WB finances 250 million USD for economic reform in Vietnam

According to the World Bank (WB), on March 19, the WB Board of Executive Directors approved a credit to support economic management and competitiveness (EMCC) for Vietnam, worth 250 million USD.

(Illustrative photo. Source: VNA)

The purpose of this support is to help Vietnam reform in seven policy areas over the next three years, aiming to create higher productivity and competitiveness.

Accordingly, the EMCC will help monitor macroeconomic policies and ensure that they support the government's economic stabilization efforts; in which public investment management, state-owned enterprise reform and the banking sector are important topics of this program.

Furthermore, EMCC prioritizes government efforts to reduce red tape and strengthen fiscal discipline, as these are drivers of productivity and competitiveness.

Ms. Victoria Kwakwa, Country Director of the World Bank in Vietnam, said that EMCC is a continuation of the successful poverty reduction credit chain, aiming to address emerging challenges, to increase the efficiency and competitiveness of the Vietnamese economy.

“I hope that the EMCC credit chain will create a basis for coordination and deepening policy dialogue between development partners and the government, with the long-term goal of supporting Vietnam's transition to a new economic growth model, focusing on competitiveness and quality of growth,” Ms. Victoria Kwakwa emphasized./.

According to (Vietnam+) - LT