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Japan has pledged to provide 11 billion yen ($106.2 million) in official development assistance (ODA) for Vietnam in fiscal year 2016, the Vietnamese government portal reported Tuesday.
A diplomatic note on the Japanese aid was signed in Hanoi on Tuesday by Vietnam’s Vice Minister of Planning and Investment Nguyen Van Trung and Japanese Ambassador to Vietnam Fukada Hiroshi.
The loan will facilitate Vietnam’s national budget to carry out the Third Economic Management and Competitiveness Credit (EMCC) with the aim to promote reforms in some priority areas during the implementation of Vietnam’s 2016-2020 Socio Economic Development Plan.
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The signing ceremony on the $106 million ODA loan on September 6 between Vietnam and Japan. Photo by VGP/Huy Thang |
The funding will help the Vietnamese government maintain macro-economic stability; enhance financial management including dealing with bad debts, banking reforms, debt management and treasure management; and push for transparency, saving and responsibility in the public sector.
The Japanese ambassador said unlike the other times when most of the loans are for major infrastructure projects, the funding this time is used to aid Vietnam’s national budget.
Japan has become Vietnam’s biggest donor with 2,800 billion yen (more than $27 billion) provided since 1992.
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