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S Korea to provide loans worth $12b

Update: June, 20/2015 - 09:07
Prime Minister Nguyen Tan Dung (right) receives visiting RoK Deputy Minister of Strategy and Finance Joo Hyung-hwan in Ha Noi. — VNA/VNS Photo Duc Tam

HA NOI (VNS) — Prime Minister Nguyen Tan Dung yesterday asked concerned officials to discuss specifics on how best to use the US$12 billion in preferential loans that the Republic of Korea (RoK) has committed to Viet Nam.

Meeting with visiting RoK Deputy Minister of Strategy and Finance Joo Hyung-hwan in Ha Noi, the PM also suggested that the Joint Co-ordination Committee for Bilateral Finance Co-operation closely examines priority projects, especially in railway infrastructure.

Viet Nam has already devised an urban railway developments strategy, which includes a high-speed north-south railway line, he said.

He said the Vietnamese government has ratified the Viet Nam – RoK free trade agreement and asked the RoK to do likewise as soon as possible.

Joo responded that his government was going through the necessary procedures to submit the FTA to the RoK parliament for ratification.

He said Viet Nam's macro-economic stability and high economic growth provided favourable conditions for expanding bilateral co-operation in finance.

He pledged that his ministry would work closely with relevant Vietnamese agencies concerned to realise financial co-operation agreements reached by their leaders, including transport infrastructure projects funded by the $12 billion package.

He asked the Vietnamese government to support RoK banks in opening branches in Viet Nam.

Also yesterday, Joo met with the head of the Party Central Committee's Commission for Economic Affairs Vuong Dinh Hue.

Hue told his guest that Viet Nam needed substantial capital to meet its industrialisation and modernisation targets, especially for infrastructure upgrades.

He requested greater co-ordination and support from South Korea in implementing the FTA that both countries have signed.

He also called for measures to lift two-way trade to $70 billion by 2020, suggesting that the RoK Government facilitates import of Vietnamese agro-fishery products.

Hue said he hoped that the RoK Ministry for Strategy and Finance would share its experience in dealing with bad debt, controlling public debt and supporting start-ups and small- and medium-sized enterprises.

Joo said he was impressed with Viet Nam's socio-economic achievements and affirmed that his ministry would work closely with Vietnamese agencies in implementing agreements on financial co-operation, including those relating to transport infrastructure development.

The RoK was willing to share experiences with and transfer technology to Viet Nam, in addition to providing financial assistance for building a high-speed railway system in the country, he added. — VNS

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