HCMC – The Ministry of Agriculture and Rural Development and the World Bank (WB) are working on a plan to develop one million hectares of high-quality rice in the Mekong Delta, with financial support from the Transformative Carbon Asset Facility (TCAF).
On September 23, Deputy Minister of Agriculture and Rural Development Tran Thanh Nam met with a World Bank delegation to discuss signing an emissions reduction payment agreement to support the sustainable rice development project of one million hectares of high-quality rice in the Mekong Delta.
Deputy Minister Nam emphasized the benefits of the high-quality rice planting model, noting that it helps farmers reduce production costs by 30% while significantly increasing their income. Additionally, the project contributes to environmental protection and strengthens the international reputation of Vietnamese rice, Nam added.
A representative from TCAF confirmed the organization’s commitment to funding around US$33.3 million for the project, with the potential to reach up to US$40 million.
Disbursements will be result-based and made in two instalments, with a 12-month validity. The WB will finalize the funding by signing the low emissions payment agreement.
The project will also receive US$2 million to provide technical support and enhance Vietnam’s capacity to meet its emissions reduction commitments.
