Econ
Hanoi: dialogue discussing on Vietnam-RoK ODA
On June 8, policy dialogue on official development assistance (ODA) between Vietnam and the Republic of Korea (RoK) was held in Hanoi.
Vinh Thinh bridge crossing Hong River built with the RoK's ODA
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Financial cooperation will be key in Viet Nam-Rok cooperation in near future, said Le Quang Manh, Head of the Foreign Economic Relations Department under the MPI. Viet Nam needs to take advantage of the financial support from the Korean government and Korea International Cooperation Agency (KOICA) and continue to mobilize support from the RoK in the areas where the RoK has experience and strength and Viet Nam has high demand, such as transport, health, environment, as well as high technology, he said. The expert proposed Viet Nam should actively suggest projects which focus on effective sectors and localities in accordance with its medium and long term development plans, he added.
To have the most effective cooperation, Vietnam should take advantage of assistance from the RoK Government and the Korea International Cooperation Agency (KOICA) and attract their investment in the fields that the RoK is strongest and where Vietnam has demand; such as transport, health, environment and high technology, Manh suggested. The country also needs to be proactive in making proposals for projects that are in conformity with its medium- and long-term and annual development plans and policies.
On his side, Sang Kyu Lee, a representative from the Korean Ministry of Strategy and Finance, affirmed that the RoK always promotes the exchanges and cooperation with Viet Nam in the fields of economics, culture, and society. The Korean Government attaches special importance to development cooperation in such fields as transport infrastructure, urban development, healthcare, education, environment; clean energy and IT.
Mr. Sang Kyu Lee revealed that the Korean government is formulating the Country Partnership Strategy (CPS) for Viet Nam in order to help the recipient country achieve the objectives of transportation infrastructure, IT, scientific and technological human resources in the socio-economic development strategy for the period of 2011-2020 and socio-economic development plans for 2016-2020.
The RoK Government signed lending agreements or committed to providing credit for nearly 60 projects worth US$2.8 billion in Viet Nam from 1992 to 2015. Currently, the RoK has had 34 investment projects worth of US$1.7 billion in Viet Nam of which US$0.9 billion has been disbursed. The two sides are preparing to negotiate a Credit Framework Agreement for 2016-2020. The Republic of Korea (RoK) intends to lend US$1.5 billion ODA to Viet Nam in the 2016-2020 period, US$0.9 billion of which will be given to finance cooperation and the rest to other priority areas, like large-scale infrastructure, railway, healthcare, and IT.
Lee Sang Kyu, a representative from the KoK Ministry of Strategy and Finance, stated that the RoK Government treasures and attaches importance to its development cooperation with Vietnam, as the country is an important partner. Priority will be given to transport and urban infrastructure, education, health, environment, clean energy and information technology. Currently, the government is building a Country Partnership Strategy (CPS) with Vietnam to help the nation achieve its goals on transport infrastructure, information technology, and human resources in its 2011-2020 socio-economic development strategy and 2016-2020 socio-economic development plan, he added.
The RoK Government signed lending agreements or committed to providing credit for nearly 60 projects worth 2.8 billion USD in Vietnam from 1992 to 2015. At present, the country is running 34 ODA-funded projects in Vietnam with a total registered capital of 1.7 billion USD, of which 0.9 billion USD has been disbursed.
The two nations are preparing for negotiations on a framework credit agreement for 2016-2020. The RoK plans to provide ODA loans worth 1.5 billion USD for Vietnam during the period, with the focus on large-scale infrastructure, railways, health and information technology. Vietnam’s 2016-2020 socio-economic development plan, medium-term public investment plans, and several laws were introduced at the event, along with the RoK’s new regulations and policies on development cooperation and ODA.
