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IFC and Canada Sign Agreement to Improve Livelihoods of Vietnamese Farmers

Hanoi, Vietnam, December 4, 2013 —IFC, a member of the World Bank Group, today signed a cooperation agreement with the government of Canada to give Vietnamese farmers increased access to finance and knowledge-sharing of sustainable agricultural practices to help improve their livelihoods.
Under the agreement, the Canadian government will contribute $7.6 million to implement an agribusiness development project aiming at increasing the profitability and sustainability of Vietnam’s agribusiness sector over the next five years.
“Through this investment, the government of Canada is helping Vietnamese farmers improve their livelihoods,” said Canada’s Minister of International Development and for La Francophonie, the Honorable Christian Paradis. “Canada is supporting initiatives that contribute to sustainable economic growth in Vietnam, assisting farmers throughout the production cycle from their access to credit, through technical training and best practices, to access to markets and commercialization of their products.”
IFC will work with the Vietnamese government to improve the country’s agricultural regulatory framework to enhance access to markets for export commodities and expand business opportunities for farmers. IFC will also advise local commercial banks on broadening access to finance for agricultural businesses, especially smallholder farmers.
The agreement targets farmers of export-oriented commodities, such as cashews, coffee, and rice, and will train them in sustainable farming and business practices as well as post-harvest handling, including improved management skills and technologies for farmers and small traders.
"Improving the competitiveness of Vietnam's agribusiness sector will contribute to reducing  poverty and achieving shared prosperity, and help the sector take advantage of free trade mechanisms like the Trans-Pacific Partnership that Vietnam is negotiating to join,” said IFC Regional Manager for Vietnam, Cambodia, Lao PDR, Myanmar and Thailand Simon Andrews. “Supporting the agribusiness sector's development by facilitating private sector financing and sharing knowledge is one of IFC’s strategic priorities in Vietnam, and we are very pleased to partner with Canada in this important initiative."
IFC has been working with Vietnam’s government and local businesses for the last 15 years to help develop the private sector and its contribution to sustainable economic growth. The government of Canada is an IFC active donor partner in delivering its advisory program in Vietnam.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in more than 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and promote shared prosperity. In FY13, our investments climbed to an all-time high of nearly $25 billion, leveraging the power of the private sector to create jobs and tackle the world’s most pressing development challenges. For more information, visit www.ifc.org
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