Farmers harvest rice in Ô Môn District, Cần Thơ City. Việt Nam will need about $2.7 billion to implement its project of planting 1 million hectares of high-quality rice from now to 2030. — VNA/VNS Photo

CẦN THƠ — Việt Nam is expected to require approximately US$2.7 billion to execute its high-quality rice cultivation project spanning one million hectares by 2030, according to an official from the Ministry of Agriculture and Rural Development (MARD).

During a June 29 meeting involving the Ministry of Planning and Investment, MARD and Mekong Delta localities, discussions focused on utilising World Bank loans to support a project developing one million hectares of high-quality, low-emission rice cultivation in the region. Tôn Thất Sơn Phong, deputy head of MARD’s agricultural project management board, emphasised the urgency of mobilising international resources due to limited domestic funding.

To this goal, the MARD has proactively worked with many international organisations such as the WB, the Asian Development Bank (ADB), the SNV Netherlands Development Organisation, and the International Rice Research Institute (IRRI). To date, the WB has committed to providing loans and technical assistance, while the IRRI and several other organisations have pledged to provide technical support.

Based on the WB's commitment, representatives from the MARD, 12 provinces and Cần Thơ City in the Mekong Delta, and other ministries and sectors have directly worked with the WB and domestic and international experts to complete a draft project on infrastructure and technical support for high-quality, and low-emission rice farming in the region.

The draft project is expected to be submitted to the Prime Minister for consideration and approval in the third quarter of 2024. Its investment is estimated at $430 million, of which $330 million will be financed by loans from the World Bank.

Cao Thăng Bình, a senior expert of the WB, said that this is the first time Việt Nam and the world have a large-scale project on rice production towards sustainable growth and emissions reduction. Việt Nam is at a golden time to implement the project of one million hectares of high-quality rice, and this is a way for the country to promote and reposition the Vietnamese rice brand, its responsibility for rice production, and raise its position in the world.

According to Bình’s preliminary calculations, if the investment for the whole project is about $1 billion, it will generate a profit of about $4 billion. It will also cut down production costs and fertilisers by about 30 per cent.

The project to develop one million hectares of specialised rice cultivation with high quality and low emissions associated with green growth in the Mekong Delta region was approved by the Prime Minister on November 27, 2023.

It is part of efforts to restructure the region's production system and value chain with a focus on sustainable farming practices, higher product value, greater business and production efficiency, as well as improved livelihoods of rice farmers, in accordance with Việt Nam's commitment to protect the environment, adapt to climate change and reduce greenhouse gas emissions. — VNS