World Bank Group supports Vietnam's trade connectivity and coastal livelihoods

World Bank Group supports Vietnam's trade connectivity and coastal livelihoods

On September 14, the World Bank’s Board of Executive Directors approved three new projects to support Vietnam in strengthening the trade corridors that carry the country's agricultural and manufactured exports to markets and bolstering the coastal fisheries sector.

Photo: baodautu.vn

"Better transport corridors and urban services lower the cost of doing business, and that is how infrastructure turns into growth and jobs. These operations will help Vietnam improve competitiveness while managing climate risks and using its natural resources sustainably," said Mariam J. Sherman, World Bank division director for Vietnam, Cambodia and Lao PDR.

In Haiphong, Vietnam's principal northern port and third-largest city, the Haiphong City Resilience Development project, will build a new section of Ring Road 3, reducing truck travel time between key locations. It will also expand wastewater treatment and protect the historic city centre from flooding, benefiting more than 311,000 residents. Construction is expected to employ approximately 10,700 casual workers and 2,300 professionals.

In the Mekong Delta, the Mekong Resilient Regional Connectivity project will rehabilitate 251 km of key highways to international road safety standards. The improvements will provide reliable year-round connectivity for 856,800 direct users and help farmers move goods to market during heavy rainfall. Construction is expected to generate approximately 10,900 jobs annually.

Across the North, Central and Mekong Delta regions, the Sustainable Fisheries Development project will modernise nine fishing ports and build infrastructure network and capacity to promote sustainable, climate-resilient fishing and aquaculture practices. More than 525,000 fishers, aquaculture farmers, and coastal residents are expected to benefit from higher incomes, better seafood quality, and reduced post-harvest losses, with women accounting for at least half of direct beneficiaries.

These operations are supported by loans totalling $666.74 million from the International Bank for Reconstruction and Development, the World Bank Group's lending arm for middle-income governments. The World Bank's Board of Executive Directors approved the Haiphong City Resilience Development project ($260.1 million) on September 4, the Mekong Resilient Regional Connectivity project ($251.12 million) on September 9, and the Sustainable Fisheries Development project ($155.52 million) on September 14.

Across its operations, the World Bank Group supports countries in creating more and better jobs by building the foundations for growth, strengthening private sector development, and mobilising investment.

VIR