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NEWS UPDATES 28 June 2010

World Bank gives Vietnam loans

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The World Bank has approved US$456.5 million in loans for Vietnam, provided by the International Development Association, the part of the bank that helps the world's poorest countries, reports the Viet Nam News.

As Vietnam approaches middle-income country status, it needs a skilled population with a strong knowledge base in order to position the country for economic expansion and integration into the global economy, according to the World Bank.

Creating a higher quality education system that is innovative and responsive to the demands of the market is essential to the economic growth and development of Vietnam.

This was the principle behind one of the four approved loans, the Viet Nam New Model Universities Project, the World Bank said in a press release last Thursday.

The project aims to set up and pilot a new policy framework for the governance, financing and quality assurance of a new model university.

This would help Viet Nam develop a model for a higher education system that is innovative and of high quality, and geared towards developing marketable skills for young people entering the labour market.

"Human development is recognised as one of Viet Nam's three key areas of focus in its coming 10-year strategy," said Victoria Kwakwa, the World Bank's country director for Vietnam.

The loans, approved by the World Bank's Board, also include the ninth Poverty Reduction Support Credit ($150 million), which is the fourth in a five-year cycle aimed at supporting the implementation of the Social-Economic Development Plan.

This loan aims to continue the reforms needed to transform Viet Nam from a transition economy to a middle-income country.


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