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WB continues to support Viet Nam’s economic recovery

VGP - The World Bank Group Board of Directors has recently approved a package of credit worth US$ 263.9 million to support Viet Nam's efforts to achieve an inclusive, green, and digitally-driven economic recovery.

Posts Khanh Phuong

June 30, 2023 5:12 PM GMT+7
WB continues to support Viet Nam’s economic recovery - Ảnh 1.

Carolyn Turk, World Bank Country Director for Viet Nam

The loan is the second and final tranche of a Development Policy Financing (DPF) series of two operations, following a US$ 221.5 million credit which was approved in 2021.

The new credit is intended to facilitate reforms that will support households and businesses and promote the expansion of renewable energy in the country.

Even though the full impact of this operation is expected to be felt in 2024, the DPF series has already supported significant achievements.

In 2021, more than 140,000 businesses benefited from a tax relief package which provided them with essential support. In addition, subsidized childcare was provided to more than 85,000 children, helping to promote gender equality in the workplace.

The availability of government services online has also doubled, increasing accessibility and convenience for citizens.

"Reforms supported by this credit is expected to suport Viet Nam'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,” said Carolyn Turk, World Bank Country Director for Viet Nam. 

We look forward to working with the government to implement these reforms and support Viet Nam to achieve its development goals, the Director said./.