KEXIM Bank push construction projects in Tuyen Quang and Long An

Deputy Minister of Finance Tran Quoc Phuong and vice president of KEXIM Bank Hong Soon-young

Deputy Minister Phuong said that since establishing bilateral diplomatic relations, cooperation between the two countries has continuously developed, especially in economics.

He respected and appreciated the support and assistance of the South Korean government and KEXIM. As the agency of the South Korean government managing the Economic Development Cooperation Fund (EDCF), KEXIM has boosted the effective implementation of projects in transportation, health, and the environment in Vietnam.

"These affirm the interest and close cooperation between the two sides towards future development goals," he said.

The Ministry of Finance (MoF) and KEXIM have signed 65 agreements with a total funding value of nearly $3 billion within the EDCF Framework Agreement over the years. Most recently, loans from the EDCF for the 2024-2030 period worth $2 billion were signed at the end of 2023.

Phuong said that the loans required official development assistance (ODA) standards. Mobilising ODA capital is one of the top priorities of the Vietnamese government. "With this close coordination, upcoming projects will achieve many good results," the deputy minister said.

Soon-young said that the South Korean Ministry of Economy and Finance is interested in two projects - a road from Tuyen Quang city centre to the My Lam mineral spring tourist area in the northern province of Tuyen Quang, and three bridges over the Can Giuoc, Vam Co Dong, and Vam Co Tay rivers in in the Mekong Delta province of Long An.

He asked the MoF to push the implementation of these projects this year. The bank will also continue exploring new projects suitable for cooperation between the two countries.

Japanese ODA is massive contribution for Vietnam Japan has been providing official development assistance for 70 years. Sugano Yuichi, chief representative at the Japan International Cooperation Agency’s (JICA) Vietnam office, spoke with VIR’s Thanh Dat about the prospects of cooperation in this field in Vietnam.

Cooperation underscores Japan’s links to Vietnam Since joining the Colombo Plan in 1954, Japan has provided financial and technical cooperation to low-resource countries through official development assistance (ODA) with the aim of contributing to the peace and development of the international community.

Ministry of Finance and World Bank discuss new ODA-funded projects Minister of Finance Nguyen Van Thang met with Mariam Sherman, World Bank division director for Vietnam, Cambodia and Laos in Hanoi on March 21 to discuss upcoming projects using official development assistance (ODA).