RoK provides Vietnam with US$1.5 billion worth of ODA loans

15:10 | 14/11/2017 Finance - Banking

The Government of the Republic of Korea (RoK) will provide Vietnam with official development assistance (ODA) loans worth US$1.5 billion in the 2016-2020 period following a recently signed framework agreement between the two Governments.

rok provides vietnam with us 15 billion worth of oda loans
At the signing ceremony for the agreement - Credit: H.A

On behalf of the two Governments, Vietnamese Minister of Planning and Investment Nguyen Chi Dung and RoK Ambassador to Vietnam Lee Hyuk signed the framework agreement in Hanoi on November 8 concerning loans from the Economic Development Cooperation Fund (EDCF) for the 2016-2020 period.

The agreement includes 10 provisions which regulate the loans of US$1.5 billion along with specific conditions to fund projects selected by the Governments of the two countries.

Addressing the signing ceremony, Minister Nguyen Chi Dung valued the RoK Government for giving priority to providing ODA to Vietnam, noting that the agreement is the next steps in the relationship between the two countries, promising positive contributions to the socio-economic development of Vietnam in the future.

RoK Ambassador to Vietnam Lee Hyuk continued to affirm the support of the RoK Government for Vietnam and pledged to coordinate closely with Vietnam's relevant agencies to concretise the framework agreement in the 2016-2020 period.

RoK has provided Vietnam with US$2.7 billion worth of ODA since 1993 to implement about 60 projects in the areas of transport infrastructure, urban development, health, water supply and drainage, among others.

Theo NDO