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The World Bank in Vietnam As we enter the 21st century the world has become a global economy where every country large or small rich or poor is considered an important component to the development of international stability Although larger more developed countries like the United States Great Britain and Japan are the major influences on the world economy third world countries also have an effect As a result the richer countries are willing to help the poor ones in reconstructing their economies These reconstructive processes are heavily influenced by an international institution called the World Bank This institution has helped turn the economies of many countries around For example the World Bank has played an important supportive and leadership role in the process of rebuilding Vietnam As part of their support the bank is heavily involved in helping Vietnam establish a Country Assistance Strategy The bank is also playing an integral role in forming partnerships between the Vietnamese government and other organizations-partnerships that aim to build programs to restore the Vietnamese economy However Vietnam is now facing many economic situations that threaten its remarkable economic turnaround of the past decade The economic renewal Doi Moi program initiated in the late 1980s has yielded unprecedented levels of GDP growth and at the same time reduced poverty Unfortunately regional crisis and internal problems are posing a threat to the efficacy of this early reform movement With the help of the new Prime Minister and the new officials in the Vietnamese Communist Party the World Bank is trying to remedy the situation by restoring the Doi Moi program and bringing prosperity back to the Vietnamese economy In 1944 at the height of World War II representatives from 44 countries now 181 countries met at Brett Woods New Hampshire to discuss a new international monetary system Hill 296 The agreement that was reached at Brett Wood established two multinational institutions one of which was the
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