WB pledges $350 mln loans for Vietnam's low-carbon rice cultivation

The World Bank (WB) has pledged $350 million loans to help Vietnam develop 1 million ha of specialized rice cultivation with high quality and low emissions associated with green growth in the Mekong Delta region, the Voice of Vietnam (VOV) online newspaper has reported.

Mr. Guo Li, a senior agriculture economist in the South Asia Region of the WB, said the WB is coordinating with the Ministry of Agriculture and Rural Development of Vietnam (MARD) and the International Rice Research Institute (IRRI) to provide financial and technical resources for the project.

In addition to the $350 million loans, the WB will also mobilize $40 million in carbon credits to support farmers engaging in the project, according to Mr. Li.

Under the project, a pilot rice farming model in Can Tho city has proved effective in reducing CO2 emissions by 2 tons per ha compared to the model that removes rice straw from the fields and by 12 tons per ha compared to that practicing rice straw burial after harvesting, according to the MARD.

The MARD has implemented seven pilot models in Can Tho city, and Dong Thap, Kien Giang, Tra Vinh, and Soc Trang provinces.