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VN seeks more World Bank aid

Update: July, 27/2012 - 09:40

HA NOI — Viet Nam wants to receive technical and financial assistance from the World Bank, especially in settling bad debts among businesses.

Vietnamese Finance Minister Vuong Dinh Hue made the statement at a working session with Pamela Cox, visiting Vice President for East Asia and the Pacific region of the World Bank in Ha Noi yesterday.

Hue also suggested the bank extend Viet Nam's access to the International Development Association preferential loan facility, which is of importance to Viet Nam, especially at time when it is making efforts to reduce poverty in 63 of the poorest districts nationwide – and coping with climate change.

The Vietnamese Government was focusing on building new rural areas in line with sustainable development, he added.

He also asked the bank to assist the Government in its restructuring of State-owned businesses, including building a legal framework and policies regarding governance and supervision.

It also needs help in working out a draft law on the investment and trade of the State capital for submission to the National Assembly.

Cox said that to access International Development Association capital for a longer period, Viet Nam should learn from other countries on how to go about receiving loans from the International Bank for Restructuring and Development (IBRD) and other preferential loans.

The World Bank will discuss Viet Nam's situation with foreign donors next month to support the restructuring of State-run businesses. — VNS

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