HCMC – Vietnam has received significant support from the World Bank (WB) to tackle the challenges posed by the El Nino phenomenon, climate change, and water security, in line with Vietnam’s green growth strategy.
In a meeting with the World Bank delegation on July 10, the Ministry of Agriculture and Rural Development (MARD) announced that the WB is ready to provide US$41.2 million for Vietnam’s agricultural carbon reduction program.
This funding, the largest to be disbursed from the WB’s Carbon Fund, will primarily focus on reducing carbon emissions in Vietnam’s agriculture sector.
In the upcoming period, the World Bank will provide support to Vietnam through various projects and initiatives. These include repairs to enhance dam safety, strengthening strategic partnerships within the water sector, assisting the Mekong Delta Integrated Climate Resilience and Sustainable Livelihoods Project, developing one million hectares of low-emission high-quality rice, implementing Vietnam’s north-central region emission reductions program, promoting sustainable aquaculture development, and initiating the first phase of the coastal resilience multi-phase program.
The Directorate of Water Resources under the MARD is formulating a plan to address El Nino, natural disaster preparedness, and water security.
The World Bank has expressed its readiness to support this vital program by assisting in policy development, facilitating public-private data-sharing methods, upgrading local infrastructure to facilitate livelihood transitions for farmers, and establishing three regional fishery training centers.
These initiatives are expected to boost the coastal economy, enhance connectivity, and benefit nearly 800,000 fishermen and over four million workers in the fisheries industry.