The World Bank (WB) has pledged to finance $185 million for six Vietnamese development funds, aiming to support their financial capacity in investing in urban infrastructure projects. The funds are Hanoi, Ho Chi Minh City, Binh Duong, Dong Nai, Tien Giang and Danang, the Sai Gon Giai Phong newspaper reported July 5, citing the Ministry of Finance. By late 2009, the funds provided nearly VND25 trillion for 4,256 projects, up 10 folds against 2005. They witnessed an on-year average capital growth of 28% in 2005-2009 period against 45.6% between 1997 and 2004. Vietnam has to date established 22 development investment funds totaling VND10 trillion. The country’s total investments for development projects rose 13.4% from a year earlier to VND390.1 trillion ($20.42 billion) in the first half of this year.
