Japanese loans up due to partnership

The Japan International Co-operation Agency (JICA)’s Official Development Assistance (ODA) to Viet Nam increased this year because of strategic co-operation between the two countries, its deputy president Kenzo Oshima said yesterday.

“With already committed and prospective projects, the ODA loan to Viet Nam this year will far exceed that of 2009,” he told a news conference in Ha Noi yesterday at the end of a four-day visit.

“Viet Nam needs a lot money for economic development, especially infrastructure projects,” he said.

Japan’s ODA to Viet Nam is second only to that of India. It totalled 80 billion Japanese Yen (US$978 million) in 2008 and more 100 billion Japanese Yen (more than $1.2 billion) this year.

Deputy JICA president Kenzo Oshima said loans for economic development, improved competitiveness, social development and narrowing the rich-and-poor, urban-rural divide would be given priority.

The purpose of the loans was to help Viet Nam become an industrial country by 2020. — VNS