Home » Business, Investment » Japan announces 500 million USD in ODA for Vietnam

The JapaJapan announces 500 million USD in ODA for Vietnamnese Government announced loans worth 500 million USD in official development assistance (ODA) to Vietnam at the fifth meeting of the Vietnam-Japan Cooperation Committee in Tokyo on September 12.

During the meeting, Foreign Minister Pham Binh Minh and his Japanese counterpart Fumio Kishida agreed to further enhance the strategic partnership between the two countries and join hands in infrastructure projects in Vietnam.

They acknowledged the active development of their bilateral ties since the committee’s fourth meeting in July last year and applauded the outcomes attained in the implementation of agreements reached by the two countries’ high-ranking leaders.

The two sides will build on the Vietnam-Japan Joint Initiative to improve Vietnam’s investment environment, especially in the context that Japan has become the largest investor in Vietnam with over 1,200 businesses operating in the country.

The FMs also reached a consensus on many major orientations and concrete measures to drive the strategic partnership.

The Vietnamese Government is making every effort to accelerate its process of economic restructuring towards sustainable development while improving its investment environment and creating favourable conditions for foreign investors to run long-term businesses in Vietnam, FM Minh said.

He praised Japan’s valuable cooperation with Vietnam through the ODA flow over the past two decades.

Minister Kishida said along with ODA assistance, Japan will partner with Vietnam to develop the country’s infrastructure system in the public-private form.

Apart from economics, Vietnam and Japan will consider the enhancement of cooperation on higher education in order to boost the training of young workers for the two countries, he said.

The two ministers took the occasion to compare their viewpoints on bilateral political and security cooperation as well as the regional situation.

They consented to step up cooperation at regional forums and accelerate the process of regional economic connectivity through such tools as the Trans-Asia Pacific Partnership (TPP) agreement as well as the establishment of the ASEAN Community.

Talking with the media following the meeting, FM Kishida affirmed the importance of the bilateral ties, stressing that Vietnam is Japan’s strategic partner boasting a reciprocal economic link.

The two countries would work together to settle regional and international issues, he added.

The ministers shared the belief that the meeting’s outcomes will practically contribute to consolidating the strategic partnership between the two countries.

The sixth meeting of the Vietnam-Japan Cooperation Committee will be held in Vietnam in 2014.

Source: VNA

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