The World Bank (WB) just approved four credits totaling $456.5 million to assist Vietnam’s development efforts.

The World Bank (WB) just approved four credits totaling $456.5 million to assist Vietnam’s development efforts.

The credits are provided by the International Development Association (IDA) – an organization under the WB created on September 24, 1960. IDA is responsible for providing long-term, interest-free loans to the world’s 80 poorest countries.

According to the WB, as Vietnam approaches middle-income status, the country needs a skilled population with a strong knowledge base to position Vietnam for economic expansion and integration into the global economy. Creating a higher education system that is innovative, responsive to the demands of the market and of high quality is essential to the economic growth and development of Vietnam.

Victoria Kwakwa, the WB Country Director for Vietnam, also added that human resource development is recognized as one of Vietnam’s three key areas of focus in its coming 10 year strategy.

“The modern higher education system must contribute directly to this pillar by improving the quality of higher education so that graduates will possess the knowledge and skills that meet labor market demands,” she noted.

PV