WB lends Vietnam 150 million USD to boost competitiveness hinh anh 1Illustrative Image (Source:VNA)

Hanoi (VNA) – The World Bank has freshly approved a loan worth 150 million USD for Vietnam to improve local development policy related to economic management and competitiveness.

The loan provides flexible budget support for the Government while reinforcing selected structural reform priorities in its socio-economic development plan.

It aims to help the Government maintain macroeconomic stability, create a more transparent, efficient and accountable public sector, and improve the business climate.

In a press release on May 12, Achim Fock, the World Bank’s Acting Country Director for Vietnam, said: “During the last five years, there has been steady progress in advancing structural reforms in critical areas such as the banking sector, SOE management, and the business climate. These reforms need to be sustained during the implementation of the new five-year 2011-2016 plan to unlock Vietnam’s full growth potential."

The loan concludes a series of three focusing on boosting Vietnam’s development policy operation.

It is financed by the World Bank’s International Bank for Reconstruction and Development, the financing window for middle-income countries.-VNA