Third Economic Management and Competitiveness Credit (WB-P157405)

Countries
  • Vietnam
Where the impacts of the investment may be experienced.
Specific Location
National-wide
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • World Bank (WB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Canceled
Bank Risk Rating
U
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
May 12, 2016
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Government of Vietnam
The holder of the loan, grant, or other investment.
Sectors
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 150.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 150.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ WB website

Updated in EWS Nov 16, 2017

Disclosed by Bank Jul 25, 2016


Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description
The development objective of the Third Economic Management and Competitiveness Development Policy Operation (EMCC3) Project for Vietnam is to support an ambitious structural and economic governance reform program to raise Vietnam’s competitiveness and medium growth potential, thereby laying the foundation for sustained progress in poverty reduction and shared prosperity. This proposed EMCC3 concludes a programmatic series aimed at reinforcing selected structural reform priorities in the Government’s Socio-Economic Development Plan (SEDP) 2011-2015.The operation is being prepared against the backdrop of robust macroeconomic performance. Vietnam’s strong growth record and social achievements notwithstanding, there is a growing concern that the current growth model is facing emerging structural constraints. To reignite productivity-led growth, the government has adopted an ambitious structural and economic governance reform agenda, which is selectively reinforced by the EMCC series. The pillars of support are: (i) strengthened financial sector governance and fiscal management; (ii) improved public administration, SOE management and public investment management; and (iii) reduced administrative burden and strengthened tax and procurement policies. This final operation is structured around a narrowed, more focused set of nine prior actions with a commensurate reduction in the loan amount. Impact of the EMCC series continues to be subject to a number of risks. While the risk of major policy reversals is mitigated by continuity in the broad reform directions in the new SEDP (2016-2020), impact of the series could be undermined by piecemeal reform implementation either due to lack of resources, capacity constraints, weak policy and implementation coordination or resistance from special interest groups.
Investment Description
  • World Bank (WB)
Contact Information
*No contact information available* ACCOUNTABILITY MECHANISM OF WORLD BANK The World Bank Inspection Panel is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by a World Bank-financed project. If you submit a complaint to the Inspection Panel, they may investigate to assess whether the World Bank is following its own policies and procedures for preventing harm to people or the environment. You can contact the Inspection Panel or submit a complaint by emailing ipanel@worldbank.org. You can learn more about the Inspection Panel and how to file a complaint at: http://ewebapps.worldbank.org/apps/ip/Pages/Home.aspx.