Suspected ODA misuse to be made clear next weekBy Chien Thang - The Saigon Times DailyHANOI – The Danish Embassy in Vietnam on Wednesday met with representatives of three ODA-funded projects to clarify the case of alleged capital misuse and the preliminary conclusion will be announced on May 15. In response to rumors about ODA misuse at four research projects on climate change in Vietnam, the Danish Embassy has hired PriceWaterhouseCoopers (PWC) to audit these projects, which received Denmark’s ODA from October 2011.The frauds detected by PWC include use of consultancies for individual benefits, overcharging of internal facilities and cash deficits compared to the balance in the cash book and ‘all violations were committed by the Vietnamese side’, according to PWC’s auditing report covered on local media.The four Danish-funded projects were found to misuse a total of VND11.4 billion, with the largest amount of misused money at one project totaling VND5.4 … [Read more...] about Suspected ODA misuse to be made clear next week
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Vietnam wishes to receive more Danish ODA in climate change adaptation
The Hanoitimes - Prime Minister Nguyen Tan Dung received outgoing Danish Ambassador to Vietnam John Nielsen on June 18. Hailing concrete contributions of the Danish Ambassador to boost the Vietnam-Denmark relations in the recent years, the PM asserted that Vietnam attaches importance to the relationship with Denmark and will do its utmost to upgrade the relations more effectively, bringing benefits for both the countries. Prime Minister Nguyen Tan Dung (L) welcomes outgoing Danish Ambassador to Vietnam John Nielsen. Vietnam and Denmark should work together for stronger trade, economic and investment partnership, raise two-way trade to a higher level and join hands in coping with climate change, he proposed. The Vietnamese Government always creates favourable conditions for businesses of both sides to exchange information and seek cooperation opportunities, he added. The PM noted that Vietnam has signed and negotiated for free trade agreements with a number of … [Read more...] about Vietnam wishes to receive more Danish ODA in climate change adaptation
Vietnam makes use of South Korea`s development ODA
The Hanoitimes - Minister of Planning and Investment Nguyen Chi Dung has visited South Korea to attend a celebration of the Korea Economic Development Cooperation Fund (EDCF)’s 30th founding anniversary. At the event, on behalf of the fund’s beneficiaries, Dung delivered a speech on how Vietnam has used international funding to fuel economic growth over the past 30 years. He also put forth a number of measures to optimize the usage for improved outcomes. While in the South Korea, the minister had a series of meetings with Minister of Foreign Affairs Kang Kyung-wha, leaders of the Ministry of Strategy and Finance, and representatives of the Korea International Cooperation Agency and Export–Import Bank of Korea. Minister of Planning and Investment Nguyen Chi Dung made speech at the celebration. Photo: TTXVN At these meeting, discussions focused on measures to boost bilateral investment and trade, and effectiveness of the employment of … [Read more...] about Vietnam makes use of South Korea`s development ODA
ODA report: debts heaped on debts
VietNamNet Bridge - The Ministry of Planning and Investment (MPI) has been asked to explain to the National Assembly why ODA (official development assistance) loans have reached a total of VND600 trillion, twice as much as the amount approved by the NA. ODA loans have reached VND600 trillion The amount is the total sum of capital Vietnam has signed to borrow, but a part of it has not been disbursed and will be taken into account for the next period, according to MPI. However, Dang Dinh Dao, an economist, said agencies signed ODA contracts when they had not analyzed the projects thoroughly. It is alarming that agencies try to borrow as much more ODA capital as possible, viewing this as a great achievement, he said. Affirming that ODA capital is not non-refundable aid, Dao said MPI has to report in detail which projects Vietnam has borrowed capital for, which localities have capital allocated, and if the projects have been programmed for medium- and long-term development. MPI … [Read more...] about ODA report: debts heaped on debts
Vietnam needs hefty ODA, concessional loans to fuel growth
Vietnam needs hefty ODA, concessional loans to fuel growthTu Hoang By Tu Hoang - The Saigon Times Daily HANOI - Vietnam is expected to need US$39.5 billion in official development assistance (ODA) and concessional loans in 2016-2020 to boost growth as envisaged in a plan approved by the Prime Minister. The total amount consists of US$22 billion in ODA and concessional loans which were not yet disbursed in the 2011-2015 period, according to the plan on attraction, management and use of ODA and concessional loans for the 2016-2020 period announced yesterday by the Government office. According to the plan, funding needs from 2016 to 2020 are for the sectors of transport, urban development, agriculture and rural development, environment, education and training, healthcare, science and technology. Based on the implementation progress of signed programs and projects, total disbursed ODA and concessional capital in the next five years is estimated at US$25-30 billion, or US$5-6 billion … [Read more...] about Vietnam needs hefty ODA, concessional loans to fuel growth
