World Bank Credit to Strengthen Infrastructure, Boost Climate Resilience in Vinh Long City
The Government of Vietnam and the World Bank have signed a US$126.9 million financing agreement to improve access to infrastructure, connectivity and reduce flood risk in the urban core of Vinh Long City.
 |
Vinh Long City, strategically located along the economic corridor that connects Ho Chi Minh City to the Mekong Delta, has great potential to become a regional hub for agribusiness, trade, and tourism. However, flooding and poor environmental sanitation are major impediments holding back the city’s development. Located at a low elevation on the Tien River plain, about 60 percent of the city is prone to flooding.
The Vinh Long City Urban Development and Enhanced Climate Resilience Project, at a total cost of US$202.2 million, will help remove physical constraints to development in the urban core area through the development of flood control systems, drainage, wastewater collection and treatment, and investment in key urban roads.
“Strengthening urban infrastructure is key to a city’s ability to unlock its potential, safeguard its gains and withstand multiple shocks,” said World Bank Acting Country Director for Vietnam Rahul Kitchlu. “Our support will empower Vinh Long City to pursue ambitious investments to build greater resilience to climate and disaster risks.”
Nearly half of the project’s funding will be used to develop flood risk mitigation measures, including embankments and tidal sluice gates, rehabilitation and upgrades of the canal and drainage system, and investments in green infrastructure to retain and infiltrate rainwater. The project will also support the building of three strategic roads that will improve the inter-city connectivity and further enhance the city’s flood protection capacity.
This project will further improve urban management and planning through investments in data, information and communication technology. Key components will include an integrated flood risk management information system, a geospatial data sharing platform, information, education, and communication campaigns, and improved transportation management.
The US$126.9-million-credit is being provided through the World Bank’s International Development Association (IDA), the Bank’s concessional lending window. The project is being co-financed by a US$19.5-million grant from the Development Related Infrastructure Investment Vehicle (DRIVE), a facility provided by the Dutch Ministry of Foreign Affairs. The balance of the project cost is to be funded by the Government of Vietnam.
Các tin khác
USAID - Vietnam’s MONRE Sign Memorandum of Understanding
USAID has been working closely with Vietnam to foster collective action by local actors—including the Government of Vietnam, private sector, social organizations and citizens—to raise awareness of the causes and effects of environmental pollution challenges.
ADB to Develop Prototype for Cross-Border Securities Transaction System Using Blockchain
Cross-border securities transactions in the ASEAN+3 region are currently processed through a global network of custodians and correspondent banks, which go through global centers in either the United States or Europe.
HSBC Vietnam Commits to Arranging US$12 Billion to Green Vietnam
World Bank also warned that Vietnam is one of the top five countries likely to be affected by climate change, adding the forecast that climate change will reduce the country’s national income by up to 3.5% by 2050.
USAID Launches Project to Improve Private Sector Competitiveness in Vietnam
Small and growing businesses are key contributors to Vietnam’s economic growth, accounting for 40% of GDP and 60% of total employment in 2018.
Vietnam’s Economy Faces Near Term Uncertainty, Economists Say
The Q3-2021 lockdowns affected about 28.2 million workers, including a loss of 2.5 million in jobs and an increase in the unemployment rate to a record high 3.7 percent.
Official Announcement Vietnam Open Innovation Landscape Report 2021
The Report has received more than 800 registrations from startups to get listed in the Report and more than 2,000 subscriptions from readers so far.
Vietnam’s Economic Growth Expected to Accelerate to 5.5% in 2022 and Greening its Trade Would Offer New Opportunities: World Bank
Vietnam’s economic recovery is likely to accelerate in 2022 as GDP growth is expected to rise to 5.5% from 2.6% in the year just ended, the World Bank’s economic update for Vietnam Taking Stock says.
Standard Chartered Forecasts Vietnam 2022 GDP Growth at 6.7%
According to Standard Chartered’s economists, exports should be supported in 2022 by a continued improvement in the global trade environment, although import growth is likely to remain high.
Gojek Launches GoCar in Hanoi, Equipping All Cars with Protective Shields and Air Purifiers
After over 1 month of operations in Ho Chi Minh City, GoCar is coming to Hanoi users, starting with the GoCar Protect safety and hygiene service line.
AmCham Selects New National Chair for 2022
Mr. Rockhold has been living and working in Vietnam since 1992 and serves as the Chief Executive Officer of Chan May LNG JSC to implement climate change projects and help Vietnam meet its energy security needs.
Vietnam Likely to Have Current Surplus in 2022, HSBC Says
While favourable base effects partly explained the surprisingly high growth, the level of exports nonetheless returned to the pre-Delta variant level. Among the most affected sectors, textiles have gradually recovered (up 25% y-o-y), but the footwear industry is still impacted (down 14% y-o-y).
Vietnam’s Ability to Weather External Shocks Has Faded in 2021, HSBC Says
Fading protection in 2021. Vietnam’s ability to guard against external risks has been strong over the years, thanks to its shift to a current account surplus, as its trade surplus widened. However, the protection is fading in 2021.
Fitch Affirms Outlook on Standard Chartered Vietnam at Positive
Fitch’s ratings are driven by the institutional support from100% shareholder, Standard Chartered Bank, for Standard Chartered Vietnam given itsimportant role in the group's broader South-East Asia strategy.
New ADB Facility to Help South East Asia Revive Tourism and Boost Sustainable, Inclusive Investments
The pandemic exacerbated growing inequalities between skilled and unskilled workers, hurting low-skilled workers as well as middle-skilled workers, whose jobs face automation or being moved elsewhere.
Germany Supports Vietnam with Another 2.6 million Vaccine Doses
Germany has already donated numerous vaccines and medical equipment to Vietnam this year. Germany will also support Vietnam with additional vaccine doses, bringing the total number of vaccines donated by Germany to Vietnam to over 10 million doses, he said.
Wave Energy Could Power Vietnam’s Islands, But Start-Ups Need USAID’s Help
Vietnam, for instance, has a vast network of islands that can be difficult to connect to the grid and would benefit from a technology that generates power locally. Enter wave energy: a newer innovation that taps powerful ocean waves to do just that.
HSBC Predicts Vietnam’s Economic Growth 6.8% in 2022
Foreign direct investment (FDI), Vietnam’s key driver of growth,is still robust and was only marginally impacted given the serious lockdown that the country applied in 2021.
Fitch Upgrades Asia Commercial Joint Stock Bank to 'BB-'; Outlook Stable
The upgrade on the bank's VR is driven by Fitch’s assessment that Vietnam's banking system operating environment (OE) factor score has returned to a pre-pandemic level of 'bb-' with stable outlook as the economic impact from the Covid-19 pandemic.
Fitch Upgrades Vietinbank's Viability Rating to 'b'; Affirms IDR at 'BB-'; Outlook Positive
Fitch believes Vietinbank's asset quality performance is likely to benefit from an improving economic outlook, which will also have positive effects on its profitability.
Fitch Upgrades Vietcombank's Viability Rating to 'b+'; Affirms IDR at 'BB-'; Outlook Positive
The upgrade of Vietcombank's VR is driven by Fitch’s assessment that Vietnam's banking system operating environment (OE) factor score has returned to a pre-pandemic level of 'bb-', as business conditions have been substantially less severe.