Prime Minister Nguyen Tan Dung has hailed the World Bank (WB) for its assistance in reforming the financial and banking sector in Viet Nam, and pledged to hold the sector to international practices and standards.

PM Nguyen Tan Dung (R) and WB Country Director Victoria Kwakwa

Meeting WB Country Director Victoria Kwakwa in Ha Noi on February 11, the PM asked the WB to evaluate Viet Nam’s business climate and help highlight which sectors need further reform and in what areas.

The Vietnamese leader thanked the WB for helping the Ministry of Planning and Investment devise a public-private partnership (PPP) decree and promised to ratify the document expeditiously.

He also asked for the WB’s support to the Long Thanh – Dau Giay – Phan Thiet highway project, as it is intended to be a model for other PPP deals.

Valuing the 300 million USD in aid provided by the WB to Viet Nam for climate change mitigation, Dung articulated his hope that the lender will continue providing assistance to Viet Nam in planting protective coastal forests.

Kwakwa said Viet Nam has done an impressive job in streamlining administrative procedures, especially those related to taxation and social insurance.

She believes more breakthrough reforms are on the way, and pledged that the WB will stand with Viet Nam as it improves its macro-economic policies.

The WB asked for more concrete information regarding the financial sector from the State Bank to craft an action plan tackling any existing obstacles.