Japan pledges US $306 mil. in ODA for VN

Minister of Planning and Investment Võ Hồng Phúc (R) and Japanese Ambassador to Việt Nam Sakaba Mitsuo (L) exchange note on ODA granting, Hà Nội, May 14, 2010 – Photo: Vneconomy

On behalf of the two Governments, Vietnamese Minister of Planning and Investment Võ Hồng Phúc and Japanese Ambassador to Việt Nam Sakaba Mitsuo inked the note of exchange.   

The credit will be poured in three important projects: the East-West Corridor in Hồ Chí Minh City (stage 5) with ¥14.067 billion; improve the city’s water environment with ¥ 4.327 billion; and fund the national program on combating climate change with ¥10 billion.  

According to Minister Võ Hồng Phúc, the ahead-schedule signing ceremony reflected the necessity to tackle climate change and construct important projects in Việt Nam. The early ODA commitment in the 2010 fiscal year would help the recipient country finalize major urban infrastructure projects on schedule. 

It was reported that, following the frame conditions as stipulated in the note of exchange, representatives of Việt Nam’s Ministry of Finance and the Japan International Cooperation Agency (JICA) will seal three separate credit agreements on the projects.  

Since 1992, the Japanese Government has pledged to grant ¥1,586 billion, equivalent to US $16 billion, to Việt Nam, of which a half was disbursed./.

By Khánh Phương