IFAD helps mobilize $788 mln for 17 Vietnam agricultural projects in 3 decades

The International Fund for Agricultural Development (IFAD) has supported 17 projects in Vietnam over the last 30 years, mobilizing more than $788 million in financing, of which $420.5 million came from the fund itself.

These projects have helped improve the lives of 738,000 households and reduce poverty in the Southeast Asian country, IFAD said at an event marking three decades of partnership with Vietnam in Hanoi on Tuesday.

IFAD’s support has helped generate new jobs, increased incomes, and facilitated the formation of saving and credit groups, promoting financial inclusion and economic empowerment, the fund added.

“Given Vietnam’s vulnerability to climate change, we are prioritizing climate adaptation for small-scale farmers and engaging communities to adopt climate-informed approaches while equipping them with the necessary tools and knowledge,” said Guoqi Wu, IFAD associate vice president, at the event.

Ambrosio Barros, IFAD country director for Vietnam, noted that the fund has focused on market-led innovations, institutional and policy reform, and building capacities of local governments, farmers and rural people.

Vice Minister of Agriculture and Rural Development Tran Thanh Nam acknowledged that IFAD's long-standing collaboration with Vietnam has been instrumental in driving sustainable development in rural areas.

“With IFAD’s support, we have seen remarkable improvements in agricultural productivity and poverty reduction, which has empowered rural communities,” Nam stressed.

Going forward, IFAD’s partnership with Vietnam will focus on addressing the impacts of climate change and ensuring the full participation of marginalized groups, Wu noted.

IFAD is an international financial institution and specialized United Nations agency based in Rome, the UN’s food and agriculture hub. Since 1978, the fund has provided $23.2 billion in grants and low-interest loans.