Vietnam’s development partners aim to mobilize at least $880 million to help Vietnam deal with climate change in the Mekong Delta, which is enduring consequences of saltwater intrusion, World Bank Country Director for Vietnam Ousmane Dione said Tuesday.
World Bank Country Director for Vietnam Ousmane Dione speaks at the Mekong Delta conference on behalf of development partners on June 17. Photo
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In November 2017, the government issued Resolution 120 on Sustainable Development of the Mekong Delta in Response to Climate Change. More recently, this commitment was reinforced, with the approval of the overall Action Plan for Resolution 120.
“As your Development Partners, we too are committed to the Mekong Delta and the implementation of Resolution 120,” said the country director.
Since 2015, Vietnam’s development partners have mobilized approximately US$1.6 billion for activities in the Mekong Delta, most of which are aligned with Resolution 120.
In partnership with government authorities at all levels, the partners have used this financing for innovative pilots and large infrastructure investments aiming to bolster climate resilience and sustainability, to foster growth for people, provinces and the region.
Dione suggested in the new fiscal climate of Vietnam, efficient mobilization and use of financial resources, has to be prioritized. To mobilize financing, first, it is important to establish an overarching financing platform that can bring together and leverage public and private resources, concessional loans, and grants, and efficiently allocate the financial resources to prioritized climate-smart investments.
Second, prioritize an enabling regulatory environment for partnerships among provinces and with private sector. Third, establish a simplified and efficient budget allocation and execution system with robust and effective fiscal incentives for promoting regional investments.
The development partners pledge to continue to assist Vietnam with identifying appropriate financing instruments, designing enabling regulations, and mobilization of financing.
Dion also recommended said delivering Resolution 120 requires that climate-smart and low-impact agriculture and aquaculture in the Delta be professionalized and focus on adding value. Improved connectivity is also imperative for a climate resilient, prosperous and sustainable Mekong Delta.
