(MPI) - On November 8th 2017, Minister of the MPI Nguyen Chi Dung and Ambassador Extraordinary and Plenipotentiary of Korea Lee Hyuk on the Government’s behalf of the two countries signed Framework Arrangement concerning loans from the Economic Development Cooperation Fund (EDCF) for the years 2016 through 2020.
Minister Nguyen Chi Dung and Ambassador Lee Hyuk at the signing ceremony. Photo: Duc Trung (MPI)
At the signing ceremony, Minister of the MPI Nguyen Chi Dung emphasised the contributions and efficiency of the Korea’s official development aids (ODA) for Vietnam during more than the last two decades in major and priority fields. He also highly appreciated and recognized the efforts of Korean Government to maintain Vietnam as the top priority partner to provide ODA.
The Ambassador Lee Hyuk continued to confirm the assistances of Korean Government for Vietnam and committed to closely coordinate with relative agencies of Vietnam to conduct the Framework Arrangement for 2016-2020.
The Framework Arrangement for 2016-2020 consists 10 articles, concerning the Korea’s ODA credit worth $1.5 billion providing for Vietnam in the year 2016 through 2020 along with some basic requirements. The credit will be used in the projects selected by the two Governments. The Framework Arrangement includes scale and conditions of loan; process of transferring, implementation, disbursement; incentives of Vietnam for the projects using Korea’s ODA and EDCF’s Office in Vietnam. The Framework Arrangement, which was approved after one year of negotiation, will create the legal framework for Korea to provide loans and for Vietnam to receive Korea’s ODA, as well as being foundation for the both sides to select and carry out the projects using EDCF’s capital for 2016-2020. It contains new initiatives as compared to the previous arrangements, is expected to create more favorable conditions for the deployment of projects.
Korean Government provides ODA for Vietnam through EDCF, based on the framework arrangement for every period. The latest one for 2012-2015 has been basically done. Since 1993 up to now, $2.7 billion of Korea’s ODA was provided for Vietnam to carry out about 60 projects in such priority fields as traffic and urban infrastructure, health, water supply and drainage… which are great significant for the socio-economic development of Vietnam./.
Ministry of Planning and Investment