Vietnam Gets Big ODA Loan from Japan

On October 26, 2009, Japan signed an exchange of notes with Vietnam to offer 64.891 billion yen for the first half of the fiscal year 2009.

The pledged credits will go to five projects: the project to build the Thai Binh thermo-electric plant and an electric line, the project to develop small-scale infrastructure for poor households, the project to sponsor small and medium-sized enterprises in the third stage, the project to boost up consumption of renewable energy, and the project to build a byway in Can Tho City.

 

Japanese Ambassador to Vietnam Sakaba Mitsuo said the ODA grant for the second time in the fiscal year 2009 may be tantamount to the first half value, bringing the total ODA loan of Japan to Vietnam to over 180 billion yen, or US$2 billion. To date, the pledged ODA grant of the Japanese Government for Vietnam has already reached 1,542 billion yen.

 

The official signing ceremony on the ODA loan is scheduled to take place on November 10, 2009 in Japan. The world’s second largest economy also plans to fund an emergency loan of 55 billion to help Vietnam deal with global economic recession.