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Japan pledges nearly $1bn in new ODA for Vietnam

Wednesday, June 07, 2017, 18:52 GMT+7
Japan pledges nearly $1bn in new ODA for Vietnam
Vietnam’s Prime Minister Nguyen Xuan Phuc (L) and his Japanese counterpart Shinzo Abe are seen at the press conference following their talks in Tokyo on June 6, 2017.

Japan has committed more than 100 billion yen in official development assistance (ODA) to Vietnam as the two countries’ heads of government met in Tokyo on Tuesday.

As part of his Japan visit from June 4 to 8, Vietnam’s Prime Minister Nguyen Xuan Phuc held talks with his Japanese counterpart Shinzo Abe, with both leaders reaching consensus on major orientations and specific measures to push forward the two countries’ extensive strategic partnership.

The visiting leader affirmed Vietnam’s consideration of Japan as a long-term economic partner, and highlighted the extreme importance of the strategic economic cooperation with Japan. 

In response, the Japanese premier hailed Vietnam for its increasingly important role in the region and the world, and vowed to provide continued support for Vietnam’s development with the involvement of small and medium-sized Japanese enterprises, corporations and research institutes. 

The two leaders also vowed to promote economic connectivity via the extension of links across investment, trade, ODA, high-tech agriculture and labor.

Vietnam’s Prime Minister Nguyen Xuan Phuc (2nd L) and his Japanese counterpart Shinzo Abe (3rd L) post after the document signing.

After their talks, the two heads of government witnessed the exchange of 14 signed documents between Vietnamese and Japanese ministries and agencies, most notably the diplomatic notes for the exchange of four ODA projects worth 100.3 billion yen, or roughly US$912 million.

The credit will be allocated across four projects on maritime security, water management, wastewater treatment and hi-tech infrastructure development in Vietnam.

The other documents are diplomatic notes on the exchange of three non-refundable aid projects valued at 2.93 billion yen ($26.6 million), covering the operation of reservoirs in case of emergencies and a human resources development scholarship program in 2017 and 2018.

PM Phuc affirmed the Vietnamese government’s resolve to effectively use Japan’s ODA, build a transparent investment environment, and create optimal conditions for Japanese investors.

The visiting premier also vowed to fastidiously implement the commitments he made at the investment  conference on Monday.

The visit to Japan by the Vietnamese head of government has so far witnessed the two countries’ ministries, agencies and city representatives sign 43 foreign direct investment agreements valued at over $22 billion.

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