World Bank exec urges more reforms for faster development

TN News

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Vietnam has made strong development achievements but more reforms are needed to help the economy grow further and reduce poverty more quickly, the World Bank's Vice President for East Asia and the Pacific, Pamela Cox, said Thursday.

"It's been 20 years since I last worked in Vietnam, and I am very impressed with what the country has achieved. Poverty has dropped to 10 percent, primary school enrollment is close to 100 percent and nearly everyone has electricity," Cox said during her trip to Vietnam this week.

"Despite progress, stronger reforms are needed to reduce poverty," she said. "Restructuring of public investment, the financial sector and state-owned enterprises is critical to reduce risks to the economy and help Vietnam become a successful middle income country."

Although the World Bank's program in Vietnam has grown over the past years with 52 active projects and programs, Cox said that the government is not using available financing quickly enough.

She urged the government to accelerate the implementation of projects and programs so development results can be obtained faster.

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