Hanoi (VNA) – The World Bank (WB) in Vietnam and thePeople’s Committee of south-central Phu Yen province have signed a Memorandumof Understanding establishing apartnership for strategic engagements.

At the signing ceremony in Hanoi on June 12, WB CountryDirector in Vietnam Ousmane Dione expressed his pleasure to expandsupport for Phu Yen’s efforts to build a sustainable marine economy and boostregional economic integration.

The WB said theframework will enable Phu Yen to better leverage the lender’s global knowledge,financial resources and convening power to achieve its socio-economic goals andrealise the vision of becoming an industrial and tourism hub for Vietnam andSoutheast Asia.

Priority areasinclude mainstreaming urban resilience, delivering high-quality and efficientinfrastructure services and fostering development in tourism and fisherysectors.

Phu Yen hasoutperformed the nation in average GDP growth since 2008. Locating at acrossroad in the south-central region of the country, and having nearly 200kmof coastline, the province holds great potential to become a critical link foreconomic exchange in the region. 

The two sideswill establish a platform to conduct regular and strategic discussions, shareknowledge and lessons learned, and pool and leverage resources and expertise.They will collaborate on a wide range of initiatives, including support for thelocal Socio-economic Development Plan for 2021–2030, smart city ande-governance initiatives, and public-private partnerships./.