Vietnam considers ODA important capital source: Deputy PM hinh anh 1At the meeting on September 30. (Photo: VNA) 

Hanoi (VNA) – The Vietnamese Government continues to consider official development assistance (ODA) as an important capital source and allocate part of it for socio-economic development in the mid-term public investment plan, said Permanent Deputy Prime Minister Pham Binh Minh.

Minh made the statement during a meeting between the Government and six foreign development banks in Hanoi on September 30 to discuss their recommendations about ODA, foreign preferential loans and a draft Decree replacing the Government’s Decree dated May 25, 2020 on the use and management of ODA and preferential loans provided by foreign sponsors.

Deputy Minister of Planning and Investment Tran Quoc Phuong said 2021 is the first year to perform tasks in the mid-term public investment plan for the 2021-2025 period. Since late 2020 and especially mid-May, the COVID-19 pandemic has broken out again in localities, thus affecting the progress of foreign capital disbursement.

Data from the Finance Ministry showed that about 287.6 million USD of foreign capital was disbursed in the first nine months of this year, or 12.69 percent of the yearly capital plan.

Representatives from development banks spoke highly of the Vietnamese Government’s efforts in the process of institution building, project implementation and ODA disbursement. Some of them suggested approving projects with regional connectivity and on a large scale in each locality to achieve efficiency.

World Bank Country Director in Vietnam Carolyn Turk expressed her wish to cooperate with the Vietnamese Government in big projects with greater impacts.

Vietnam considers ODA important capital source: Deputy PM hinh anh 2Permanent Deputy Prime Minister Pham Binh Minh at the event. (Photo: VNA)

Minh said several laws regarding ODA and public investment are being proposed for amendment.

The Vietnamese Government will consider simplifying procedures while ensuring the efficiency of projects, he said, expressed his hope that six development banks and agencies, including the WB, ADB, JICA, KEXIM, AFD and KfW, would consider harmonising their procedures with Vietnam’s ones.

About ODA mobilisation for 2021-2025, Minh said the Vietnamese Government built priority areas in need of ODA and hoped that the banks will offer loans to projects that match Vietnam’s development goals in the period./.