RoK to provide US$ 1.5 bln ODA for VN
15:45 | 09/11/2017

VGP - The Republic of Korea (RoK) will provide US$ 1.5 billion in official development assistance (ODA) for Viet Nam for 2016-2020 via the Korea Economic Development Cooperation Fund (EDCF). The credit package expects to make positive contribution to socio-economic development in Viet Nam. 

Minister of Planning and Investment Nguyen Chi Dung and RoK’s Ambassador to Viet Nam Lee Hyuk signed the framework agreement of the ​credit from the EDCF in the 2016-2020 period yesterday in Ha Noi. 

The credit framework agreement in the 2016-2020 period comprises ten articles, stipulating that the RoK’s Government would offer US$ 1.5 billion in ODA for the Vietnamese Government in the five-year term, and basic conditions.

Specifically, the framework included lending conditions, disbursement, and Vietnam’s incentives for projects using the RoK-funded ODA. The sum will be reserved for projects selected by the two governments.  

Speaking at the signing ceremony, Minister Dung said the RoK’s ODA has been used in important and priority fields in Viet Nam over the past more than two decades.  

He also lauded the RoK government for considering Viet Nam a top priority partner in ODA supply. 

RoK’s Ambassador Lee vowed to work closely with Vietnamese agencies to realize the agreement which creates a legal framework for the process. 

Since 1993, the RoK has offered US$ 2.7 billion in ODA to Viet Nam to carry out nearly 60 projects, mostly in transport infrastructure, urban development, health care, and water supply and drainage./. 

By Kim Loan 

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