World Bank approves $666.7 million for Vietnam infrastructure

The World Bank has approved three new projects for Vietnam totaling approximately $666.74 million in loans from the International Bank for Reconstruction and Development (IBRD). These initiatives aim to enhance trade corridors, regional connectivity, and sustainable coastal livelihoods while addressing climate change.

The projects include:

• The Hai Phong City Resilience Development Project ($260.1 million): This project will construct a new section of Ring Road 3 to reduce truck travel times, expand wastewater treatment capacity, and protect the historic city center from flooding. It is expected to benefit over 311,000 residents and create thousands of jobs.

• The Mekong Resilient Regional Connectivity Project ($251.12 million): This initiative will rehabilitate 251 kilometers of key highways to international safety standards in the Mekong Delta. The improvements aim to provide reliable year-round connectivity for roughly 856,800 users, assisting farmers in transporting goods during heavy rainfall.

• The Sustainable Fisheries Development Project ($155.52 million): Spanning the North, Central, and Mekong Delta regions, this project will modernize nine fishing ports and build infrastructure to promote climate-resilient aquaculture. It is expected to benefit more than 525,000 fishers and coastal residents by improving seafood quality and reducing post-harvest losses.