Deputy Prime Minister Tran Luu Quang meets with Mr. Chang Won Sam, Chairman of the Korea International Cooperation Agency (KOICA). (Photo: Doan Tan/TTXVN)
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On the afternoon of March 19, at the Government Headquarters, Deputy Prime Minister Tran Luu Quang received a visit from Mr. Chang Won Sam, Chairman of the Korea International Cooperation Agency (KOICA).
During the meeting, Deputy Prime Minister Tran Luu Quang expressed his joy in witnessing the excellent development of the Vietnam-Korea relations; the trust between the two countries continues to be strengthened; and the cooperation in various fields has been outstanding.
Korea maintains its number one position in terms of direct investment, with a total accumulated capital of 86 billion USD, ranking second in terms of development cooperation and tourism; third in terms of labor and trade cooperation (bilateral trade reached 76 billion USD in 2023); substantial cooperation in development areas, making the two countries each other’s top partners.
In particular, Deputy Prime Minister highly appreciated the Korean Government’s ODA commitment to Vietnam with three strengths: the fastest speed, highest quality, and most effective contribution to Vietnam’s socio-economic development; expressing the desire and confidence that Korea will soon become Vietnam’s largest provider of ODA in the near future.
Development cooperation is a key focus of the Comprehensive Strategic Partnership between Vietnam and Korea. By the end of 2023, Korea’s non-refundable aid to Vietnam through KOICA is expected to reach about 600 million USD.
Deputy Prime Minister proposed that KOICA and Mr. Chang Won Sam continue to support the overall development of Vietnam-Korea relations as well as the specific development between Vietnam and KOICA, increasing the scale of non-refundable aid to Vietnam, especially in the areas of innovation, digital transformation, and high technology development.
Deputy Prime Minister also proposed that KOICA consider promoting the Korean Government’s official commitment to the Rural Electricity Project from the national grid in Dien Bien province, with a total expected capital of about 20 million USD.
During the meeting, KOICA Chairman Chang Won Sam stated that this fourth visit to Vietnam aims to evaluate the implementation of KOICA projects in Vietnam and discuss cooperation orientations to concretize the ODA commitment for the 2024-2027 period of Korean President Yoon Suk-yeol during his visit to Vietnam in June 2023.
The Korean Government and KOICA attach great importance to their relationship with Vietnam; in 2024, they plan to increase the scale of ODA capital for Vietnam to more than 52 million USD, nearly a 50% increase compared to last year, KOICA Chairman affirmed.
Established in 1991, KOICA is responsible for non-refundable aid projects of the Korean Government, with increased capital scale annually.
Recently, KOICA’s ODA projects in Vietnam have focused on administrative reform, healthcare, and education. Both sides are considering expanding into new areas such as climate change adaptation and digital transformation.
Xuan Tung
