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World Bank approves over $260mn to support Vietnam’s economic recovery

World Bank approves over $260mn to support Vietnam’s economic recovery

Friday, June 30, 2023, 22:29 GMT+7
World Bank approves over $260mn to support Vietnam’s economic recovery
Carolyn Turk, World Bank country director for Vietnam. Photo: WB

The World Bank (WB) Board of Directors on Thursday approved a US$263.9­-million credit package from the International Development Association to support Vietnam in ramping up efforts to help its economy recover.

The credit is expected to enable the Southeast Asian nation to achieve an inclusive, green, and digitally-driven economic recovery with reforms aimed at supporting households, businesses, and expansion of renewable energy, the WB said in a press release issued the same day.

This credit marks the second and final installment in a Development Policy Financing (DPF) series of two operations, following a $221.5 million operation approved in 2021.

While the impact of this operation is expected to fully materialize by 2024, the DPF series has already supported significant achievements. 

More than 140,000 businesses received tax support through a tax relief package in 2021.

Also, over 85,000 children have received subsidized childcare, which has promoted gender equality in the workplace. Government services available online have doubled.

In the upcoming period, the institutional and policy reforms supported by this operation will speed up business recovery by enhancing the tax environment, supporting the financial inclusion of vulnerable households, and increasing access to quality childcare services. 

To spur green and digital growth, the reforms supported by the DPF focus on procurement, digitizing public administration, scaling up renewable energy, and bolstering the financial sustainability of the power sector. 

In addition, reforms supported by this operation are expected to further improve public service delivery to households and businesses.

According to Carolyn Turk, World Bank country director for Vietnam, reforms supported by this credit will strengthen Vietnam's ongoing recovery from the COVID-19 pandemic and subsequent commodity price shocks, while paving the way for more inclusive, greener, and digital-friendly development.

“We look forward to working with the government to implement these reforms and support Vietnam to achieve its development goals,” she added​.

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Hong Ngan - Nhat Dang / Tuoi Tre News

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