Vietnam, WB sign four cooperation projects

08:33 | 11/07/2015 Cooperation

Party General Secretary Nguyen Phu Trong witnessed the signing of four cooperation agreements totaling 507 million USD between Vietnam and the World Bank (WB) aiming to support Vietnam’s agricultural development, green transport and poverty reduction in Washington D.C., on July 9.

Vietnam, WB sign four cooperation projects

Vietnam, WB sign cooperation projects (Source: VNA)

The signatories were Nguyen Van Binh, Governor of the State Bank of Vietnam, and Axel Van Trotsenburg, WB Vice President for East Asia and Pacific.

The four projects include the one on sustainable agriculture shifting worth 238 million USD, which will help implement a restructuring plan of the agricultural sector through intensifying the sector’s institutional capacity, renovating methods of cultivation and increasing the value chain for rice farming in the Mekong Delta and coffee planting in the Central Highlands. Around 140,000 rice farming households and 63,000 coffee growing households are expected to benefit from the project.

Another aid worth 45 million USD for the livestock competitiveness and food safety will continue increasing the competitiveness of livestock breeding households by improving the productivity and food safety and reducing environmental pollution. The project will be carried out in 12 provinces and cities across the country and benefit about 24,000 households.

An additional aid will be provided for the second phase of the poverty reduction project in the northern mountainous region, which will target 259 poor communes in Hoa Binh, Lao Cai, Son La, Yen Bai, Lai Chau and Dien Bien provinces.

Meanwhile, a 124-million-USD project to develop green transport in Ho Chi Minh City is expected to develop and increase the efficiency of public transport system in order to better urban planning, protect the environment and improve the living standard of people in the city. The money will be invested in building a 23km-long express bus route and facilities along the route.

The WB Vice President highlighted the significance of the projects, affirming that the WB continually supports Vietnam in its development process.

Vietnam is one of the countries receiving most from the bank’s International Development Association (IDA), he said, adding that the WB wishes to continue its contributions to poverty reduction and sustainable development in the country, and is willing to share experience with the country during the development process.

On the same day, the Party leader visited the Vietnamese Embassy in the US, during which he emphasised the historic significance of his official US visit and said that the outcomes of the visit will help realise the Party’s and State’s foreign policy of peace, independence, self-reliance, persification and multi-lateralisation of the country’s external relations, and contribute to increasing the role and position of Vietnam in the international arena and affirming the leadership of the Communist Party of Vietnam.

He asked embassy staff to do their utmost to further deepen the Vietnam-US strategic partnership in order to create a strategic posture on diplomacy with big and important partners.

The Party chief, then, left Washington D.C. for New York, continuing his official visit to the US./.

Source: VNA