According to the credit framework agreement for 2016-2020, the Korean Government plans to provide US$1.5 billion in Official Development Assistance (ODA) to Vietnam on some basic conditions. The credit will finance projects chosen by both governments.
At the signing ceremony, Mr. Dung appreciated the Korean Government’s view of Vietnam as a prioritized partner in offering ODA. The credit framework agreement is seen as the next step forward as a contribution to further boosting bilateral ties and Vietnam’s socio-economic development in the future.
ROK-funded projects' effective contributions have greatly helped Vietnam in socio-economic development, infrastructure improvement, and poverty reduction. The signing of the agreement will create a legal framework for facilitating Korean ODA provision and Vietnam- the ODA recipient. It will also lay foundations for the two sides to choose and implement projects using EDCF capital in the 2016-2020 period, said Mr. Dung.
Ambassador Lee Hyuk in turn affirmed the Korean Government’s support for Vietnam to concretize the credit framework agreement for 2016-2020.