Vietnam borrows US$51 million from South Korea

Vietnamese Deputy Minister of Finance Tran Xuan Ha (R) signs the loan agreements with Ki-Sub Nam, vice chairman of the Export-Import Bank of Korea - Photo: Courtesy of the Finance Ministry

HCMC – The Ministry of Finance on Tuesday clinched three agreements to borrow US$51 million in official development assistance (ODA) loans from South Korea to finance hospital and school projects.

The pacts were signed by Deputy Minister of Finance Tran Xuan Ha and Ki-Sub Nam, vice chairman of the Export-Import Bank of Korea.

South Korea through its Economic Development Cooperation Fund (EDCF) will provide US$45 million for a hospital project in the northern province of Yen Bai and US$3 million for each of two projects for equipping vocational schools in the north-central provinces of Ha Tinh and Quang Binh.

According to the Ministry of Finance, South Korea is one of Vietnam’s biggest donors. Many projects funded by South Korea include National Highway 18 (Chi Linh-Bieu Nghi section), Thien Tan 1 water plant in Dong Nai Province, a vaccine production project and a solid waste treatment plant in Haiphong City.

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