Switzerland commits US$92 million in ODA for Vietnam

The commitment is part of the Vietnam-Switzerland development cooperation strategy for the 2017-2020 period, which was announced by Deputy Minister of Planning and Investment Nguyen The Phuong and the Swiss Minister of State for Economic Affairs Marie-Gabrielle Ineichen Fleisch at a ceremony in Hanoi on October 11.

The capital will be invested to three main areas – supporting the promotion of institution and economic policies, assisting the building of a competitive and effective private economic sector, and backing the sustainable urban development and climate change response.

Speaking at the ceremony, Deputy Minister Phuong said that the Swiss ODA-funded projects have brought about practical and specific benefits to many Vietnam’s agencies, organisations and people, contributing to the poverty reduction and socio-economic development of Vietnam.

Meanwhile, Marie-Gabrielle Ineichen Fleisch said that her country will continue helping Vietnam in pursuing comprehensive and sustainable growth and improving the living conditions of locals.

Switzerland hopes that the long-term cooperation with Vietnam will continue to be fruitful in the coming time, she said, affirming that Switzerland is always a trustworthy partner of Vietnam with commitments to assisting the Southeast Asian country to thrive in the future.

Since the two countries set up their diplomatic relations, their comprehensive partnership has been growing strongly, especially in economy through development cooperation.

Since 1992, Switzerland has provided Vietnam with about 470 million USD in ODA, most of which is non-refundable.

In the coming time, development cooperation between the Swiss State Secretariat for Economic Affairs with Vietnam in the coming time focuses on public financial management, the finance sector’s growth, small and medium-sized enterprises’ access to capital, and green production.