Australia Pledges $67M for Vietnam in FY2015-2016

The Australian embassy confirmed that Vietnam will receive official development assistance worth AUD90 million ($67 million) with around AUD60 million in indirect bilateral aid in the Fiscal Year (FY) 2015-2016. The information was released during the Australia-Vietnam High-Level Consultations on Development Cooperation on July 9, which was held to discuss the priorities of Australia’s aid in Vietnam in the 2015-2020 period. The aid program will focus in three areas, namely (i) enabling and engaging the private sector for development, (ii) assisting the development and employment of a highly skilled workforce, and (iii) promoting women’s economic empowerment, including ethnic minorities. Australian Ambassador to Vietnam Hugh Borrowman said that given Vietnam’s continuing economic development, Australia has shifted from giving development aid to offering commercial loans for the Southeast Asian country as it [Australia] applied to many other aid recipients in the region. Australia has financed a numerous projects in Vietnam, including the $80-million My Thuan bridge and the $297-million Cao Lanh bridge with the latter currently under construction. Meanwhile, Vietnam has received a combined $80 billion in ODA since 1993, 65% of which was disbursed. (Phap Luat Vietnam – Vietnam Law July 10)