South Korea to double ODA capital for Vietnam by 2024

Korea's ODA capital for Vietnam this year is expected to be more than 52 million USD, an increase of nearly 50% compared to 2023.

The information was shared by Chairman of the Korea International Cooperation Agency (KOICA) Chang Won-sam at a meeting with Deputy Prime Minister Tran Luu Quang on the afternoon of March 19.

"The Korean government and KOICA attach great importance to Vietnam," said Mr. Chang Won-sam.

In June 2023, President Yoon Suk-yeol pledged to lend Vietnam 200 million USD in ODA capital for the 2024-2027 period, in the fields of environment, health, education, and digital transformation.

KOICA Chairman said that this year's ODA capital from Korea to Vietnam is about 52 million USD, double that of 2023. This is one of the plans to realize the commitment to increase the scale of ODA for Vietnam to 200 million USD by 2027, by President Yoon Suk-yeol during his visit in June 2023.

"Korea always listens to find projects that best suit Vietnam's conditions and needs," said the KOICA President.

Deputy Prime Minister Tran Luu Quang met with KOICA Chairman Chang Won-sam on the afternoon of March 19. Photo: VGP — Deputy Prime Minister Tran Luu Quang met with KOICA Chairman Chang Won-sam on the afternoon of March 19. Photo: *VGP*

Established in 1991, KOICA is in charge of non-refundable aid projects of the Korean Government. Its ODA projects in Vietnam are mainly in public administration, health care, and education. The two sides are considering expanding into new areas such as climate change adaptation and digital transformation.

The Korean Government's non-refundable aid through KOICA to Vietnam is 600 million USD, up to the end of 2023.

Deputy Prime Minister Tran Luu Quang appreciated Korea for providing Vietnam with ODA capital "at the fastest speed, with the highest quality and efficiency". He hoped that this country would continue to increase the scale of non-refundable aid to Vietnam in the fields of innovation and high technology.

He also asked KOICA to urge the Korean Government to officially commit to the Rural Electricity Supply Project from the national grid in Dien Bien, with a total capital of about 20 million USD.

South Korea is currently the leading country in direct investment in Vietnam, with a total accumulated capital of 86 billion USD. This country ranks second in tourism development cooperation and third in trade, with a turnover of 76 billion USD in 2023.

Duc Minh

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