World Bank to lend $11B to Vietnam over next 5 years

By Phuong Dung   May 27, 2024 | 07:30 pm PT
World Bank to lend $11B to Vietnam over next 5 years
Prime Minister Pham Minh Chinh meets with World Bank vice president Manuela V. Ferro in Hanoi on May 27, 2024. Photo by Vietnam Government Portal
The World Bank has offered Vietnam US$11 billion over the next five years to finance major infrastructure projects.

Its vice president, Manuela V. Ferro made the offer at a meeting with Prime Minister Pham Minh Chinh Monday, who said he expected concessional financing.

He suggested lending to large and transformative projects such as Hanoi's metro (Van Cao - Lang Hoa Lac section), the Ho Chi Minh City - Can Tho railway, clean energy plants, and the one-million-hectares of high-quality rice initiative.

He assigned a deputy prime minister to directly oversee and control the progress on a monthly basis.

Ferro agreed that the loans should be directed towards large and high-impact projects.

In recent years the bank has provided around $25 billion to Vietnam for socio-economic development projects.

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