Vinh Thinh bridge that connects Son Tay District of Ha Noi and Vinh Phuc province, was built by ODA loans from the Korean Government. — VNA/VNS Photo Huy Hung

HA NOI (Biz Hub) — A policy dialogue on official development assistance (ODA) between Viet Nam and the Republic of Korea (RoK) was held in Hanoi on June 8. 

Viet Nam's 2016-2020 socio-economic development plan, medium-term public investment plans and several laws were introduced at the event, along with RoK's new regulations and policies on development cooperation and ODA. 

The head of the Foreign Economic Relations Department under the Ministry of Planning and Investment, Le Quang Manh, said financial cooperation will play a vital role in the development partnership between the two countries. 

For effective cooperation, Viet Nam should take advantage of assistance from the RoK government and the Korea International Cooperation Agency (KOICA) and attract investment in the fields that Korea is strongest in and where Viet Nam has demand, such as transport, health, environment and high technology, Manh suggested. 

The country also needs to be proactive in making proposals for projects that are in conformity with its medium and long-term annual development plans and policies. 

Lee Sang Kyu, representative of the RoK Ministry of Strategy and Finance, stated that the Korean government treasures and attaches importance to its development cooperation with Viet Nam, as the country is an important partner. Priority will be given to transport, urban infrastructure, education and health, as well as environment, clean energy and information technology. 

Currently, the Korean government is building a Country Partnership Strategy (CPS) with Viet Nam to help the nation achieve its goals on transport infrastructure, information technology, and human resources in its 2011-2020 socio-economic development strategy and 2016-2020 socio-economic development plan, he added. 

The RoK government had signed lending agreements or committed to provide credit for nearly 60 projects worth US$2.8 billion in Viet Nam from 1992 to 2015. 

At present, the country is running 34 ODA-funded projects in Viet Nam with a total registered capital of $1.7 billion, of which $0.9 billion has been disbursed. 

The two nations are preparing for negotiations on a framework credit agreement for 2016-2020. The RoK plans to provide ODA loans worth $1.5 billion to Viet Nam during the period, with the focus on large-scale infrastructure, railways, health and information technology.— VNS