(VOVworld) - The Japanese Government will provide the Vietnamese Government with an 11 billion Japanese yen (JPY) loan in the 2016 fiscal year to help improve socio-economic infrastructure and the competitiveness of the national economy.

Nhat Tan Bridge uses Japanese ODA (Source: VNA)

A diplomatic note to this effect was signed by Deputy Minister of Planning and Investment Nguyen Van Trung and Japanese Ambassador to Vietnam Hiroshi Fukada in Hanoi on Tuesday. Speaking at the signing ceremony, Deputy Minister Trung hailed Japan as Vietnam’s biggest ODA provider, pledging that the ODA would be used effectively, contributing to further deepening the two countries’ bilateral economic strategic partnership. With the loan, the Japanese government has so far committed nearly 2.8 trillion JPY in ODA to Vietnam.