Japan will provide Vietnam with 40.946 billion JPY (US$508 million) in official development assistance (ODA) to help the country develop socio-economic infrastructure, attract foreign investment and integrate into the global economy.
An agreement to this effect was signed between Minister of Planning and Investment Vo Hong Phuc and Japanese Ambassador to Vietnam Yasuaki Tanizaki in Hanoi on June 14.
This first-stage preferential loan for the fiscal year 2011 will be intended for projects to build the Ho Chi Minh City - Dau Giay expressway at a cost of 25.034 billion JPY, and a highway running from Da Nang to Quang Ngai worth 15.192 billion JPY.
Based on this agreement, representatives from the Ministry of Finance and the Japan International Cooperation Agency will sign soon two specific credit contracts for these projects.
Since its resumption of ODA to Vietnam in 1992, Japan has always been Vietnam’s largest donor, with total assistance worth almost 1.68 trillion JPY.