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Thursday, July 25, 2024

S.Korea to provide US$188 million for Vietnam expressway project

By Truc Dao

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HCMC – The Export-Import Bank of Korea has signed an agreement to provide a US$188.1-million loan for an expressway development project in Vietnam.

Ho Duc Phoc, Minister of Finance of Vietnam, and Hwang Ki-yeon, senior executive director of the Export-Import Bank of Korea, exchanged signed documents regarding the loan in South Korea on July 2, with Prime Minister Pham Minh Chinh witnessing.

The loan deal for the first phase of the My An-Cao Lanh Expressway in the Mekong Delta province of Dong Thap is valued at 261.3 billion Korean won, equivalent to around US$188.1 million.

The 26.6-kilometer-long My An-Cao Lanh Expressway is part of the Western North-South Expressway.

This is the first loan agreement signed between the Ministry of Finance and the Export-Import Bank of Korea under the framework of the EDCF Loan Agreement for the 2024-2030 period, valued at US$2 billion between the two governments.

South Korea is the second largest official development assistance (ODA) donor of Vietnam in Asia, while Vietnam is currently the largest recipient of financial assistance from the South Korean government.

To date, the Ministry of Finance and the Export-Import Bank of Korea have signed 64 loan agreements, with a total financing value of US$2.8 billion.

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