Economic Management Competitiveness Credit 2

closed

The Second Economic Management and Competitiveness Credit (EMCC-2) is part of a programmatic series of 3 Development Policy Operations (DPOs, FY13-16). The series supports Vietnam's economic management reforms to enhance competitiveness for growth and poverty reduction. It is the main channel for policy dialogue between the government, the World Bank and several Development Partners on priority economic management issues highlighted in Vietnam's Socio Economic Development Plan (SEDP, 2011-2015). The first operation in the series (EMCC-1) was approved by the Board of Executive Directors on March 19, 2013. The proposed amount for the second operation is $250 million. The EMCC supports reforms in a number of large and complex areas. Several prior actions under EMCC-1 (and 2) have helped to set the overarching policy frameworks for priority reforms including in the banking sector, debt management, anti-corruption, tax administration, and others. The EMCC dialogue has contributed extensively to developing these policy frameworks, which are now turning to implementation. Therefore prior to actual implementation, there is usually extensive review and consultation of current policies, before policy changes are effected through legislative amendment. Although this can be a lengthy process, there has been incremental change in the right direction.