Donors commit over 4.4 billion USD in ODA for Viet Nam

International donors pledged contributions, worth in total 4.445 billion USD, to Viet Nam for year 2007. The announcement came at the end of the Consultative Group (CG) meeting in Ha Noi on Dec. 15.

The sum represented an increase of 700 million USD over 2006 figures, thus being registered as the highest amount pledged by donors through CG meetings.

"The figure surpasses the Vietnamese governments expectations as well as those of many donors," commented CG co-chairmen - Minister of Planning and Investment Vo Hong Phuc and Country Director of the World Bank Klaus Rohland.

Bilateral commitments reached 2.16 billion USD, of which the European Union pledged a combined 948.2 million USD and Japan, 890.3 million USD.

On the other hand, the multilateral pledge was worth more than 2.1 billion USD, of which the Asian Development Bank (ADB) offered a sum of 1.14 billion USD and the World Bank, 890 million USD.

International non-governmental organisations contributed 180 million USD to the total amount.

In a closing speech, Deputy Prime Minister Pham Gia Khiem said the donations showed the international communitys support for the Vietnamese Government and its peoples economic development.

It also demonstrated an evidence of the effective cooperation between the Vietnamese Government and donors recently, Khiem added.

Minister of Planning and Investment Vo Hong Phuc, the head of the agency managing ODA capital, reckoned that the future task would be in disbursing this committed funding effectively.

He reiterated the Vietnamese governments commitment to take all necessary measures to speed up ODA disbursement process while making the best use of this capital source.

In this regard, WB Country Director Klaus Rohland commented that donors have recognised the Vietnamese governments resolve in fighting corruption and decreasing the timetable for ODA-funded projects.

"We have confidence in the Vietnamese Government," Rohland said, adding that it is confidence that has been contributing in bringing an impressive increase in the financial commitment to Viet Nam for 2007.

Referring to the ADBs 2007 financial commitment that doubled the 2006 figure, ADB Country Director, Ayumi Konishi, said this surge displayed the banks strong backing of Viet Nams development plans in the coming time.

Viet Nam is entering a new phase of development so it needs to increase its efficiency at all levels to improve its competitiveness, the ADB official said, adding "We are ready to accompany Viet Nam in the process of achieving new development targets."

(Source: VNA)