The Board of Executive Directors of the World Bank on June 6 approved a 250 million USD credit package to the Vietnamese Government to assist the country in enhancing its economic management and competitive development.

The funding will be used to strengthen financial sector governance and fiscal management for macroeconomic stability, and improve public administration and state-owned enterprises.

The package will also focus on intensifying the transparency, effectiveness and accountability of the public sector, reducing administrative procedures and increasing taxation policies.

According to Victoria Kwakwa, WB Country Director in Vietnam , the package aims to remove barriers for investment into the private sector and increase its role in the country’s future development, while encouraging the engagement of foreign investors in the banking sector.

The same day, the WB’s Board of Executive Directors also granted Vietnam another 250 million USD in credit to assist the country in developing urban areas in the northern mountainous region, which will provide momentum to regional economic development.-VNA