Vietnam, Japan exchange documents for over US$272.4 million in project funding
The funding commitments cover Vietnam Japan University and the O Mon 3 power plant, alongside a separate framework for Japanese grant aid.
Vietnam and Japan exchanged three cooperation documents in Tokyo on November 9, including two that commit more than US$272.4 million in combined funding to a university construction project and a thermal power plant in Vietnam.
One document concerns an official development assistance loan to build Vietnam Japan University. Another is a loan agreement between Vietnam and the Japan International Cooperation Agency (JICA) for the O Mon 3 Thermal Power Plant project. The third establishes a framework between the two governments for implementing Japanese grant aid projects.
Vietnamese Minister of Finance Ngo Van Tuan, Japanese Ambassador to Vietnam Ito Naoki and JICA President Tanaka Akihiko exchanged the documents alongside General Secretary and State President To Lam and Japanese Prime Minister Takaichi Sanae.
The university project is expected to support the training of highly qualified professionals. O Mon 3 is intended to add electricity supply to Vietnam's national power system and meet demand, particularly in the Mekong Delta.
Vietnam's Ministry of Finance will coordinate implementation with Japanese agencies and Vietnamese ministries, sectors and local authorities. Its priorities will include project schedules, quality and effective use of the funding.
