The statement was made by Finance Minister Vuong Dinh Hue at a working session with Pamela Cox, visiting Vice President for East Asia and Pacific region of the World Bank (WB) in Hanoi on July 26.

Hue also suggested the WB extend Vietnam’s access to the International Development Association (IDA)’s preferential loan facility, which is of importance to Vietnam, especially at time when Vietnam is making efforts to reduce poverty in 63 poorest districts nationwide and cope with climate change.

The Vietnamese Government is currently focusing on building new rural areas in line with sustainable development, Hue said.

He also asked the WB to assist the Vietnamese Government in its restructuring of State-owned businesses, including building a legal framework and policies regarding governance and supervision in particular, and working out a draft law on the investment and trade of the State capital for submission to the National Assembly.

For his part, Cox said Vietnam should receive both loans from the International Bank for Restructuring and Development (IBRD) and other preferential loans in order to access IDA capital for a longer time.

The WB is scheduled to work with foreign donors next month to further support the country during its business restructuring process.