Saudi Arabia backs Vietnam on national target programme

Vietnam and Saudi Arabia signed several credit agreements worth US$29 million through the Saudi Fund for Development (SFD).

The deals were signed by Deputy Minister of Finance Truong Chi Trung and Deputy Chairman cum General Director of the SFD Yousef I Al-Bassam in Hanoi on December 5.

Accordingly, the fund will be used for three projects in northern provinces, including a road infrastructure project in Tan Yen commune of Lang Son, a those to expand Binh province’s general hospital and a vocational school in Ha Nam province.

saudi arabia backs vietnam on national target programme hinh 0

The SFD has given about US$114 million for nine projects in Vietnam, focusing on rural infrastructure improvement, human resources development, health, and climate change in impoverished provinces such as Bac Kan, Ninh Thuan, Quang Tri, Phu Yen, Nghe An, Ha Giang, Hoa Binh, Lang Son and Ha Nam. 

The loans from the SFD aim to help the Vietnamese Government and people implement a national target programme in hunger elimination and poverty reduction, as well as improve people’s living conditions.

The signing provides evidence of the fruitful relations and development cooperation potential between Vietnam and Saudi Arabia.