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Japan offers Vietnam US$704 million in preferential credit
Japan has pledged to provide Vietnam US$704 million in preferential credit for the first phase of the country’s 2009 fiscal year ending on March 31, 2010.
A protocol to this effect was signed in Hanoi on October 26 between the Minister of Planning and Investment, Vo Hong Phuc, and the Japanese Ambassador to Vietnam, Sabaka Mitsuo.
The aim is to help the Vietnamese Government develop the socio-economic infrastructure, protect the environment, attract foreign investments and integrate into the global economy.
On the basis of frame conditions, representatives of the Vietnamese Ministry of Finance and the Japan International Cooperative Agency (JICA) will sign specific credit agreements on 5 projects in this connection.
The assistance of the Japanese Government shows its recognition to Vietnam’s efforts in improving the legal environment, managing official development assistance projects and combating corruption.
According to Sabaka Mitsuo, Japan has been Vietnam’s largest official development assistance donor since 1992.
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