EU to Grant EUR66M for Vietnam in 2012

The European Union will provide EUR66 million in non-refundable aid for Vietnam in 2012, Ambassador Franz Jessen said at a meeting with Danang Chairman of People’s Committee Van Huu Chien on Apr 10.  A part of the sum will be used to build EU-Vietnam trade center which is expected to help EU firms to seek information on investment environment and seek partners in Vietnam, including Danang.  At the meeting, Jessen said that Danang boasts potential for development and is attractive place for EU firms. He also expressed his hope that Danang will raise transparency and simplify administrative procedures to call on more investors. Earlier, Andris Piebalgs, EU Development Commissioner said that EU will not change its official development assistance (ODA) commitment to Vietnam next years despite of its current debt crisis the bloc. EU is one of Vietnam’s biggest trade partners, with the two-side trade hitting $21 billion in 2011. It is the major provider of aid to Vietnam with a total of $972.3 million earmarked for 2011, or 11.1% of total overseas donor commitments to the country. Of this, 42%, or $406.4 million, will be non-refundable aid. (danang.gov.vn Apr 10)