Vietnam should continue to reform and improve its investment environment to remain a friendly investment destination, said the new World Bank Vietnam Country Director Victoria Kwakwa.

The new WB Country Director, Victoria Kwakwa.

Victoria Kwakwa, a Ghanaian, has been appointed World Bank Director in Vietnam. She has worked as an economic expert in many countries, including Vietnam, Laos and Cambodia.

Will there be any challenges for you as a WB Country Director in Vietnam?

I have to learn many new things. I worked in Vietnam over ten years ago but the current situation is different. Vietnam has gone very far. There are new challenges that we will have to work with the government and donors to solve.

I also have to understand the WB Vietnam’s agenda and find a way to lead the WB team to issue timely and effective policies, give advice and financial assistance to Vietnam.

I also have to mention the crisis that the world is experiencing, including Vietnam. So, an important mission is assisting the government in its understanding of the situation and pilot Vietnam through the crisis cleverly.

The Vietnamese government defined 2009 as a difficult year. It has to try to stabilise the economy and prevent economic recession. How will you help Vietnam?

2009 will be a difficult year but all of us pledge to work very hard. That is the WB’s working culture. There are many challenges but also many opportunities now.

To control a crisis, you have to find the gaps that need to be filled, matters that need to be solved and keep your direction from being changed in crisis.

For WB as an institution, we will learn how to assist developing countries in this difficult period. We commit to support Vietnam. The Vietnamese government and people work very hard and we will work very hard with you.

It is said that Vietnam has gained great achievements in reform but Vietnam’s reform process is slowing down. What is your opinion?

Vietnam is a phenomenon of success in reform. Vietnam has been transforming its planned and concentrated economy to a market-oriented economy. This has helped promote growth and helped Vietnam eradicate hunger and reduce poverty.

It is necessary to review the whole process of reform, from the beginning till the present. What is Vietnam’s position? Vietnam has carried out reforms, but to continue, it needs to think of follow-up reforms. But basically, I think that Vietnam has obtained achievements in reform.

Global economic slowdown may affect Vietnam’s attraction of FDI and ODA. In your opinion, what should Vietnam do to boost economic growth?

We don’t plan to reduce our financial assistance for Vietnam, but hope to have opportunities to increase assistance to help the Vietnamese government solve emerging challenges. At international donors’ meetings or in meetings with other partners, the WB will try to keep the committed ODA grant for Vietnam from falling.

There will be a reduction of FDI due to global economic difficulties. But I think it is important for Vietnam to maintain the momentum of its reforms and continue improving its investment environment to remain a friendly investment destination. This will be very important in helping Vietnam overcome the current crisis.

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