Business

Japan lends VN 120 billion JPY during 2009 fiscal year

Japan has pledged to provide official development assistance (ODA) loans worth nearly 120 billion JPY (1.3 billion USD) in total for Vietnam during the 2009 fiscal year.
Japan has pledged to provide officialdevelopment assistance (ODA) loans worth nearly 120 billion JPY (1.3billion USD) in total for Vietnam during the 2009 fiscal year.

To this effect, seven agreements were signed by Deputy Minister ofFinance Tran Xuan Ha and Oshima Kenzo, Vice President of the JapanInternational Cooperation Agency (JICA), in Tokyo on November 10.

The loans will be used to support small- and medium-sized enterprises,encourage the effective use of energy and clean energy sources as wellas build the Thai Binh Thermoelectricity Plant and the first phase ofthe electricity transmission line.

The loans will also help develop infrastructure, reduce poverty and stimulate economic development.

According to the Ministry of Finance, in the context of the worldeconomic crisis, the signing of the agreements continues proving theimportance of the Vietnam-Japan strategic partnership.

This is the 17 th consecutive year the Japanese government has providedODA for Vietnam . Japan ’s total ODA pledged for Vietnam since 1992 hasreached over 1,370 billion JPY and the commitment for the 2009 fiscalyear is the largest one.

Infrastructure, energy, transport, seaport and telecommunication areareas that have received the most ODA funding from Japan .

Many Japanese-funded projects such as the Pha Lai, Phu MyThermoelectricity Plants, Ham Thuan-Da My Hydropower Plant, Tan SonNhat International Airport and Bai Chay Bridge have helped boost thesocio-economic development in Vietnam./.
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