Official development assistance (ODA) from the Republic of Korea (RoK) has significantly contributed to Vietnam’s development, a senior official from the Ministry of Planning and Investment (MPI) has said.

Addressing the September 12 international conference in Hanoi, which aims to share the development experience of Vietnam and the RoK and define a future cooperation strategy between the two sides, MPI Deputy Minister Nguyen The Phuong said that the RoK is one of Vietnam’s most important international donors.

RoK Ambassador to Vietnam Jun Dae Joo affirmed that his country is willing to share its experience with Vietnam, while continuing to back its businesses to further increase investment in the country.

Vietnam has been robustly conducting administrative reforms and implementing various development forms, he noted.

The diplomat affirmed that in the future, the RoK and other development partners will review and reconfirm commitments between the two countries.

Meanwhile, Hoang Viet Khang, head of External Economic Relations under the MPI, cited that during the past two decades, Vietnam has received committed assistance of 71 billion USD and is expected to be given a further 5-6 billion USD in 2013.

However, Khang noted that Vietnam has received 58 billion USD in ODA, just 75 percent of the committed amount. The country has successfully disbursed 37 billion USD, he added.

Kim In, chief representative from the Korean International Cooperation Agency (KOICA) in Vietnam, said he hopes Vietnam-RoK cooperation will become a typical model of development cooperation in Asia.

He also emphasised that support methods of donors are changing with different forms to help Vietnam enhance its competitiveness, therefore Vietnam should improve its investment environment to utilise assistance efficiency.

The RoK has become one of Vietnam’s biggest foreign investors with registered capital totalling nearly 26 billion USD, which has been poured into most of the country’s economic sectors, contributing to driving Vietnam’s growth and changing its economic structure.-VNA