Vietnam uses ODA effectively

At the press conference on January 11, 2011, Sean Doyle, ambassador and head of EU Delegation to Vietnam, said that Vietnam is using official development assistance (ODA) capital effectively and EU want to discus and learn the experience of Vietnam to be able to apply on a global scale.

According to Sean Doyle, in 2011, EU will focus on implementing a research of modern funding mechanism and more suitable for Vietnam when this Southeast Asian country has become an average income nation instead of in the group of poor countries.

The EU’s current funding mechanism for Vietnam will end by the end of 2013 and the new one is expected to be applied afterward.

Also at the press conference, Sean Doyle said that in 2011, the first negotiation round on free trade agreement (FTA) between EU and Vietnam will be carried out.

According to Sean Doyle, the FTA between EU and Vietnam will help Vietnam strengthen access to European market and be able to reduce the tax for Vietnamese goods when exporting to European market, at the same time, solve issues on taxes and anti-dumping for Vietnamese footwear products.

EU is now the Vietnam’s biggest partner for non-refundable development funding, Vietnam’s biggest export market and Vietnam’s leading partner in terms of actualised foreign direct investment (FDI) capital.

In 2010, Vietnam’s exports to the EU market gained nearly $12 billion, increasing nearly 16 percent year-on-year. EU’s FDI inflow to Vietnam in 2010 also posted a six-fold increase against 2009′s figure. – Vietbiz24

Tags: Vietnam ODA projects