The Republic of Korea (RoK) will provide 1.5 billion USD in official development assistance (ODA) for Vietnam for 2016-2020 via the Korea Economic Development Cooperation Fund (EDCF). 

A framework agreement to this effect between the two governments was signed by Minister of Planning and Investment Nguyen Chi Dung and RoK Ambassador to Vietnam Lee Hyuk in Hanoi on November 8. 

With ten articles, the agreement specifies lending conditions, disbursement, and Vietnam’s incentives for projects using the RoK-funded ODA. The sum will be reserved for projects chosen by the two governments. 

Speaking at the signing ceremony, Minister Dung said the RoK’s ODA has been used in important and priority fields in Vietnam over the past more than two decades. 

He also lauded the RoK government for considering Vietnam a top priority partner in ODA supply. 

Ambassador Lee vowed to work closely with Vietnamese agencies to realise the agreement which creates a legal framework for the process. 

Since 1993, the RoK has offered 2.7 billion USD in ODA to Vietnam to carry out nearly 60 projects, mostly in transport infrastructure, urban development, health care, and water supply and drainage.-VNA