S.Korea Signs $1.2B ODA Deal for Development Projects in Vietnam by 2015

South Korea will provide $1.2 billion in official development assistance (ODA) for development projects in Vietnam in the 2012–2015 period under an agreement signed in Hanoi on Dec 21.The agreement was signed by Vietnamese Minister of Planning and Investment Bui Quang Vinh and South Korea Ambassador to Vietnam Ha Chan Ho, state media reported Monday.The loan will be used to support projects and programs in high priority areas including transport, water supply and drainage, renewable energy, information technology, healthcare, human resource development, agriculture and rural development.At the event, Mr. Vinh said that the Vietnamese government highly valued development aid and other forms of economic cooperation provided by South Korea and will use the aid in an effective and proper manner.For his part, Mr. Ho said that South Korea will increase cooperation with Vietnam on a larger and more comprehensive scale, with development aid going to projects that Vietnam is in need of.Between 2008 and 2011, the South Korean government provided Vietnam with $1 billion in preferential loans. (Dau Tu Dec 24 p2, Thoi Bao Ngan Hang Dec 24 p2, vietnamplus.vn Dec 22, vneconomy.vn Dec 22)