The World Bank announced Tuesday it will allocate US$4.2 billion for a five-year strategy to support reforms and investments key to Vietnam's transition to a middle-income country.
Under the Vietnam Country Partnership Strategy (CPS) for the 2012-2016 period, the funding will be given by the International Development Association (IDA), the World Bank's concessional arm.
The amount would be IDA's largest allocation to Vietnam.
"This is the World Bank Group's first CPS for Vietnam since it became a lower middle-income country in 2009," said Victoria Kwakwa, country director for the World Bank in Vietnam.
"The new strategy will combine continuity from the previous CPS program with the introduction of some gradual strategic shifts aimed at sharpening strategic focus within the bank's program, enhancing operational efficiency, and delivering development results faster."
Vietnam will also have access to the International Bank for Reconstruction and Development's resources, proposed to be around US$770 million, through mid-2014.