PM appreciates WB's assistance for Vietnam

Prime Minister Nguyen Tan Dung spoke highly of the World Bank (WB)’s support for Vietnam in both policy consultation and technical and financial assistance, while receiving WB Country Director in Vietnam Victoria Kwakwa in Hanoi on July 24.

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PM Nguyen Tan Dung receives WB Country Director in Vietnam Victoria Kwakwa in Hanoi on July 24. (Image credit: VGP)

spite of several positive achievements, the Government feels there is still much to be done and is fully aware of difficulties and challenges that must be addressed in the time ahead, he stated.

The Government leader stressed the resolve to control public debt within an acceptable limit of below 65% as regulated to ensure its national financial safety and gradually reduce the rate after 2017. At the same time, the Government will restructure public debt, reduce overspending, cut down regular expenditure, meet the date of payments and effectively use loans.

New loans will be spent on building necessary socio-economic infrastructure facilities while great efforts will be made to minimize wastefulness and corruption, he added.

The PM also informed his guest that the Vietnamese Government is taking drastic measures to speed up the equitisation of State-owned enterprises (SOEs) as well as the restructure of underperforming commercial banks.

The government is also set to continue reducing bad debt, he said, adding that the goal of bringing bad debt to below 3% in September is feasible.

Another focus of the Government is to restructure the agricultural sector, while continuing to reform administrative procedures, improve the business climate and increase the economy’s competitiveness, he added.

He expressed the hope that Vietnam would gain access to loans of the WB’s International Development Association (IDA), and receive support from the bank in producing the Vietnam Report 2035.

Victoria Kwakwa, in turn, noted that Vietnam continues to record good progress in economic development, with a stable macro economy and high exchange rates.

She spoke highly of Vietnam’s efforts and policies to tighten fiscal spending, control public debt, address bad debt, renovate SOEs and restructure the banking and agricultural sectors.

The WB is willing to provide official development assistance (ODA) and IDA loans for Vietnam, as well as support and co-operate with the country in restructuring the agricultural sector, she stated.

She also affirmed her priority to co-operate with Vietnam’s ministries and sectors in preparation for the signing and implementation of credit agreements during the 17th term of the IDA, with around US$1.5 billion already signed for and another US$2 billion to be signed in the 2016 and 2017 fiscal years.

The bank is also making effort to complete and announce the Vietnam Report 2035 in the time ahead, she added.

(Source: nhandan.org.vn)