Vietnam Signs $27.78B Soft Loans, ODA in Five Years: Govt Report

Vietnam signed $27.78 billion of official development assistance (ODA) and soft loans in the 2011-2015 period, according to the government’s report submitted to the National Assembly on March 21. Of the sum, $26.53 billion was soft loans, accounting for 95.5% of total signed ODA and soft loans and the remaining $1.25 billion was grants. Total disbursement of soft loans and ODA reached $22.32 billion during the period, the report noted, giving no comparative figures. Vietnam needs an estimated $39.5 billion in official development assistance (ODA) and soft loans for development projects in the 2016-2020 period, according to reports of ministries, agencies and localities. The funding will focus on the transport, urban development, agriculture and rural development, environment, education and training, health, science and technology sectors. The development aid is one of the key sources of dollars for Vietnam after exports, foreign direct investment (FDI) and remittances. Experts, however, advise Vietnam to reduce the use of ODA to avoid a debt burden in the future. (thesaigontimes.vn Mar 21, baochinhphu.vn Mar 21, viettimes.vn Mar 21)