The Vietnamese Ministry of Finance and the German Ministry of Economic Cooperation and Development signed a finance cooperation agreement for 2013-2014 in Hanoi on December 2, according the Lao Dong (Labour) newspaper.
Under the agreement, the German Government will provide 70.5 million EUR in official development assistance (ODA) and 8 million EUR in non-refundable aid for Vietnam.
It will supply 100 million EUR, which is channeled through KfW, for projects to improve power networks in Hanoi and Ho Chi Minh City under a financing agreement inked the same day.
According to Deputy Minister of Finance Truong Chi Trung, by signing the agreements, Germany strengthened its position as Vietnam’s third largest bilateral donor, after Japan and France.
Germany is currently the largest European trade partner of Vietnam with two-way trade reaching nearly 8 billion USD, accounting for over 20 percent of the total trade between Vietnam and the EU. More than 300 German businesses have been licensed to operate in Vietnam so far with Siemens, Daimler, Adidas, Braun and Allianz operating in the country for a long time.-VNA
Under the agreement, the German Government will provide 70.5 million EUR in official development assistance (ODA) and 8 million EUR in non-refundable aid for Vietnam.
It will supply 100 million EUR, which is channeled through KfW, for projects to improve power networks in Hanoi and Ho Chi Minh City under a financing agreement inked the same day.
According to Deputy Minister of Finance Truong Chi Trung, by signing the agreements, Germany strengthened its position as Vietnam’s third largest bilateral donor, after Japan and France.
Germany is currently the largest European trade partner of Vietnam with two-way trade reaching nearly 8 billion USD, accounting for over 20 percent of the total trade between Vietnam and the EU. More than 300 German businesses have been licensed to operate in Vietnam so far with Siemens, Daimler, Adidas, Braun and Allianz operating in the country for a long time.-VNA
