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Vietnam, Germany ink cooperation agreements

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.
The Vietnamese Ministry of Finance and the German Ministry of EconomicCooperation and Development signed a finance cooperation agreement for2013-2014 in Hanoi on December 2, according the Lao Dong (Labour)newspaper.

Under the agreement, the German Government willprovide 70.5 million EUR in official development assistance (ODA) and 8million EUR in non-refundable aid for Vietnam.

It will supply100 million EUR, which is channeled through KfW, for projects to improvepower networks in Hanoi and Ho Chi Minh City under a financingagreement inked the same day.

According to Deputy Minister ofFinance Truong Chi Trung, by signing the agreements, Germanystrengthened its position as Vietnam’s third largest bilateral donor,after Japan and France.

Germany is currently the largestEuropean trade partner of Vietnam with two-way trade reaching nearly 8billion USD, accounting for over 20 percent of the total trade betweenVietnam and the EU. More than 300 German businesses have beenlicensed to operate in Vietnam so far with Siemens, Daimler, Adidas,Braun and Allianz operating in the country for a long time.-VNA
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