Revealing the financial industry 'giant' sponsoring the Vinh River upgrade project

The World Bank (WB) is an international financial institution that specializes in providing loan programs to promote the economy of developing countries. Over the years, the WB has provided resources, macro-policy advice, and actively contributed to Vietnam's comprehensive socio-economic development and the implementation of the Millennium Development Goals.

Vietnam's strategic development partner

In 1978, IDA (an organization under the World Bank) lent Vietnam 60 million USD to implement the Dau Tieng irrigation project. In 1993, the World Bank continued to promote lending for two projects: the National Highway 1A project with 112.4 million USD and the Primary Education Project with 70 million USD.

In the following years, the World Bank and Vietnam maintained a comprehensive partnership with major projects such as: 221.5 million USD to help comprehensively recover from e-Government, renewable energy to childcare services and mobile payments; 100 million USD to support Ho Chi Minh City to promote the use of integrated and transparent spatial data for urban management; 178 million USD for the Vinh City infrastructure project with the Vinh River Upgrading and Rehabilitation component; 450 million USD for the Mekong Delta planning and investment promotion project...

Vietnam has been receiving tens of billions of USD from WB capital to implement important projects. Photo: Source: Ministry of Industry and Trade of Vietnam

As of 2019, the World Bank has supported Vietnam with 24 billion USD in loans and non-refundable aid through 165 projects and activities, including the following areas: Poverty reduction; Rural and urban education; Services and infrastructure; New energy and environmental protection.

Notably, Vietnam is the first country among 30 countries worldwide to have a National Climate and Development Report developed by the World Bank. The completed report, which was just released last July, demonstrates the vision and dedication of the World Bank experts in helping Vietnam control the impacts of climate change in the future.

Prime Minister Pham Minh Chinh receives World Bank CEO Axel van Trotsenburg in July 2022. Photo: Source: Tuoi Tre Newspaper

Also in July 2022, at a meeting in Vietnam with Prime Minister Pham Minh Chinh, Mr. Axel van Trotsenburg - WB CEO said that the WB is ready to send a team of global experts to support the Government in developing the Vietnam 2045 Report, contributing to the goal of building Vietnam into a developed, high-income country by 2045.

Mr. Axel also emphasized that he will continue to accompany the Vietnamese Government on the upcoming development journey, including all areas of finance, improving the capacity of the healthcare system, responding to epidemics, adapting to climate change, etc.

The "big guy" behind2projecthundredmillionUSDliveTPVinh

With more than 40 years of cooperation and development, WB has left many marks in Vietnam, including Vinh City with two projects with a total cost of hundreds of millions of dollars.

In June 2013, the Vinh Urban Development Sub-project (under the Project for Medium-sized Cities Development in Vietnam) funded by the World Bank was started. The project has a total investment of more than 168 million USD, including basic infrastructure investment items, environmental sanitation improvement and traffic routes of the City.

The ancient citadel of Vinh has been transformed thanks to the Vinh Urban Development Sub-project funded by the World Bank. Photo: Nhat Lan's Document

By December 2018, the project was basically completed with 85% of the capital disbursed, completely changing the face of Vinh City with the bidding packages to upgrade and renovate Vinh Ancient Citadel; build a road connecting National Highway 46 with the Lam River road; 72m Vinh - Hung Tay road...

Following the success of the Vinh Urban Development Sub-project, the World Bank continues to support 178 million USD in capital for the Project "Priority Infrastructure and Urban Development Adapting to Climate Change in Vinh City, Nghe An", which was approved by the Prime Minister in Decision No. 2212/QD-TTg.

In which, the Upgrading and Renovation componentVinh Riverreceived much attention because of its urgency and importance in the journey to improve people's lives, bringing continental-level entertainment and recreation spaces to the city center.

Specifically, with the design items of Eco-village, Heritage Crossroads, Riverside Walk, Floating Market, Riverfront Entertainment and Commercial Facilities, etc., along the two banks of Vinh River, a new and modern image appears, promising to become the center of tourism and commerce of the city and Nghe An in the near future.

The Vinh River Upgrading and Improvement Project is expected to beconstruction bidding in 2024.

According to the World Bank, on average each year about 852 million USD and 316,000 jobs in key economic sectors of Vietnam are affected by the risk of riverine and coastal flooding.

Therefore, the Vinh River Upgrading and Improvement Project is among the top priority projects, aiming at adapting to climate change in Vinh City. After implementation, in addition to changing the landscape, urban appearance, attracting tourists, promoting socio-economic development, the project also provides an effective drainage solution for Vinh City during the rainy season.

With the support of the financial giant WB, the Vinh River Upgrading and Renovation Project is considered highly feasible and will be a milestone in the strategic cooperation journey of this organization with Vietnam. After the project is implemented, the urban landscape of Vinh will be "dressed in a new coat" of modernity and civilization, while preserving the cultural and historical values ​​and the inherent vital role of the Vinh River.