Governor of the State Bank of Vietnam, Nguyen Van Binh, and the World Bank Country Director for Vietnam, Victoria Kwakwa, signed a credit of US$250 million for Vietnam Road Asset Management Project on January 14.
The project aims to improve the efficiency of road management and sustainability of maintenance practices in Vietnam.
The project will directly benefit commuters in mountainous northern and central Vietnam. Improvement and maintenance of these sections will result in a reduction of vehicle operating costs, travel time and road accidents.
Successful implementation of the Vietnam Road Asset Management Project will lead to a more effective road preservation strategy, a more optimal road management, and the efficient programming of road network operations.
The project has a total investment of US$301.7 million with a preferential loan of US$250 from the World Bank, US$1.7 million non-refundable aid and US$50 million reciprocal capital of Vietnam.