WB commits to promoting economic restructuring

August 09, 2013 | 09:23

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The World Bank has committed to backing Viet Nam’s bid to restructure its economy for further growth to be made in the coming years, the institution’s director has said.

Deputy PM Vu Van Ninh (R) and WB Director Victoria Kwakwa, Ha Noi,
August 7, 2013 – Photo: VGP/Thanh Chung

At a reception given to the Director Victoria Kwakwa in Ha Noi on August 7, Deputy PM Vu Van Ninh said that Viet Nam has deployed a string of measures to restructure the economy including numerous consultations and recommendations which were proposed by the WB.

The measures were workable in reality and WB-funded programs in Viet Nam have been conducted proactively, he said.

On behalf of the Government, Mr. Ninh thanked the largest multilateral lender’s positive support for Viet Nam over the past time.

Director Victoria Kwakwa said that her institution respects Viet Nam’s endeavors in economic restructuring especially in the banking system, SOEs and public investment. These fields play the decisive role in Viet Nam’s long-term development.

The WB, said Ms. Victoria Kwakwa, acknowledges the achievements of Viet Nam particularly in macro-economic stability and FDI attraction.

According to the guest leader, Viet Nam succeeded in establishing the Viet Nam Asset Management Company in line with the country’s economic and social conditions. The company is expected to handle non-performing loans in the economy and revitalize the banking system.

On this occasion, the WB executive agreed to support Viet Nam in training experts in finance and SOEs restructuring processes and backing operation of VAMC.

VGP

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