Vietnam set to receive US$23 billion in ODA for 2021-2025
The ODA would help realize the Government’s vision of ensuring inclusive growth by accelerating the development level of poor provinces/cities that otherwise would not be able to mobilize domestic funds.
The official development assistance (ODA) from international donors for Vietnam in the 2021-2025 period is estimated at VND527 trillion (US$23 billion).
|The elevated Ring Road No.3 in Hanoi. Photo: Pham Hung|
The figure was revealed in the Government’s decision No.2109/QD-TTg signed off by Deputy Prime Minister Pham Binh Minh on the orientation and utilization of ODA and concessional loans from foreign donors during the 2021-2025 period.
Upon breaking down, VND305 trillion ($13.3 billion) would be allocated to projects at the national level, and the remaining VND222 trillion ($9.7 billion) in on-lending to provinces/cities.
Under the decision, the priorities for ODA spending would be on socio-economic infrastructure development projects; enhancing capabilities in drafting legislation, policies, and reform; mitigating impacts from natural disasters and adapting to climate change; social welfare; and preparing for projects that could further increase the concessional levels in future borrowing.
Among priorities, the Government expects to allocate ODA funds for healthcare, education, vocational training, climate change, environmental protection, and essential economic infrastructure with a low possibility of capital return.
Based on the actual situation, ODA funds could further be spent on addressing natural emergencies and promoting green growth, innovation.
The Government’s decision also noted the ODA would be allocated based on economic zones, for which both non-refundable and borrowed ODA is set to provide to socio-economic backward localities.
The move is in line with the Government’s vision of ensuring inclusive growth by accelerating the development level of poor provinces/cities that otherwise would not be able to mobilize domestic funds.
A part of the ODA would also be used to finance projects addressing social issues during the urbanization process and strengthening provincial linkages in the North West, Central Highlands, and Mekong delta for greater economic development.
Since 1993, Vietnam has mobilized over $80 billion in ODA and preferential loans, making the country one of the largest ODA recipients globally.
- FPT Software and Singapore’s NCS jointly develop technology center
- Actual FDI to Vietnam raises by 10% to US$12 billion in seven months
- Vietnamese Gov’t eyes construction of Tan Son Nhat Airport’s new terminal in Q3
- Economic cooperation - a highlight of Vietnam-Oman relationship
- JBIC prioritizes partnership with Vietnam
- Vietnam and India open new direct flights
Vietnam’s middle power diplomacy in ASEAN
Hotels in Hanoi heat up mooncake season
Hanoi verifies promoting Covid-19 vaccination as key task
Vietnam is stunning in South Korean artist’s MV
Hanoi focuses on supporting business recovery: Mayor
Construction of Hanoi’s Ring-road No.4 set to begin next June
Dolphin shows fascinate audiences in Hanoi
Vietnam's investment in education accounts 18% of total state expenditure
People and businesses urged to take part in the digitalization: PM