World Bank Approves Nearly $667 Million for Vietnam's Infrastructure and Coastal Livelihoods

The World Bank announced on September 14 (Washington time) that its Board of Executive Directors approved nearly $667 million in financing for three projects aimed at boosting Vietnam's infrastructure and coastal livelihoods. The loans, totaling $666.74 million, are from the International Bank for Reconstruction and Development (IBRD), the World Bank Group’s lending arm for middle-income governments. The World Bank noted that these projects aim to help Vietnam strengthen trade corridors for agricultural and manufactured goods, while simultaneously bolstering coastal fisheries. Specifically, the Hai Phong City Resilience Development Project will construct a new section of Ring Road 3, cutting travel times between key nodes. The initiative will also expand wastewater treatment systems, shielding the city center from flooding and directly benefiting over 311,000 residents. The project is projected to generate employment for approximately 10,700 temporary workers and 2,300 technical specialists. In the Mekong Delta, the Mekong Sustainable Regional Connectivity Project will upgrade 251 kilometers of vital expressways to meet international road safety standards. The project guarantees stable, year-round transport connectivity for 856,800 direct beneficiaries. It also aims to facilitate seamless transport of goods to market for local farmers and businesses even during torrential rains, creating roughly 10,900 jobs annually. Meanwhile, the Sustainable Fisheries Development Project will modernize nine fishing ports and establish an infrastructure and capacity network to advance sustainable, climate-resilient aquaculture and fishing practices. More than 525,000 fishers, aquaculture farmers, and coastal residents are slated to benefit through higher household incomes, enhanced seafood quality, and reduced post-harvest losses. Commenting on the World Bank’s decision, Mariam J. Sherman, World Bank Country Director for Vietnam, Cambodia, and Lao PDR, emphasized: “Improving transport corridors and municipal services reduces the cost of doing business, which is how infrastructure translates into growth and jobs. These initiatives will help Vietnam enhance its competitiveness while managing climate risks and stewarding its natural resources sustainably.” (Source: VnBusiness)