RoK pledges US $1.2 bln for VN

VGP – Minister of Planning and Investment Bui Quang Vinh and the Republic of Korea (RoK)’s Ambassador to Viet Nam Ha Chan Ho signed on December 21 a Framework Agreement on the RoK’s provision of a US $1.2 billion credit for Viet Nam in 2012-2015.

December 21, 2012 4:12 PM GMT+7

The Agreement focuses on three pillars in Viet Nam’s strategic development 2011-2020 and gives priority to such fields as traffic, water supply, renewable energy, information technology, health, human resources development, agriculture and rural development and specific projects in the future.

The Vietnamese Government commits to cooperating with Korea International Cooperation Agency (KOICA) and Korea Eximbank to manage and use Official Development Assistance (ODA) effectively, said the Minister.

Viet Nam is one of crucial partners of the RoK, confirmed the Ambassador. The RoK commits to providing more assistance for Viet Nam in the future to increase the Gross Domestic Product per capital of Viet Nam to US $3,200 by 2020, he added.

Earlier, in the phase from 2008-2011, the RoK Government sponsored US $1 billion in preferential loans for Viet Nam. The two sides concretized their commitments through loan agreements for 28 projects worth around US $950 million.

By Thuy Dung