The World Bank Board of Directors has approved a credit package to help
Vietnam with economic management reforms, the WB Vietnam said on Tuesday.
The Economic Management and
Competitiveness Credit for Vietnam (EMCC 1), the first of a series of three
operations, provides US$250 million in concessional financing to help increase
the country’s productivity and competitiveness, WB Vietnam said in a statement
released from Washington.
The EMCC 1 will support reforms
in seven policy areas, including the financial sector, fiscal policy, public
administration and accountability, state enterprise management, public
investment management, efficiency of the business environment, and equity and
transparency of the business environment.
“The EMCC follows on from the
successful Poverty Reduction Support Credit series, and aims to address new
challenges that will raise the efficiency and competitiveness of the Vietnamese
economy” said Victoria Kwakwa, the World Bank Country Director for Vietnam.
“I hope that the EMCC series will
provide a platform for deepening and coordinating dialogue between development
partners and the Government of Vietnam with a view to helping Vietnam
transition to a new economic growth model, which targets competitiveness and
the quality of growth,” she added.
With macroeconomic stability a
major priority for competitiveness in Vietnam, and a core objective of EMCC,
the credit program will help monitor macroeconomic policies and ensure that
they support the stabilization efforts of the government, the WB Vietnam
statement reads.
Public investment management, SOE
and banking sector reforms are prominent themes under the program, in line with
the government’s priorities for structural reforms.
“In addition, the EMCC
prioritizes government efforts to streamline administrative procedures and
strengthen fiscal discipline because they are critical to productivity and
competitiveness,” the WB said.
Vietnam implemented major reforms
in the early nineties, which contributed to large gains in competitiveness that
spurred rapid growth and poverty reduction.
There is growing recognition,
however, that the reform process has slowed down in recent years, according to
the WB.
New reforms are needed to address
major structural inefficiencies, promote more efficient use of labor and
capital assets, and increase productivity across the economy.
“EMCC aims to support the
implementation of this reform program over the next three years,” the WB said.
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