The World Bank and the central coastal province of Phu Yen on June 12 signed a Memorandum of Understanding, establishing a partnership for strategic engagements during the 2020-25 period.

World Bank, Phu Yen enter into strategic partnership

The framework will enable Phu Yen to better leverage the World Bank’s global knowledge, financial resources and convening power to achieve its socio-economic goals and realize the vision of becoming an industrial and tourism hub for Vietnam and Southeast Asia.

Priority areas include mainstreaming urban resilience, delivering high-quality and efficient infrastructure services and fostering development in the tourism and fishery sectors.

“Phu Yen is rapidly evolving and so is our partnership,” said Ousmane Dione, World Bank Country Director for Vietnam. “We are excited to expand our support for Phu Yen’s efforts to build a sustainable marine economy and boost regional economic integration.”

Once isolated, Phu Yen is thriving – it has outperformed the nation in average GDP growth since 2008. Locating at a crossroad in the south-central region of the country, and having nearly 200 kilometers of coastline, the province holds great potential to become a critical link for economic exchange in the region. 

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