The total investment demand for the project of one million hectares of high-quality rice is 11,800 billion VND, of which the Ministry of Agriculture and Rural Development wants to borrow 9,000 billion VND from the World Bank.
This content was just mentioned by the Agricultural Project Management Board when working with the Ministry of Agriculture and Rural Development in Can Tho on April 8.
The Ministry assessed that the project to develop one million hectares of high-quality rice for sustainable development is very important and urgent, requiring a special mechanism for the project. Therefore, this agency plans to propose that the Government allow the project to borrow capital from the World Bank under a special mechanism. The central budget allocates 100% of ODA capital (no re-lending mechanism is applied).
The total investment requirement for the project is expected to be over 470 million USD (equivalent to nearly 11,800 billion VND). Of which, the World Bank loan is about 360 million USD (about 9,000 billion VND); domestic counterpart capital is over 112 million USD. With nearly 1 million hectares of rice, each investment rate fluctuates between 325-794 USD per hectare.
Harvesting rice in Hau Giang province. Photo: An Binh
World Bank senior expert Li Guo said he would present the project to the leadership on the basis of the Vietnam Sustainable Agriculture Transformation Project (VnSAT), but on a larger scale.
"We hope that Vietnam will be a pioneer in reducing emissions in agricultural production worldwide. We will work closely with the Ministry to take the next steps," said a World Bank expert.
The Project on Sustainable Development of One Million Hectares of High-Quality and Low-Emission Rice Cultivation Associated with Green Growth in the Mekong Delta by 2030 was approved by the Prime Minister at the end of 2023. The Project aims to sustainably develop Vietnam's rice industry and farmers' income, adapt to climate change, reduce greenhouse gas emissions, and contribute to the implementation of international commitments.
By 2025, 12 provinces and cities in the region will grow 180,000 hectares of low-emission rice and pilot carbon crediting for areas that meet standards. By 2030, the region will expand by 820,000 hectares of low-carbon rice...
Currently, the Western region produces 24-25 million tons of rice each year, accounting for more than 50% of the country's rice output and over 90% of its rice exports.
Thi Ha
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