70th anniversary of Hanoi's Liberation Day Vietnam - Asia 2023 Smart City Summit Hanoi celebrates 15 years of administrative boundary adjustment 12th Vietnam-France decentrialized cooperation conference 31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Economy / Trade - Service
South Korea to increase ODA by 50% to Vietnam in 2024
Ngoc Mai 15:06, 2024/03/20
South Korea is the leading investor in Vietnam with a cumulative total of $86 billion.

This year, South Korea's ODA (Official Development Assistance) for Vietnam is projected to exceed $52 million, nearly a 50% increase compared to 2023.

 Deputy Prime Minister Tran Luu Quang (r) and KOICA President Chang Won-sam. Source: VGP

This information was shared by the President of the Korea International Cooperation Agency (KOICA), Chang Won-sam, during a meeting with Deputy Prime Minister Tran Luu Quang on March 19.

"Both the South Korean government and KOICA hold Vietnam in high esteem," stated Chang.

In June 2023, South Korean President Yoon Suk-yeol committed to providing Vietnam with a $200 million ODA loan for the 2024-2027 period, focusing on environmental protection, healthcare, education, and digital transformation.

As a result, South Korea's ODA for Vietnam this year is approximately $52 million, 1.5 times more than in 2023. "South Korea always listens to identify the most suitable projects for Vietnam's conditions and needs," added the KOICA President.

Established in 1991, KOICA is responsible for South Korea's non-refundable aid projects. Its ODA projects in Vietnam primarily focus on public administration, healthcare, and education. Both parties are considering expanding into new areas, such as climate change adaptation and digital transformation.

South Korea's non-repayable assistance to Vietnam through KOICA   amounts to $600 million as of the end of 2023.

Deputy Prime Minister Tran Luu Quang highly appreciated South Korea's provision of ODA to Vietnam as "the fastest, highest-quality, and most effective." He hoped that South Korea would continue to increase the amount of grant aid to Vietnam in innovative, high-tech fields.

Quang also requested KOICA to expedite the South Korean government's official commitment to the Rural Electrification Project from the national grid in Dien Bien, with a total investment of about $20 million.

Currently, South Korea is the leading investor in Vietnam, with a cumulative total of $86 billion. It ranks second in tourism development cooperation and third in trade, with a trade turnover reaching $76 billion in 2023.

TAG: Vietnam news Hanoi news vietnam things to invest vietnam oda 2024 vietnam south korea
Other news
16:27, 2024/04/19
Vietnam among Asia-Pacific's fastest growing economies: FedEx
The Southeast Asian market is growing faster than many other regions worldwide.
15:49, 2024/04/17
Vietnam’s stock market remains attractive investment channel: Expert
Given favorable macroeconomic conditions, combined with the expected rate cut by the Federal Reserve (Fed), the stock market is believed to experience strong growth.
15:19, 2024/04/16
Cuba appreciates Vietnam’s support in food and fisheries production
Both sides aim to further promote trade, investment relations, and cooperation in areas of mutual interest, such as agriculture, construction, education, pharmaceuticals, science and technology, among others.
12:38, 2024/04/13
Vietnam, China to step up cooperation strategy for mutual development
Both sides are expected to build a bridge over the Red River in the border area of Bat Xat, Lao Cai (Vietnam), and Ba Sai, Yunnan (China), among other initiatives.
17:04, 2024/04/12
PM orders urgent measures to address volatile gold prices
The measures are aimed at ensuring a stable and efficient gold market.
17:58, 2024/04/10
Vietnam earns US$1.4 billion from rice exports in Q1
Vietnam is targeting $5 billion in rice exports this year. The country currently ranks third in the world in terms of rice exports.