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| Representatives of the Ministry of Finance and JICA signed the loan agreement. (Photo: BTC) |
The above three agreements were implemented following the results of three diplomatic notes exchanged and signed between Finance Minister Ho Duc Phoc and Japanese Foreign Minister Hayashi Yoshimasa, during Prime Minister Pham Minh Chinh's working trip to attend the expanded G7 Summit in May 2023.
Notably, the budget support loan agreement worth 50 billion Yen for the Vietnam Socio-Economic Recovery and Development Program after Covid-19 is worth noting.
This is a loan under the new generation Official Development Assistance (ODA) Program, implemented on the basis of commitments by the Prime Ministers of Vietnam and Japan.
This loan is implemented with the most preferential interest rate ever, with a quick disbursement mechanism, directly integrated into the state budget. The loan is implemented with quick procedures. From the time the Prime Ministers of the two countries committed to the completion of the loan agreement signing, it took only 1 year.
In addition to the budget support loan agreement, the Ministry of Finance and JICA also signed two loan agreements for infrastructure development investment projects in Binh Duong and Lam Dong provinces.
Of which, the loan for the Public Transport Infrastructure Improvement Project in Binh Duong Province worth 6.3 billion Yen is implemented in the field of transport infrastructure development through the development of a rapid bus system connecting Binh Duong Province, Ho Chi Minh City and Dong Nai Province. This loan will create a premise for the development of a directional transport system along the Metro line.
The loan for the Lam Dong Province Agricultural Infrastructure Improvement Project (Phase 1) worth 4.7 billion Yen aims to support Lam Dong Province's agricultural infrastructure with sub-projects in the fields of transportation, irrigation and flower trading center.
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| Representatives of the Ministry of Finance and JICA hand over the loan agreement. (Photo: BTC) |
The three loan agreements signed this time mark a new development in the cooperative relationship between the Ministry of Finance and JICA.
With the three loans signed this time, Japan continues to be Vietnam's largest bilateral donor with a total committed capital of more than 2,567 billion Yen (equivalent to more than 23 billion USD).
Japanese loan projects have a diverse range of loan recipients such as transportation, energy, healthcare, education, climate change response... and have been making important contributions to Vietnam's economic and social development.
The Japanese Government's continued commitment to funding the Vietnamese Government to implement these programs and projects affirms the strategic partnership between the two countries, as well as the trust of the Japanese Government and people in the management capacity, project implementation and strong development potential of the country and people of Vietnam.
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