THE SOCIALIST REPUBLIC OF VIET NAM
Government News
WB funds nearly US$667 million to support Viet Nam's trade connectivity, coastal livelihoods
VGP - The World Bank (WB)’s Board of Executive Directors has approved three new projects worth US$666.74 million to support Viet Nam in strengthening the trade corridors that carry the country's agricultural and manufactured exports to markets and bolster the coastal fisheries sector.
They are Hai Phong City Resilience Development Project (worth US$260.1 million), the Mekong Resilient Regional Connectivity Project (worth US$251.12 million), and the Sustainable Fisheries Development Project (worth US$155.52 million).
Specifically, in Hai Phong, Viet Nam's principal northern port and third-largest city, the Hai Phong City Resilience Development Project, will build a new section of Ring Road 3, reducing truck travel time between key locations.
It will also expand wastewater treatment and protect the historic city center from flooding, benefiting more than 311,000 residents. Construction is expected to employ approximately 10,700 casual workers and 2,300 professionals.
In the Mekong Delta, the Mekong Resilient Regional Connectivity Project will rehabilitate 251 kilometers of key highways to international road safety standards.
The improvements will provide reliable year-round connectivity for 856,800 direct users and help farmers move goods to market during heavy rainfall. Construction is expected to generate approximately 10,900 jobs annually.
Across the North, Central and Mekong Delta regions, the Sustainable Fisheries Development Project will modernize nine fishing ports and build infrastructure network and capacity to promote sustainable, climate-resilient fishing and aquaculture practices.
More than 525,000 fishers, aquaculture farmers, and coastal residents are expected to benefit from higher incomes, better seafood quality, and reduced post-harvest losses, with women accounting for at least half of direct beneficiaries.
These operations are supported by loans totaling US$666.74 million from the International Bank for Reconstruction and Development (IBRD), the WB Group's lending arm for middle-income governments.
Across its operations, the WB Group supports countries in creating more and better jobs by building the foundations for growth, strengthening private sector development, and mobilizing investment./.