Japan to Lend $1.2B to Development Projects in Vietnam

Vice President of Japan International Cooperation Agency (JICA) Izumi Arai and Vietnamese Minister of Finance Vuong Dinh Hue Wednesday signed a $1.2 billion loan agreement for six projects. The funding include 04 agreements for 1st batch of fiscal year 2011 and 02 agreements for Lach Huyen Port Construction Project, state media reported.  The agreement includes a $130 million program to help Vietnam deal with climate change challenges, a $272 million project to build Lach Huyen Port in Haiphong city, a $522 million project to uild Nghi Son thermal power plant. Others are a $181 million project to build the Ben Luc-Long Thanh Expressway, and a $93 million project to use satellites to monitor the Earth to prevent natural disasters and deal with climate change. A Japanese governmental delegation will visit Vietnam in mid-Nov to prepare for the signing of loans agreements for seven other projects in Vietnam in the second half of the 2011 fiscal year. The Japanese fund mainly focuses big programs and projects in Vietnam, especially in energy, infrastructure, agriculture and rural development, the Ministry of Planning and Investment said. Many Japan-funded projects have been completed and put in use in Vietnam, including Tan Son Nhat international airport, Pha Lai and Phu My hydropower plants, Bai Chay and Thanh Tri bridges and Cai Mep-Thi Vai port, the ministry noted.  It also added that a number of Vietnamese projects will get assistance from Japanese such as North-South expressway, Hoa Lac hi-tech park, Ho Chi Minh City-Nha Trang and Hanoi-Vinh express railways. (Kinh te & Do thi Nov 3 p12, Lao Dong Nov 3 p1, dvt.vn Nov 2)