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Vietnam seeks US$360 million loan from WB for high-quality rice project

10 April 2024

The Ministry of Agriculture and Rural Development of Vietnam is searching for a loan of US$360 million (equivalent to VND9 trillion) from the World Bank to carry out a US$470 million plan to cultivate one million hectares of high-quality rice.

Discussions on the project, aimed at sustainable development, took place during a meeting between the Agricultural Projects Management Board and the Ministry of Agriculture and Rural Development in the Mekong Delta city of Can Tho on April 8.

Li Guo, a senior WB expert, said that the project would be presented to the leadership under the broader framework of the Vietnam Sustainable Agriculture Transformation Project (VnSAT).

“We hope Vietnam will lead the way in reducing emissions in agricultural production globally. We will closely collaborate with the Ministry of Agriculture and Rural Development to execute the next steps,” stated Li Guo.

The Sustainable Development Project seeks to foster the sustainable rice industry in Vietnam, elevate farmers’ incomes, adapt to climate change, mitigate greenhouse gas emissions, and fulfill international commitments.

By 2025, 12 provinces in the region are projected to cultivate 180,000 hectares of rice with low-carbon emissions and pilot carbon credit issuance for compliant areas. By 2030, the region aims to expand to an additional 820,000 hectares of low-carbon emission rice.

Presently, the Mekong Delta region produces 24-25 million tons of rice annually, contributing over 50% to the country’s rice output and more than 90% to rice exports.

Source : vietnamnet