RoK to increase ODA for Vietnam in 2024

Updated: 13:23, 20/03/2024

Deputy Prime Minister Tran Luu Quang gave a reception in Hanoi on March 19 for President of the Korea International Cooperation Agency (KOICA) Chang Won-sam, during which the guest said official development assistance (ODA) from the Republic of Korea (RoK) for Vietnam will increase to more than 52 million USD, nearly doubling the figure of 2023.

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The Deputy PM highly appreciated the RoK’s ODA for Vietnam, saying that it has contributed to Vietnam’s socio-economic development. He hoped that the RoK will become Vietnam's largest ODA provider in the near future.

Deputy Prime Minister Tran Luu Quang (right) receives President of the Korea International Cooperation Agency (KOICA) Chang Won-sam in Hanoi on March 19.

He highlighted that development cooperation is a focus of the comprehensive strategic partnership between Vietnam and the RoK. By the end of 2023, the Korean Government's non-refundable aid through KOICA to Vietnam had reached about 600 million USD.

Quang proposed KOICA in general and the KOICA President personally continue their support, contributing to the development of the ties between the two countries in general and between Vietnam and KOICA in particular. The Deputy PM wished that the RoK will continue to increase the scale of non-refundable aid to Vietnam, especially in innovation, digital transformation, and high-tech development.

He also proposed KOICA consider urging the Korean Government to have official commitment to a rural power supply project in Vietnam’s northern province of Dien Bien.

For his part, KOICA President Chang Won-sam said that his current visit to Vietnam is to assess the implementation of KOICA's projects in Vietnam and discuss cooperation orientations to concretise ODA commitment for the 2024-2027 period by Korean President Yoon Suk-yeol during his visit to Vietnam last June.

The Korean government and KOICA attach great importance to relations with Vietnam, he added.

Established in 1991, KOICA is in charge of non-refundable aid projects of the Korean Government, with the increasing capital scale. In recent times, KOICA's ODA projects in Vietnam have focused on public administration, health care, and education. The two sides are considering the expansion to such new areas as climate change adaptation and digital transformation.

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