World Bank approves $667 million for climate-resilient infrastructure and fisheries

The World Bank’s Executive Board of Directors has approved three new projects to help Vietnam strengthen trade corridors connecting agricultural and processed and manufactured goods with markets, while also supporting the resilience of the country’s coastal fisheries sector.

In Hai Phong, the “Hai Phong Climate-Resilient City Development Project”, valued at more than US$260 million, will build a new section of Ring Road 3, helping reduce travel times for trucks between key hubs. The project will also expand wastewater treatment capacity and protect the historic city centre from flooding.

In the Mekong Delta, the “Mekong Delta Regional Connectivity Enhancement for Climate Resilience Project”, valued at more than US$251 million, will upgrade 251 km of key national highways to international road safety standards. The improvements are expected to ensure year-round connectivity for 856,800 direct users and help farmers bring their goods to market during periods of heavy rainfall. Construction activities are expected to generate around 10,900 jobs annually.

In the fisheries sector, the “Sustainable Fisheries Development Project”, valued at US$155.52 million, will modernize nine fishing ports across northern, central and Mekong Delta provinces, while developing infrastructure and strengthening capacity to support sustainable capture fisheries and aquaculture.

More than 525,000 fishers, aquaculture farmers and coastal residents are expected to benefit from the project through higher incomes, improved seafood quality and reduced post-harvest losses. Women are expected to account for at least half of the direct beneficiaries.

The three projects will be financed through loans totalling nearly US$667 million from the International Bank for Reconstruction and Development (IBRD), a World Bank institution that provides financing to governments of middle-income countries.