Vietnam’s 2016-2020 socio-economic development plan, medium-term public investment plans, and several laws were introduced at the event, along with the RoK’s new regulations and policies on development cooperation and ODA.
Head of the Foreign Economic Relations Department under the Ministry of Planning and Investment, Le Quang Manh, said that financial cooperation will play a main role in development partnership between the two countries.
To have the most effective cooperation, Vietnam should take advantage of assistance from the RoK Government and the Korea International Cooperation Agency (KOICA) and attract their investment in the fields that the RoK is strongest and where Vietnam has demand; such as transport, health, environment and high technology, Manh suggested.
The country also needs to be proactive in making proposals for projects that are in conformity with its medium- and long-term and annual development plans and policies.
Lee Sang Kyu, a representative from the KoK Ministry of Strategy and Finance, stated that the RoK Government treasures and attaches importance to its development cooperation with Vietnam, as the country is an important partner. Priority will be given to transport and urban infrastructure, education, health, environment, clean energy and information technology.
Currently, the government is building a Country Partnership Strategy (CPS) with Vietnam to help the nation achieve its goals on transport infrastructure, information technology, and human resources in its 2011-2020 socio-economic development strategy and 2016-2020 socio-economic development plan, he added.
The RoK Government signed lending agreements or committed to providing credit for nearly 60 projects worth US$2.8 billion in Vietnam from 1992 to 2015.
At present, the country is running 34 ODA-funded projects in Vietnam with a total registered capital of US$1.7 billion, of which US$0.9 billion has been disbursed.
The two nations are preparing for negotiations on a framework credit agreement for 2016-2020. The RoK plans to provide ODA loans worth US$1.5 billion for Vietnam during the period, with the focus on large-scale infrastructure, railways, health and information technology.