WB Commits Long-term Support for Vietnam’s Rice Sector: Specialist

The World Bank (WB) will provide official development assistance (ODA) with longer terms to support Vietnam’s rice sector after 2027, said Mr. Cao Thang Binh, senior agricultural specialist at the WB.

Such long-term loans will help firms invest in processing and logistics infrastructure synchronously for the whole rice-paddy supply chain, thus helping seek markets for Vietnam’s low-emission rice products, the expert elaborated.

Currently, the WB is working actively with the Vietnamese Ministry of Agriculture and Rural Development (MARD) and Ministry of Natural Resources and Environment (MoNRE) to access aids from the WB-managed carbon financial fund and a $2-million non-refundable aid from the South Korean government. This means there will be fundings for the MARD to prepare for the scheme on developing one million hectares of low-emission high-quality rice this year.

The specialist affirmed that the WB has enough technical and financial strengths to help the MARD in enforcing the scheme.

Since early 2022, the WB has provided technical assistance for the MARD in building the scheme and helped the ministry reach the carbon financial fund. This year, the fund is expected to finance Vietnam $40 million for the implementation of the scheme in 2024-2027. (Nong Nghiep)