RoK provides Vietnam 1.5 billion USD ODA in 2016-2020
(VOVWORLD) - Minister of Planning and Investment Nguyen Chi Dung and the Republic of Korea’s Ambassador to Vietnam Lee Hyuk signed a framework agreement on credits from the Economic Development Co-operation Fund (EDCF) for the 2016-2020 period.
The signing ceremony of a credit framework agreement between Vietnam and South Korea in the 2016-2020 period (Photo: vov.vn)
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According to the agreement, the Korean government plans to provide 1.5 billion USD in Official Development Assistance (ODA) to Vietnam dependent on some basic conditions. The credit will finance projects chosen by both governments. Minister Nguyen Chi Dung told the signing ceremony: “The projects funded by the Korean government have proved effective, contributing to Vietnam’s socio-economic development, infrastructure improvement, and poverty reduction. The signing of the framework agreement will create a legal foundation for awarding and receiving ODA. It will also lay foundations for the two sides to choose and implement projects using EDCF capital in the 2016-2020 period”.