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World Bank approves US$263.9-million credit to support Việt Nam's inclusive and sustainable recovery

VIETNAM, July 1 - WASHINGTON — The World Bank Board of Directors on Thursday (local time) approved a US$263.9­-million International Development Association credit for Việt Nam aimed at bolstering the country’s efforts to achieve an inclusive, green, and digitally-driven economic recovery with reforms to support households, businesses, and expansion of renewable energy.

This credit marks the second and final instalment in a Development Policy Financing (DPF) series of two operations, following a US$221.5 million operation approved in 2021.

While the impact of this operation is expected to fully materialise by 2024, the DPF series has already recorded significant achievements. More than 140,000 businesses received tax support through a tax relief package in 2021. More than 85,000 children have received subsidised childcare, which has promoted gender equality in the workplace. Government services available online have doubled.

Going forward, the institutional and policy reforms supported by this operation will facilitate business recovery by enhancing the tax environment, supporting the financial inclusion of vulnerable households, and increasing access to quality childcare services.

To spur green and digital development, the reforms supported by the DPF focus on procurement, digitising public administration, scaling up renewable energy, and bolstering the financial sustainability of the power sector.

Moreover, reforms supported by this operation are expected to further improve public service delivery to households and businesses.

“Reforms supported by this credit will strengthen Việt 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 Việt Nam.

“We look forward to working with the government to implement these reforms and support Việt Nam to achieve its development goals.” — VNS