WB Seeks to Develop $117M Urban-Sustainable Tourism Proj in Vietnam Lao Cai

The World Bank (WB)’s delegation has conducted a seven-day working trip to Vietnam’s northern province of Lao Cai to plan VND2.72 trillion ($117.1 million) urban development and sustainable tourism project in the 2020-2025 period, local media reported. Of the figure, WB will plunk down $107.6 million for the project while the remainder will be the reciprocal capital from the local authorities. The investment will go to (i) developing infrastructure services, enhancing climate change adaptation and response, and expanding sustainable tourism in Sa Pa district, (ii) building sustainable city of Lao Cai; (iii) improving tourism service connectivity and economic competition of the province; and (iv) helping with urban management and sustainable tourism development. In the first two months of this year, Lao Cai hosted 583,630 tourists, including 93,600 foreigners, down 29.3% y/y while earning VND2.28 trillion in revenue, which dropped 31.8% y/y. (Ministry of Construction, moc)