A new World Bank report, jointly launched on Thursday with Vietnam’s Ministry of Finance, will support the development of a sound financial reporting institutional framework, by improving the understanding of high-quality corporate financial reporting and auditing.The report, entitled 'Reports on the Observance of Standards and Codes (ROSC): Accounting and Auditing' and part of a global initiative to improve compliance with internationally recognized standards and codes, focuses on accounting and auditing standards and practices for public interest entities, as well as the institutional framework that underpins the corporate financial reporting system. “As part of the World Bank Group’s support for Vietnam’s Vision 2030 on Accounting and Auditing, we hope that this report will contribute to the successful implementation of the country’s long-term strategy for sustainable and inclusive development,” Ousmane Dione, World Bank country director for … [Read more...] about World Bank, Vietnam work to strengthen financial systems
World bank
World Bank and Vietnam work to strengthen financial systems
The report, entitled “Reports on the Observance of Standards and Codes (ROSC): Accounting and Auditing module” and part of a global initiative to improve compliance with internationally recognized standards and codes, focuses on accounting and auditing standards and practices for public interest entities, as well as the institutional framework that underpins the corporate financial reporting system.Ousmane Dione, the World Bank Country Director for Vietnam said that he hopes that this report will contribute to the successful implementation of Vietnam’s long-term strategy for sustainable and inclusive development.Linked to complementary reforms in the financial sector, the report recommends that Vietnam’s Accounting Law and the Law on Independent Audit could benefit from simplification during the next revision process.It also advises Vietnam to fully adopt international financial reporting standards (IFRS) and related guidance from the International Financial … [Read more...] about World Bank and Vietnam work to strengthen financial systems
World Bank reviews ODA projects in city
World Bank reviews ODA projects in city Kinh Luan By Kinh Luan - The Saigon Times Daily World Bank country director for Vietnam Victoria Kwakwa and HCMC Chairman Le Hoang Quan at yesterday’s review meeting - Photo: Kinh Luan HCMC – The World Bank’s country director for Vietnam, Victoria Kwakwa, and HCMC Chairman Le Hoang Quan on Tuesday co-chaired a meeting to review the projects financed by the global lender in the city. The municipal Department of Planning and Investment said in a report given at the meeting that the city is executing 23 projects using official development assistance (ODA) loans, including four worth US$310.8 million financed by the WB. These four projects are in the areas of urban upgrade, water loss reduction, environment sanitation, and food safety. The global lender is also considering financing some more projects, including one to fight flooding in the Tham Luong-Ben Nghe canals basin. The city’s Transport Department … [Read more...] about World Bank reviews ODA projects in city
HCMC leader receives vice chairwoman of World Bank
At the reception, vice chairwoman of the World Bank Laura Tuck affirmed that the WB is willing to meet the city's requirements in the DPO program to assist priority development projects, work with the city in building urban infrastructure, land management and matters related to creativeness and cooperation relations.Appreciating HCMC’s role in the Vietnamese economy, the WB leader committed to bringing the city development resources, potential investors and sharing with the city about efficient development models from other localities the world, supporting and siding with the city to improve the living quality of local citizens.In turn, Chairman of Ho Chi Minh City People’s Committee Nguyen Thanh Phong said that HCMC hoped to associate and cooperate with the WB. In the up coming time, he proposed the bank should continue assisting the city to implement the second phase of environment hygiene project, green traffic development and food safety … [Read more...] about HCMC leader receives vice chairwoman of World Bank
World Bank helps Vietnam increase competitiveness
World Bank helps Vietnam increase competitiveness By Chien Thang - The Saigon Times Daily HCMC – The World Bank Group (WB) announced the new five-year country partnership strategy (CPS) with Vietnam on Tuesday to provide support to address Vietnam’s challenges as a lower middle-income country. The WB’s new strategy in Vietnam for the five-year period ending in mid-2016 will support reforms and investments as keys to Vietnam’s transition to a successful middle income country. The CPS is aimed at strengthening Vietnam’s competitiveness in the regional and global economy, enhancing the sustainability of its development, and broadening access to social and economic opportunity. “This is the World Bank Group’s first country partnership strategy for Vietnam since it became a lower middle-income country in 2009,” Victoria Kwakwa, country director for the World Bank in Vietnam, said in a statement. For the new CPS period, the indicative … [Read more...] about World Bank helps Vietnam increase competitiveness