User:Jose Cajero/sandbox/Vietnam and the World Bank

Vietnamese Business Forum
The IFC has supported the establishment of the Vietnamese Business Forum (VBF) as a platform to open up the constricted financial interactions between the government and the private sector. This is in attempts to improve the challenging business climate that are faced by the private sector due to the socialist market economy of Vietnam. The VBF was created on the recommendation of the (IFC) who recommended that there be a Government-Private Sector Dialogue at the Consultative Group Meeting between the Government of Vietnam and the community of donors held in Tokyo, Japan in December 1997. The VBF was made out of necessity due to the economic growth that followed the Đổi Mới economic reforms. The initiative itself was made in the context that government, donors, and foreign investors were looking for improvements that would expedite and deconflict investing in Vietnam. This was necessary because there had been numerous free-flowing unstructured meetings and dealings between the government leaders directly and individual foreign investors, who had their own self interests in mind, and had been making contradictory recommendations.

The VBF with the guidance of the IFC has successfully saved an estimated $200 million through its reforms for private enterprises and greatly reduced governmental barriers while increasing transparency in the socialist business development processes. The VBF has continued to maintain efforts to ensure fair implementation of laws amongst private enterprises as well as the promotion of open and clear communications between the Vietnamese government and the private sector in all aspects of the Vietnamese economy. At the 2019 semiannual VBF multiple countries private sectors such as the U.S.Chamber of commerce (AMCham), Japanese Chamber of Commerce and Industry (JCCI) , Korean Chamber of commerce (KOCHAM) , and the British chamber of commerce (BBGV) reported on, and discussed a multitude of topics ranging from Vietnam's high levels of investment into infrastructural developments to large scale progress in renewable energy in attempts by them to show acknowledgment of Vietnams developmental focuses and potential investments for these nation's private sectors. In the closing statements by the World Bank-Mr. Ousmane Dione, the Vietnamese Country Director concluded that there was a need for Vietnam be more adaptive and not just smarter or more conservative.