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| General Secretary of the Communist Party of Việt Nam Central Committee and President Tô Lâm and French President Emmanuel Macron witness the exchange of cooperation documents and agreements between the two countries. — VNA/VNS Photo |
PARIS — Việt Nam’s Ministry of Finance and the French Development Agency (AFD) have exchanged two financial cooperation agreements worth more than EUR 41 million (US$48.6 million) to support an integrated water resources management project in the northern mountainous province of Điện Biên.
The agreements were exchanged at the Élysée Palace in Paris in the presence of General Secretary of the Communist Party of Việt Nam Central Committee and President Tô Lâm and French President Emmanuel Macron, the Ministry of Finance said.
Minister of Finance Ngô Văn Tuấn and AFD Chief Executive Officer Christophe Lecourtier exchanged the agreements, comprising an AFD loan and a grant from the WARM Fund, which is managed by AFD.
The project on integrated water resources management for livelihoods, climate change adaptation and socio-economic development will be implemented in Tuần Giáo, Điện Biên Province.
The Điện Biên provincial People’s Committee will serve as the project’s managing authority, while the provincial Department of Agriculture and Environment will be the project owner.
The agreements include a EUR 39.828 million ($46.8 million) loan and a EUR 1.5 million ($1.8 million USD) non-refundable grant.
The project proposal was approved by the Prime Minister in August 2024. Its investment policy was subsequently approved by the Điện Biên provincial People’s Council, while the project itself was approved by the provincial People’s Committee.
Under the approved plan, the project has a total investment of nearly VNĐ1.39 trillion ($52.8 million), including EUR 39.83 million in AFD financing, EUR 1.5 million in non-refundable aid and VNĐ312.52 billion ($11.9 million) in counterpart funding.
The project aims to improve the management and efficient use of water resources and strengthen water regulation between river basins, helping secure water supplies for production and daily life while improving resilience to drought, erosion, flooding and climate change.
Once completed, it is expected to provide a stable water supply for about 35,000 people and 21,000 hectares of agricultural land in Tuần Giáo.
The project will also upgrade irrigation infrastructure and water regulation networks, supporting agricultural production, expanding areas devoted to perennial industrial crops and contributing to environmental protection. — VNA/VNS
