The preferential credit will be funded by the International Development Association.

The project will help the State Bank of Vietnam, the Credit Information Centre and the Deposit Insurance of Vietnam improve their functions and activities in line with international standards.

As part of the project, a modern information and communications technology center will be set up to support the State Bank of Vietnam’s guidance and management work.

"The project is aimed at contributing to the achievement of the government’s strategic goal of a stable and sound financial sector in Vietnam," said Xiaofeng Hua of the World Bank’s East Asia and Pacific region.