RoK increases aid to Viet Nam

24/07/2007 -- 5:21 PM

Ha Noi (VNA) - The government of the Republic of Korea (RoK) has decided to substantially increase its aid to Viet Nam and will dole out 326 million USD to the country from 2007-2009. A framework agreement underscoring the new package was signed in Ha Noi on July 24 by Deputy Minister of Planning and Investment Cao Viet Sinh and RoK ambassador to Viet Nam Kim Eui Ki. The new pact raises the RoK's preferential credit to Viet Nam to 100 million USD a year from around the 20 million USD provided previously, focusing on developing Viet Nam 's economic infrastructure, environment and information technology. The RoK plans to sign capital providing agreements for the three appraised Vietnamese projects of the Thua Thien-Hue polyclinic hospital, the upgrade and expansion of the Thien Tan water works in Dong Nai province (the 2nd phase) and construction of the southern coastal corridor. Since 1993, the RoK government has provided 188 million USD for six projects in Viet Nam . Regarding investment, RoK companies have so far invested in 1,458 projects with a total registered capital of 9.3 billion USD into the country. As a result, they constitute the largest foreign investor in the Southeast Asian nation. In the first half of this year alone, RoK firms registered more than 733 million USD into 166 varying initiatives in the budding Asian tiger.-Enditem
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