Japan is providing Vietnam with new loans totaling more than JPY85 billion ($781 million) for the development of port and road infrastructure in the rapidly growing Asian nation. The loans are for the development of a major deep-seaport at Lach Huyen in the northern city of Haiphong and supporting hinterland road and bridge links. The port is scheduled to be operational by May 2018, a delay of five months from the original plan. The Japan International Cooperation Agency (JICA) said that it has signed an agreement with the Vietnamese government to provide the new round of funding for the projects. JICA coordinates official development assistance (ODA) for the Japanese government. This is the third tranche of funds for the project after JPY21 billion was provided in November 2011 and a further JPY38 billion in March 2013. The new funds will be spent on engineering works, material and equipment procurement and consulting services required for the development of the port and surrounding infrastructure. JICA said that it also provided a new loan for the Danang-Quang Ngai section of a major north-south expressway currently under development in the country. Japan is heavily invested in Vietnam and JICA has 114 ongoing projects in more than 20 provinces and cities across the country. (joc.com May 10, vov.vn May 13)
