The Government chief also agreed on a proposal to set up a delegation to negotiate with the World Bank on a credit agreement and related legal documents for the program.

The delegation will be headed by Deputy Governor of the State Bank of Việt Nam Lê Minh Hưng.

The first round of negotiations is scheduled to begin in Hà Nội on November 11, 2011.

The State Bank of Việt Nam was assigned to coordinate with relevant ministries and sectors to make necessary preparations for the negotiation process and report the outcomes to the PM.

The PRSC was first introduced to Việt Nam in  2002 with an aim of supporting the country in realizing its Comprehensive Poverty Reduction and Growth Strategy (CPRGS), focusing on structural reform in economics-society-State management pillars.

The PRSC is led by the World Bank (WB) and joined by the majority of multilateral and bilateral development partners in Việt Nam.

The report, commissioned by the European Union (EU), found that the PRSC series have been one of the most successful general budget support programs to date. There are not many other similar operations in the world that can boast the longevity of PRSC or the sheer volume and breadth of development issues covered. PRSC design in both series included an elaborate and divergent structure of thematic areas and policy actions.

According to EU Ambassador Sean Doyle, “The success of the PRSC in Việt Nam had two important factors, strong GoV ownership and stewardship in undertaking actions agreed within the PRSC framework, and; strong involvement of PRSC co-financiers, with the World Bank managing the coordination process efficiently and without delays.”

“It is very timely to have this opportunity to reflect on the accomplishments and lessons learned as we design the successor operation” said Victoria Kwakwa, Country Director for the World Bank in Việt Nam.

By Hải Minh