“In the spirit of our long-term, trusted and productive partnership, we are proud to support Vietnam at the time when the economy is recovering from the biggest shock of the past decades and when so many uncertainties remain around the pandemic,” said World Bank Country Director for Vietnam Carolyn Turk. “I believe that the range of policy actions supported by this operation will not only create a strong foundation for the immediate recovery from the Covid-19 crisis but also benefit Vietnam in the longer run.”

Hanoi seen from above.

According to the WB, the 221.5-million-USD credit is a budget support operation and comes in the form of concessional terms for a period of 30 years with a grace period of five years. It encourages policy reforms under two pillars.

The first supports an inclusive economic recovery by easing the tax burden on businesses, improving access to financial assistance for vulnerable groups, reducing gender gaps in the workplace, and promoting financial inclusion. The second pillar contributes to greening trade policies, accelerating the adoption of e-government, and increasing the uptake of renewable energy.

In its December 27 press release, the bank assessed that the Vietnamese government has moved quickly in recent months on the implementation of these reforms. The approval of mobile money licenses and the roll out of electronic invoice systems in the country’s largest municipalities are examples of this.

The credit is provided through the World Bank’s International Development Association (IDA), the bank’s concessional lending window for low-income countries.

WB always contributes to Vietnam’s socio-economic development: PM

The World Bank (WB) is a very important development partner, which always supports and actively contributes to Vietnam’s socio-economic development, Prime Minister Pham Minh Chinh has said.

Vietnam hopes to receive WB’s continuous support in social welfare: Minister

Minister of Labour, Invalids and Social Affairs Dao Ngoc Dung proposed the World Bank continue to help Vietnam in addressing core issues in social welfare, poverty reduction, and in narrowing the gap between regions at his meeting with WB Country Director for Vietnam Carolyn Turk on June 17.

Vietnam to grow 6.6 pct in 2021: WB

The World Bank has forecast Vietnam to be among the fastest growing economies in the East Asia and Pacific region with a projected growth of 6.6 percent in 2021.

Vietnam maintains positive outlook for economic recovery in 2021: WB

The rapid suppression of the new Covid-19 outbreak in late January 2021 has helped maintain Vietnam’s positive outlook for economic recovery this year, the World Bank (WB) has said.

Vietnam – one of fastest growing economies: WB

Vietnam's growth accelerated to 4.5% in the last quarter of 2020, resulting in an annual growth rate of 2.9% - making it one of the fastest growing economies in the world, according to the World Bank (WB).

Source: NDO/VNA