally planned to a market-based economy, the WB's partnership with Vietnam has witnessed more than 270 projects or advisory and analytic activities conducted through strategic partnerships with four of the WBG's five organizations, covering areas including poverty reduction, education, rural and urban services, infrastructure, new energy, and environmental protection. The WB and the government of Vietnam have made joint efforts to improve Vietnam's development, including strengthening competitiveness, improving sustainability, and increasing opportunities for the poor. In terms of future planning, Vietnam and the WB are prioritizing "inclusive growth, investment in people, environmental sustainability and good governance", as illustrated in the new Country Partnership Framework (CPF), which was approved and endorsed by the WBG in May 2017. Based on analyses from two previous reports, the CPF introduced several strategic shifts, including strengthening private sector development, supporting financial sustainability and poverty reduction, improving education, and promoting low carbon energy generation.nd promoting low carbon energy generation.
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Vietnam joined the World Bank Group (WBG) … Vietnam joined the World Bank Group (WBG) on 21 September 1956. Before the mid-1980s, Vietnam was one of the world's least developed countries. A series of economic and political reforms launched in 1986, known as Đổi Mới, caused Vietnam to experience rapid economic growth and development, becoming a lower middle-income country. The World Bank (WB) has maintained a development partnership with Vietnam since 1993. As of 25 March 2019, it has committed a total of US$24 billion in loans, credits, and grants to Vietnam through 165 operations and projects, 44 of which are active as of 2019 and comprise US$9 billion. With an estimated extreme poverty rate below 3% and a GDP growth rate of 7.1% in 2018, Vietnam's economy continues to show fundamental strength and is supported by robust domestic dngth and is supported by robust domestic d
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