WB Funds US$667 Million for Vietnam's Trade Connectivity and Coastal Livelihoods

The World Bank (WB) has approved loans totaling nearly US$667 million to support three projects aimed at enhancing Vietnam's trade connectivity and improving livelihoods in coastal areas. The funding comes from the International Bank for Reconstruction and Development (IBRD), the WB Group's lending arm for middle-income governments. The three projects are the 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). In Hai Phong, Vietnam's principal northern port and third-largest city, the Hai Phong City Resilience Development Project will construct a new section of Ring Road 3, aiming to reduce truck travel time between key locations. It will also expand wastewater treatment capacity and protect the historic city center from flooding, benefiting over 311,000 residents. The construction is expected to create approximately 10,700 casual jobs and employ 2,300 professionals. The Mekong Resilient Regional Connectivity Project in the Mekong Delta will rehabilitate 251 kilometers of key highways to international road safety standards. These improvements are set to provide reliable year-round connectivity for 856,800 direct users and assist farmers in transporting goods to market, especially during heavy rainfall. Construction is anticipated to generate about 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 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, improved seafood quality, and reduced post-harvest losses, with women comprising at least half of the direct beneficiaries. The WB Group's broader mission involves supporting countries in creating more and better jobs by building foundations for growth, strengthening private sector development, and mobilizing investment.