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World Bank offers $507mn in credit to four projects in Vietnam

Friday, July 10, 2015, 14:24 GMT+7
World Bank offers $507mn in credit to four projects in Vietnam
This file photo shows farmers harvesting rice in a field in the southern Vietnamese province of Dong Thap.

Vietnam and the World Bank have concluded four credit agreements totaling US$507 million that are aimed at assisting the country in sustainable agricultural production, green traffic and poverty reduction. These agreements were signed by Governor of the State Bank of Vietnam Nguyen Van Binh and Axel van Trotsenburg, Vice President of the World Bank (WB), witnessed by Party General Secretary Nguyen Phu Trong, who is in the U.S. for a five-day visit which started on July 6 at the invitation of the Obama administration. Under these agreements, the WB will grant preferential loans from the International Development Association to four projects in Vietnam. One of the four is the $238 million sustainable agricultural conversion project that helps restructure agriculture through renewal of farming methods and improve the value chain for the two main commodities of rice and coffee in the Mekong Delta and Central Highlands regions. It is expected that 40,000 rice growing households and 63,000 coffee farming households will benefit from the project. Another project is one which promotes competitive breeding and food safety at a cost of $45 million. The project will help further improve the competitiveness of breeders through increasing productivity, ensuring quality and food safety and minimizing environmental pollution under a conception of green breeding from farms to dining tables. It will be implemented in Hanoi, Thai Binh, Hung Yen, Hai Duong, Hai Phong, Cao Bang, Thanh Hoa, Nghe An, Ho Chi Minh City, Long An, Dong Nai and Lam Dong, benefiting about 24,000 breeding households. The third project, worth $100 million, boosts the ongoing poverty reduction in six northern mountainous provinces, including Hoa Binh, Lao Cai, Son La, Yen Bai, Lai Chau and Dien Bien.

It is expected that 259 poor communes in these provinces will benefit from the project. The last is the green traffic development project in Ho Chi Minh City, which costs $124 million. The project will cover investments in a 23km-long fast bus system and technical infrastructure thereof in the city. Funds will be channeled into developing bus systems, strengthening environmental protection and promoting the life quality of people. WB Vice President Trotsenburg highlighted the significance of the signed credit agreements and said the WB has always actively supported Vietnam in its development process. Over the past few years, the partnership between the WB and Vietnam has achieved positive results, contributing to social and economic development, poverty reduction, and protection of the ecological environment in Vietnam, the WB official said.

Vietnam is among the countries that receive the most support through the International Development Association, he said, adding that the WB wishes to continue contributing to the eradication of poverty and increase of sustainable development in Vietnam and is willing to share experience with the country in its development process.

Governor Binh expressed thanks for the valuable and effective support of the WB for Vietnam, and expressed his wish that the bank will keep accompanying and supporting the sustainable development of the Southeast Asian country.

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