76194
                     Vietnam: First Economic Management and Competitiveness
                                   Development Policy Operation

                                     SUMMARY OF DISCUSSION ∗
                                      Meeting of Executive Directors

                                              March 19, 2013


        The Executive Directors approved a First Economic Management and Competitiveness
Credit Development Policy Operation for the Socialist Republic of Vietnam in the amount of
SDR 162.7 million (US$250.0 million equivalent) on the payment terms and conditions set out in
the President’s Memorandum (IDA/R2013-0029).
       Directors expressed support for the operation’s objectives to boost growth and poverty
reduction by enhancing competitiveness. Directors welcomed the support this operation provides
for deepening dialogue with the Government on such critical reform areas as State Owned
Enterprises, the financial sector, and fiscal policy. They also stressed the need for strong
government ownership and continued Bank support to sustain and accelerate the momentum of
this new wave of reforms. Regarding future operations, they highlighted the importance of
incorporating the recommendations of the Financial Sector Assessment Program and the need to
consider poverty and social aspects including gender inequality issues. Directors furthermore
urged attention to capacity building to support reforms. Lastly, Directors welcomed collaboration
with the IFC and appreciated the close dialogue with the IMF and other donors.




∗
    This Summary is not an approved record.