Outcomes of the Korea-Vietnam ODA Policy Consultation
During the meeting, both sides introduced their respective ODA policies and reviewed the current assistance projects both in forms of loans and grants. The two sides exchanged a wide range of views on plans for mid-to-long term development cooperation for the year 2008.
The Korean side expressed its willingness to support the economic and social development of Vietnam. The Vietnamese side presented its economic and social development policies, and asked for the Korean government to actively participate in the development cooperation by sharing its development experiences.
Vietnam is a newly emerging economy that has achieved a rapid economic growth of 7.6% average a year since it adopted the ‘Doi Moi Reform’ in 1986 and opened its markets. Having received total amount of $560 million for assistance from Korea (grant: $89 million, loan: $471 million) since 1991, Vietnam is Korea’s largest partner for ODA cooperation.
Based on the outcomes of this ODA Policy Consultation, the Korean government will continue to promote mutually beneficial cooperation projects that accommodate the development strategies of the Vietnamese government. By doing so, Korea is expected to contribute to the economic and social development of Vietnam, and further strengthen the cooperative ties between the two countries.
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