Deputy Prime Minister and Minister of Foreign Affairs Bui Thanh Son (R) receives Vice President of the World Bank Manuela V. Ferro. Photo: VNA

At a reception for visiting World Bank Vice President Manuela Ferro in Hanoi on Wednesday, Deputy PM Son called on the WB to continue simplifying the approval process and applying a flexible approach during negotiations to address challenges.

He encouraged the WB to explore and provide more non-refundable aid to mitigate the impact of high-interest loans from the International Bank for Reconstruction and Development (IBRD) when Vietnam graduated from ODA (WB’s International Development Association (IDA) capital) in 2017.

Acknowledging Vietnam’s success in economic development in recent times, the WB Vice President said that the purpose of this working trip is to discuss how Vietnam can become a high-income country by 2045. The WB is looking forward to supporting Vietnam in seeking opportunities for its development path, she said.