Nhat Tan Bridge uses Japanese ODA (Source: VNA)

Hanoi (VNA)
– The Japanese Government will provide the Vietnamese Government with an 11 billion JPY loan in the 2016 fiscal year to help improve socio-economic infrastructure and the competitiveness of the national economy.

A diplomatic note to this effect was signed by Deputy Minister of Planning and Investment Nguyen Van Trung and Japanese Ambassador to Vietnam Hiroshi Fukada in Hanoi on September 6.

Speaking at the signing ceremony, Deputy Minister Trung hailed Japan as Vietnam’s biggest bilateral ODA supplier, pledging that the ODA will be used effectively, contributing to further deepening the bilateral economic strategic partnership.

The above sum, equivalent to 106 million USD, will enable the Vietnamese Government to carry out the third phase of the Economic Management and Competitiveness Credit programme (EMCC), which aims to strengthen reform in several priority fields as part of the 2016-2020 socio-economic scheme adopted by the National Assembly last April.

Japanese Ambassador Fukada expressed his hope that the Vietnamese Government will use the loan productively and transparently, contributing to helping the country with administrative and financial institution reform.

He also took the occasion to urge Vietnam to pay attention to personnel training and effective policy enforcement.

With the loan, the Japanese government has so far committed nearly 2.8 trillion JPY in ODA to Vietnam.

Based on the diplomatic note, the Vietnamese Finance Ministry and the Japan International Cooperation Agency will sign a specific lending agreement in the future.-VNA