EC to Provide EUR160Mln for Vietnam's Development Targets in 2007-10
The European Commission will grant EUR160 million for Vietnam to fulfill the development targets and boost its trade and economic integration as WTO member from 2007 and 2010, state media reported Wednesday.
Planning and Investment Minister, Vo Hong Phuc, and the head of the EC delegation in Vietnam, Markus Cornaro, signed a memorandum of understanding on the aid June 12 in Hanoi.
It will cover the first of two Multi-Annual indicative programs to be endorsed by the EC for Vietnam. The programs set out broad lines of EC’s dialogue, cooperation and financial assistance to the Southeast Asian nation between 2007 and 2013.
With the MOU, the EC will help raise the quality and effectiveness of aid by supporting government ownership and increasing donor harmonization and complementary alignment to government policies.
So far EUR304 million (US$408 million) has been earmarked for its implementation over the seven years.
At the signing ceremony, Phuc said that the EC had granted Vietnam EUR600 million (US$807 million), including 80 per cent of non-refundable aids in the 1995-2006 period, highlighting EC’s support for Vietnam’s doi moi process.
Vietnam presented the EC ambassador two insignia in recognition for his great and effective cooperation with MPI and the Ministry of Finance.
Along with other donors, the EC will stay engaged in policy dialogues in the key areas of reform of business development, social inclusion, natural resources and modern governance.
Average annual assistance for Vietnam has been increased by about 30 per cent in recognition for its achievements in combating poverty and efforts to attain the Millennium Development Goals compared with the 2002-2006 period. (Local sources)
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