2.7 billion USD needed to carry out 1 million ha high-quality rice project
(VOVWORLD) - Vietnam needs some 2.7 billion USD from different funding sources to implement a project to develop 1 million hectares of high-quality and low-emission rice in association with green growth in the Mekong Delta region by 2030.
The World Bank (WB) has committed loans and technical support, while the International Rice Research Institute (IRRI) and other organizations have pledged technical assistance.
According to Cao Thang Binh, a senior WB expert, Vietnam is one of the top three rice-exporting countries in the world, with one in every six rice eaters eating Vietnamese rice. The initiative marks the first large-scale, sustainable rice production project designed to reduce emissions for both Vietnam and the world. It is a pivotal moment for Vietnam to promote and rebrand its rice, demonstrate its responsibility in rice production, and enhance its global standing.
Binh estimated that investing approximately 1 billion USD in the project could yield about 4 billion USD in returns. Additionally, reducing production costs and fertiliser use by approximately 30% represents a significant benefit to the country. The project also supports Vietnam’s commitment to achieve net-zero emissions by 2050.