The World Bank (WB) and the State Bank of Vietnam (SBV), the country’s central bank, on August 2 signed an agreement worth $4.2 million in non-refundable aid provided by the Japanese government to launch a taxation system modernization project in Vietnam, state media reported. The project aims to improve the effectiveness of tax administration through the implementation of a comprehensive risk management system and a redesign of business processes and information technology. It will also support the modernization of the tax policy framework by assessing the impacts of tax policy changes. Ousmane Dione, the World Bank Country Director for Vietnam, said: “The World Bank’s commitment to this project is a signal of our broader commitment to work with Vietnam in strengthening fiscal performance and implementing growth-friendly fiscal reforms.” “By focusing on the tax system, the project will help enhance domestic resources mobilization, which is an important pillar of fiscal consolidation,” he added. The grant is provided by the Japanese Government through the Policy and Human Resource Development Program, which is administered by the World Bank. (CafeF, Lao Dong, VietnamNews, SGGPnews, Dau Tu, Vietnam Plus, BNews, Tin Tuc, Thoi Bao Ngan Hang, VTV, Bao Chinh Phu)
