The World Bank has approved a loan of US$150 million to Việt Nam to improve local development policies related to economic management and competitiveness.

The loan provides budget support for the Government while reinforcing selected structural reform priorities.

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

“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 Việt Nam’s full growth potential,” AchimFock, the World Bank’s Acting Country Director for Việt Nam, said.

The loan concludes a series of three focusing on boosting Việt Nam’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.

VNS