ODA transport projects show bad records
Scarce allocated capital and slow disbursementThe Mai Dich-Nam Thang Long viaduct project will break ground before December 25, 2017. Duong Viet Roan, director of the Thang Long Project Management Unit under the Ministry of Transportation (MoT) said that construction units proposed to break ground sooner than the terms of the contract in order to speed up the cutting and removal of trees on Pham Van Dong Road.Earlier, the Thang Long Project Management Unit has handed over two main construction and installation bidding packages of the Japanese ODA project to the Sumitomo-Cienco4 joint venture (the first package, with a winning bid of $63.6 million) and Tokyu-Taisei (the second package, with a winning bid of $53.2 million).If this project cannot break ground on schedule, 2017 will set a ten-year record in the smallest number of works launched by MoT using ODA capital.Up to now, the construction of Thinh Long Bridge crossing the Ninh Co River (a coastal road in Nam Dinh province) also … [Read more...] about ODA transport projects show bad records
Govt urges ODA disbursements
Govt urges ODA disbursementsTu Hoang HANOI - The Government is determined to transfer ODA loans from projects with slow disbursement to those ensuring a faster pace to make the most of this source of preferential funding. Deputy Prime Minister and Minister of Foreign Affairs Pham Binh Minh, who is also head of the national steering committee for ODA and concessional loans, was speaking at a meeting on ODA-funded projects on Wednesday. The reports by relevant agencies reveal the speed of disbursement is uneven among the managing agencies, while a number of projects cannot be completed with no extension of the disbursement period. ODA and preferential loans signed in the year to date have totaled more than US$700 million, of which US$410 million had been paid out as of this Monday. This year is the final year in which Vietnam can obtain preferential loans from the International Development Association (IDA) of the World Bank (WB), which has committed to aiding 14 programs worth US$2.1 … [Read more...] about Govt urges ODA disbursements
NA to hear explanation of huge ODA loans
NA to hear explanation of huge ODA loansThe Saigon Times Daily HCMC – The Ministry of Planning and Investment has been assigned to give the National Assembly (NA) an explanation of official development assistance (ODA) loans of VND600 trillion, VnEconomy quoted a Ministry of Finance official as saying. At a press conference held by the State President Office last week, Truong Hung Long, director of the ministry’s Department of Debt Management and External Finance, said the NA capped ODA loans at VND300 trillion (US$13.2 billion) in the medium-term plan in 2016-2020. However, the actual amount that has been signed and disbursed in the period is roughly US$22 billion, he added. According to Long, the Government and ministries are still considerimg new loans for new projects. As for loans negotiated in 2016-2017 but not yet disbursed, they will belong to the period after 2016-2020. In case the amount is higher than VND300 trillion, borrowing from domestic sources will be cut, … [Read more...] about NA to hear explanation of huge ODA loans
ODA loans proposed for major bridge in Mekong Delta
ODA loans proposed for major bridge in Mekong DeltaLe Anh HCMC - The Ministry of Transport has asked the Government to seek Japan's official development assistance (ODA) loans for construction of Dai Ngai bridge linking the Mekong Delta provinces of Soc Trang and Tra Vinh as it has failed to find investors for the project. According to the ministry’s document sent to the Government, the bridge on National Highway 60 has two components. The first component will be implemented under the build-operate-transfer (BOT) format and the second one will be financed by the State budget. However, the ministry said only one investor showed interest in the first component but failed to meet conditions set for the bridge project. Therefore, the selection of investors for this component was suspended. In addition, the ministry cannot secure funding for the second component as the Government’s plan to issue bonds in the 2016-2020 period has not been passed by the National … [Read more...] about ODA loans proposed for major bridge in Mekong Delta
ODA disbursement increases by 10%
ODA disbursement increases by 10%The Saigon Times Daily HCMC - Total official development assistance (ODA) loan disbursement in Jan-Sept of 2014 was estimated at more than US$4.1 billion, up 10% compared to same period last year, according to the Ministry of Planning and Investment. Deputy Minister Nguyen Van Hieu said the disbursement of ODA and other concessional loans showed positive changes, especially for projects funded by the Japan International Cooperation Agency (JICA) and the World Bank. The ministry has taken measures to accelerate the disbursement progress, and organized seminars between the ODA steering committee and banks to determine responsibilities of relevant agencies to speed up ODA-funded project execution. The Ministry of Planning and Investment, in cooperation with the World Bank and Japan, reviewed projects with delayed disbursement, as well as discussed solutions to prevent corruption in ODA projects. Besides, the ministry and the Asian Development Bank has … [Read more...] about ODA disbursement increases by 10%