Gov’t determined to hasten ODA, concessional loan disbursement: Deputy PM
Deputy PM Tran Luu Quang addresses the meeting of the national steering committee on ODA and concessional loans in Hanoi on March 27. (Photo: VNA)
Deputy Prime Minister Tran Luu Quang on March 27 stressed the Vietnamese Government’s determination to speed up the disbursement of official development assistance (ODA) and concessional loans.
He made the remarks while chairing a Hanoi meeting of the national steering committee on the capital.
The event also saw the presence of representatives of the World Bank (WB), the Asian Development Bank (ADB), the Japan International Cooperation Agency (JICA), the Export - Import Bank of Korea (KEXIM), the French Development Agency (AFD), and the KfW Development Bank of Germany.
Quang appreciated the development partners’ capital for Vietnam, describing this as critical to the country’s socio-economic and infrastructure development.
However, he also pointed out certain legal obstacles, policy and procedural differences between Vietnam and partners, and problems in disbursement and payment procedures.
Asking the two sides to coordinate closely to harmonise procedures to shorten the time needed for project preparation and implementation, he also suggested the partners adopt more flexible and reasonable management models and prioritise funding for the country’s efforts to cope with specific circumstances like climate change and natural disasters.
The Deputy PM also ordered ministries, sectors, and localities of Vietnam to work closely with the partners to devise solutions to difficulties facing each project.
At the meeting, the development partners pledged to continue providing ODA for Vietnam and expressed their readiness to assist the Government in issuing regulations on ODA capital management and use.
They underlined the need to harmonise their regulations and legal rules of Vietnam when it comes to ODA projects to shorten project preparation time.
The partners also recommended Vietnam continue streamlining administrative procedures and accelerating opinion provision during project preparation and implementation.
The Ministry of Planning and Investment (MPI) reported that the ODA capital and concessional loans Vietnam signed for the 2021 - 2023 period was about 3.35 billion USD. Ministries, sectors, and localities implemented 656 projects, including 47 investment projects, 215 technical assistance ones and non-project grants.
In 2023, the National Assembly approved 29 trillion VND (1.75 billion USD) in public investment funded by foreign capital sources for allocation. About 50.9% of the sum was disbursed. The public investment funding from foreign sources for 2024 is 20 trillion VND, 1.42% of which had disbursed as of February 29, statistics show./.
Related News
Latest News
Elevating the core values of the national brand
14:47 | 27/04/2024 Headlines
VN needs drastic reforms to create firm ground for economic growth: experts
13:57 | 26/04/2024 Headlines
E-commerce contributes $7 million in taxes during 2022-23
13:56 | 26/04/2024 Headlines
Standard Chartered revises down Vietnam’s GDP growth forecast in 2024 to 6%
13:51 | 25/04/2024 Headlines
More News
Investor confidence gains traction on improved business climate
13:46 | 25/04/2024 Headlines
Vietnam's exports to Canada lead among CPTPP countries
09:41 | 25/04/2024 Headlines
Many new regulations aim to drastically remove the IUU "Yellow Card"
15:36 | 24/04/2024 Headlines
PM chairs meeting of national committee for digital transformation
13:42 | 24/04/2024 Headlines
Seize the golden opportunity as retail giants look for supplies in Vietnam
10:34 | 24/04/2024 Headlines
Government’s action programme cracks down on illegal fishing
13:53 | 23/04/2024 Headlines
PM calls on ASEAN to pen strategic development vision
13:50 | 23/04/2024 Headlines
Forum to discuss new initiatives on ASEAN future vision: Deputy FM
15:13 | 22/04/2024 Headlines
Investors play a key role in developing the industrial park system
10:38 | 22/04/2024 Headlines
Your care
Elevating the core values of the national brand
14:47 | 27/04/2024 Headlines
VN needs drastic reforms to create firm ground for economic growth: experts
13:57 | 26/04/2024 Headlines
E-commerce contributes $7 million in taxes during 2022-23
13:56 | 26/04/2024 Headlines
Standard Chartered revises down Vietnam’s GDP growth forecast in 2024 to 6%
13:51 | 25/04/2024 Headlines
Investor confidence gains traction on improved business climate
13:46 | 25/04/2024 Headlines