The Ministry of Finance and the Export-Import Bank of the Republic of Korea (RoK) signed two official development assistance (ODA) loan agreements totally worth 162 million USD in Hanoi on July 9.

Of the money, 117 million USD will be poured into building Hung Ha bridge that connects the two northern provinces of Hung Yen and Ha Nam, while the rest will be spent on upgrading the Hanoi University of Pharmacy into a national university of regional standards.

The interest rate of the loans is 0.1 percent per year and the payment duration is 40 years.

The loans are part of a framework agreement worth 1.2 billion USD committed by the RoK Government for Vietnam between 2011 and 2015.

From 2008-2011, the RoK provided some 1 billion USD for Vietnam to implement projects in the fields of transport, health and vocational training.-VNA