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Vietnam will get 3.8 billion USD of preferential credit from WB

Sat, 19 Jul 2014. Last updated Thu, 25 Jun 2015 08:46

On July 17, 2014, at a press conference, President of World Bank, Mr. Jim Yong Kim informed that WB would provide over 3.8 billion dollars in the preferential credit for Vietnam to help the country raising the additional private capital.

"Vietnamese leaders can improve the living standards of their citizens if they try to enhance the effectiveness and the competitiveness of Vietnam economy. In addition, creating favorable conditions for the private economic sectors is a major driving force in creating jobs, enhancing creativity and growing in the direction of improving labor productivity. This will bring benefits for everyone in the country", Mr. Kim said at the press conference.


WB President - Jim Yong Kim visited Vietnam


He also announced that Vietnam and World Bank made an agreement in conducting joint research in the recommendation of some policies to promote the economic growth and put Vietnam on a roadmap becoming an industrialized and modernized country. The research will focus on the changes needed for Vietnam to enhance trade and competitiveness, improve business and investment environment in order to attract investments from domestic and foreign investors. The research will also review policies and actions that Vietnam should take to reach the sustainable economic development, make the institutional reform, and create equal opportunities for all people. Prime Minister Nguyen Tan Dung and Mr. Kim agreed to finish the research in one year.

Earlier, Vietnam Prime Minister and Mr. Kim published the information about this joint research in Hanoi. At the same time, two parties also signed five - year credit agreement for new projects with the total value of $ 876 million. Vietnam has made impressive achievements in poverty reduction in recent years. The poverty rate fell from 60% in the 1990s to less than 10% today. Also in this period, the average income of 40% Vietnamese people having low incomes increased 6.4% each year.


Vietnam economy got achievements recent years


According to Mr. Kim, if Vietnam government implements reforms in field of the financial sectors and state enterprises and creates the high level of transparency and the greater responsibility, Vietnam will reach the faster economic growth. World Bank committed to continue supporting Vietnam in the challenging innovation process and highly appreciated the long-term and trusted relationship with Vietnam.

Recently, Vietnam is cooperating with World Bank to respond to the climate change and the severe weather phenomena as well. These issues have threatened the developing achievements that human achieved in some last decades. Mr. Kim also expressed thanks to Vietnam because of participating in the establishment of carbon price - the global effort will be announced at the Climate Summit organized by the United Nations in September. 

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