The Hanoitimes - According to the announcement of the World Bank (WB) in Vietnam, the WB approved a loan worth 150 million USD for Vietnam to improve local development policy related to economic management and competitiveness.
The loan aims to help the Government remain macroeconomic stability, create a more transparent, efficient and accountable public sector, and improve the business climate.
Accordingly, the loan provides flexible budget support for the Government, and reinforces selected structural reform priorities in its socio-economic development plan.
The World Bank’s Acting Country Director for Vietnam Achim Fock said on May 12 that in the last five years, there has been steady progress in advancing structural reforms in critical areas such as the banking sector, and the business climate.
Photo for illustration.
These reforms need to be sustainable during the deployment of the new five-year 2011-2016 plan to unlock Vietnam’s full growth potential, Achim Fock said.
It is financed by the World Bank’s International Bank for Reconstruction and Development, the financing window for middle-income countries.