The Japanese Government has recently approved a preferential credit worth JPY 58.18 billion in the first term of fiscal year 2011 to Vietnam. The soft loan serves a significant role in helping Vietnam ensure balanced development in the context of world economic volatility.
Speaking at the signing ceremony of exchange of notes in Hanoi, Vietnamese Minister of Planning and Investment Vo Hong Phuc expressed his sincere gratitude to the Japanese Government and people for their assistance to Vietnam. The 30-year loan will be earmarked for two important traffic projects, namely Ho Chi Minh City - Long Thanh - Dau Giay expressway section (costing US$932.4 million, using Japan’s official development assistance (ODA) and the Asian Development Bank (ADB)’s loan), and Da Nang - Quang Ngai expressway (costing US$1.472 billion, using Japan’s ODA, the World Bank (WB)’s loans and the Vietnamese Government’s reciprocal finance).
Remarking on this move, many Vietnamese economic specialists said the Government of Japan persists in its friendly financial policy and priority ODA aid for Vietnam, although it is in need of financial resources to rebuild the nation after the recent natural disasters.
The Ministry of Planning and Investment said the conference on policy dialogue between Vietnam and Japan, held in late May in Hanoi, tabled new projects through which Japan could support Vietnam in the new fiscal year. Three projects were taken into consideration, including a project to build a section from Ben Luc, Long An province to Long Thanh, Dong Nai province on the North - South Highway, a project to build the Vietnam Cosmography Research Centre at Hoa Lac High Tech Park, and a continuation project to build the Nghi Son thermoelectricity plant in Thanh Hoa province. The Japanese side is expected to send experts to Vietnam to appraise the new projects before deciding on the next procedures. Besides, Vietnam and Japan agreed to continue discussions on early conclusion of exchange of notes on preferential credit for an international port infrastructure development in northern Hai Phong City.
Since it resumed ODA to Vietnam in 1991, Japan has consistently been a leading ODA provider for the Vietnamese Government, even in the toughest times. In fiscal year 2009, despite the global economic recession, Japan provided a record US$1.5 billion ODA for Vietnam. In 2010, the value jumped to US$1.8 billion. In the coming time, Japan will consider ODA aid for new projects in Vietnam like Lach Huyen Port, T2 terminal in Noi Bai International Airport, Long Thanh International Airport, subways in Hanoi and Ho Chi Minh City, and nuclear power plants.
Anh Phuong
Vietnamese
