WORDS ON THE STREET 70th anniversary of Hanoi's Liberation Day Vietnam - Asia 2023 Smart City Summit Hanoi celebrates 15 years of administrative boundary adjustment 12th Vietnam-France decentrialized cooperation conference 31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Economy / Industry
World Bank provides US$221.5 million to support Vietnam recovery from Covid-19
Hai Yen 10:15, 2021/12/27
The US$221.5-million-credit is a budget support operation and comes in the form of concessional terms for a period of 30 years with a grace period of five years.

The Vietnamese Government and the World Bank have signed an agreement for financing of US$221.5 million to support Vietnam’s recovery from the Covid-19 pandemic through policy reforms aimed at improving financial inclusion and spurring greater environmental resilience.

 World Bank financial support would encourage policy reforms in Vietnam. 

“In the spirit of our long-term, trusted and productive partnership, we are proud to support Vietnam at the time when the economy is recovering from the biggest shock of the past decades and when so many uncertainties remain around the pandemic,” said World Bank Country Director for Vietnam Carolyn Turk. “I believe that the range of policy actions supported by this  operation will not only create a strong foundation for the immediate recovery from the Covid-19 crisis but also benefit Vietnam in the longer run.”

The US$221.5-million-credit is a budget support operation and comes in the form of concessional terms for a period of 30 years with a grace period of five years. It encourages policy reforms under two pillars.

The first supports an inclusive economic recovery by easing the tax burden on businesses, improving access to financial assistance among vulnerable groups, reducing gender gaps in the workplace, and promoting financial inclusion.

The second pillar contributes to greening trade policies, accelerating the adoption of e-government, and increasing the uptake of renewable energy.

The government has moved quickly in recent months on the implementation of these reforms. The approval of mobile money licenses and the rollout of electronic invoice systems in the country’s largest municipalities are examples of this. The pace of reform is expected to accelerate as part of the recovery package to be discussed at the National Assembly next week.

The credit is provided through the World Bank’s International Development Association (IDA), the Bank’s concessional lending window for low-income countries.

RELATED NEWS
TAG: World BAnk Vietnam economic recovery Vietnam support vietnam Covid-19 Vietnam
Other news
14:47, 2024/11/15
Year-end hiring spree as Hanoi companies ramp up recruiting
In the fourth quarter, many major holidays will lead to increased hiring as companies finalize orders and anticipate new projects.
13:33, 2024/11/14
Vietnam's digital economy expected to grow big in 2024
E-commerce is expected to reach US$22 billion in 2024, leading the growth of Vietnam's digital economy.
22:03, 2024/11/13
Incheon-Hanoi conference marks milestone in tourism development cooperation
Hanoi and South Korea's Incheon aim to increase their visibility among Vietnamese and international travelers through a series of events to promote MICE (Meetings, Incentives, Conferences and Exhibitions) tourism and medical tourism to Vietnam.
14:21, 2024/11/12
Hanoi's businesses place focus on digital transformation
Businesses need to utilize digital technologies to streamline operations, increase efficiency, and provide greater value to customers.
03:04, 2024/11/08
Semiconductor market reaches $18.2 billion: SEMIEXPO Vietnam 2024
Vietnam a key player in tackling the challenges facing the global semiconductor supply chain.
15:52, 2024/11/07
Hanoi DigiTech 2024 connects businesses through digital products
The expo offers companies a chance to showcase their tech products and services while seeking strategic partners in e-commerce and digital technology.