The World Bank has approved four credits totaling US$456.5 million to help Vietnam's transition to a middle-income country.

The bank said in a statement Thursday that with the latest credits, total World Bank lending to Vietnam this fiscal year has reached a record of $2.13 billion. The bank's fiscal year ends on June 30.

The credits are all provided by the International Development Association, a World Bank arm that helps reduce poverty in poor countries.

One of the four approved credits the Vietnam New Model Universities Project aims to set up and pilot a new policy framework for the governance, financing and quality assurance of a new model university. "This will help Vietnam develop a model for a higher education system that is innovative and of high quality as well as geared towards developing marketable skills for young people entering the labor market," the bank said.

Other credits will be used to assist reforms needed to transform Vietnam from a transition economy to a middle-income country, to help the country plan and prepare public investments efficiently, and to improve efficiency of the transmission system as well as rural energy access.