WB Funds US$250 Million for Vietnam’s Competitiveness Improvement
The World Bank’s Board of Executive Directors recently approved a US$250 million credit to the Government of Vietnam for the Second Economic Management and Competitiveness Development Policy Operation (EMCC-2) to support the Government’s economic management reforms to enhance the country’s competitiveness.
This second in a series of three such operations is focused specifically on three elements of competitiveness: Strengthening financial sector governance and fiscal management for macroeconomic stability; strengthening public administration, SOE management, and public investment management for more transparency, efficiency and accountability in the public sector; and strengthening tax and procurement policies and reducing administrative burdens to create a more enabling business environment.
The EMCC-2 builds on these to promote increased foreign participation in the banking sector and adopt a plan to address non-performing loans; strengthen medium-term debt management and improve the efficiency of public financial management; promote restructuring of State economic groups and improve SOE transparency; and strengthen the legal framework for public procurement, value-added tax and corporate income tax.
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