Vietnam and Korea sign 2016-2020 Framework Arrangement on ODA

The Framework Arrangement for 2016-2020 is clear evidence for the closer relations between Vietnam and Korea

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2017 marks the 25^th anniversary of the successful Vietnamese-Korean diplomatic relations. The co-operation between the two countries has been developing in almost every field to the mutual benefit of the two sides.

Minister of Planning and Investment Nguyen Chi Dung and Ambassador Extraordinary and Plenipotentiary of Korea Lee Hyuk today signed the Framework Arrangement concerning loans from the Economic Development Cooperation Fund (EDCF) for the 2016-2020 period.

At the signing ceremony, Minister Dung emphasised the contributions and efficiency of Korea’s official development aid-funded projects in Vietnam during the past more than two decades.

“We always highly appreciate and recognise the efforts of the Korean government to maintain Vietnam as a top priority ODA partner. The Framework Arrangement concerning loans from the EDCF during 2016-2020 is clear evidence,” said Nguyen Chi Dung.

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 Korean ODA, as well as the foundation for both sides to select and carry out projects using EDCF capital during 2016-2020.

It contains new initiatives as compared to the previous arrangements and is expected to create more favourable conditions for the implementation of Korean ODA-funded projects.

On the Korean side, Ambassador Lee Hyuk reaffirmed the Korean government’s commitment to provide assistance to Vietnam and promised to closely co-ordinate with the relevant Vietnamese agencies to carry out the Framework Arrangement for 2016-2020.

“The Korean government not only provides loans to assist Vietnam, but also wants to accompany Vietnam on the journey to future prosperity,” said Hyuk.

The Korean government provides ODA for Vietnam through EDCF, based on the framework arrangement for every period.

Since 1993, $2.7 billion of Korean 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 significant for Vietnam’s socio-economic development.