ODA campaigning on track, says ministry

07/05/2008 -- 5:35 PM

Hanoi (VNA) - Raising official development assistance is becoming easier as Vietnam benefits from the world recognising the country’s successful management of the aid and strong socio-economic policies, says the Ministry of Planning and Investment (MPI). The first quarter of 2008 saw donors commit over 369 million USD, representing an increase of 16 percent year on year. Of the figure, almost 342.7 million USD come in as loans and almost 26.4 million USD as grants. Among major ODA projects is the construction of a northern coastal corridor running across the Greater Sub-Mekong Region, worth 150 million USD of Asian Development Bank funding and 75 million USD from a Japanese financial and banking programme. The MDI’s External Economy Department reported that the second quarter will see a number of ODA signings, including several infrastructure projects worth 1 billion USD with Japan, a 10.8 million USD project on tourism human resource development with the European Union and a non-refundable aid of 2.3 million USD for the Ho Chi Minh City Urban Development Capital Fund from the French Development Agency (AFD). The country has spent 343 million USD in ODA over the past four months and this is expected to rise to 2.2 billion USD by the end of the year, an increase of 200 million USD over the previous year. Vietnam has received record ODA commitments for the five consecutive years. In the 2006-07 period alone, ODA commitments reached almost 9.9 billion USD, half the amount expected for the entire 2006-10 period. However, MPI warned agencies and local administrations against over-optimism and urged aid executives to continue to scuritinise the use of funding and ensure it is managed in a professional and sustainable way.--Enditem
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