Lawmakers: Future ODA loans are still needed for Vietnam
Members of the National Assembly Standing Committee have agreed that future official development assistance (ODA) loans are necessary for Vietnam to meet its development potential, but they emphasised the need to spend these loans more effectively.
NA Standing Committee members said future official development assistance loans are necessary for Vietnam given its huge demand for investment in development (Photo: VNA)
Hanoi (VNA) - Members of the NationalAssembly Standing Committee have agreed that future official development assistance(ODA) loans are necessary for Vietnam to meet its development potential,but they emphasised the need to spend these loans more effectively.
On the second day of the NA Standing Committee’smeeting on August 9, full-time lawmakers discussed the special monitoringreport on the implementation of state policies and laws on the management andspending of ODA loans from 2011-2016.
According to the monitoring report, 319agreements were signed in the period 2011-2016 with a total value of 33.64billion USD, 59 percent higher than in the 2006-2010 period.
Members of the NA Standing Committee said thatwhile Vietnam’s policies have been becoming more effective for themanagement and spending of ODA loans, shortcomings still exist.
Some members raised the question of whether ODAloans had been spent wastefully or ineffectively and whether the spending ofODA loans had met practical needs.
Phan Thanh Binh, Chairman of the NACommittee for Culture, Education, Youth and Children,suggested stronger supervision from the National Assembly and local People’sCouncils.
NA committees should seriously and strictlysupervise ODA projects within their responsibilities, and the Government needsto clearly identify individuals or agencies in charge of ODA projectsupervision, Binh said.
Other members of the committee agreed that inthe coming time the government would have to strengthen inspections andsupervision of ODA projects. They also said that for non-refundable ODA,priorities should be given to sustainable poverty reduction projects includingeducation, institutional development, knowledge and technology transfer.
On the other hand, the NA Standing Committeesaid ODA loans should be allocated to large-scale projects, such as those ininfrastructure development and regional social-economical development.
NA Vice Chairman Phung Quoc Hien said that ODAloans should never be borrowed using the government’s current spending/expenditures.
ODA loans and foreign preferential loans shouldbe calculated to avoid dependence on foreign investors, he added.
The same day, the committee discussed the planfor mid-term public investment of the period 2016-2020 and the non-refundableassistance from Ireland for the Programme 135, which aims to provideassistance for socio-economic development in communes with special difficulties.-VNA
Deputy governor of the State Bank of Vietnam (SBV) Dao Minh Tu speaks to Vietnam News Agency's English-language newspaper Viet Nam News about these issues on the sideline of the recent ADB 51st Annual Meeting in Manila, the Philippines
The Mekong Delta province of Bac Lieu showed its appropriate use of official development assistance (ODA) capital during the 2011-2016 period as it disbursed 607 billion VND (26.6 million USD) of the allocated 775 billion VND (33.9 million USD), or nearly 90 percent.
The Mekong Delta province of Ca Mau has sought measures to hasten the progress of projects using official development assistance (ODA) capital in the locality.
Vietnam has received 80 billion USD in official development assistance (ODA) and preferential loans since 1993, becoming one of the largest ODA recipients in the world, said Deputy Prime Minister and Minister of Foreign Affairs Pham Binh Minh.
Hanoi is striving to make efficient use of foreign loans, including official development assistance (ODA), to fuel socio-economic development, especially the building of a synchronous transport infrastructure network.
State President Luong Cuong’s trip once again reaffirmed the Party and State’s foreign policy of independence, self-reliance, diversification and multilateralisation of relations. It also reflected the strong trend of enhanced cooperation among countries of the Global South in shaping a new, more multipolar, fair and equitable world order.
The outcomes of Party General Secretary To Lam's visit will serve as a driving force and source of inspiration for the two countries to inherit, promote, and elevate their Comprehensive Strategic Partnership, contributing to the national construction and development cause in each country, and to peace, cooperation, and development in the region and the world.
Prime Minister Pham Minh Chinh on August 9 inspected the construction site of the new Phong Chau bridge, and surveyed a planned route for the Lao Cai – Hanoi – Hai Phong railway section running through the northern province of Phu Tho.
Across print, broadcast, and online platforms, Angolan media portrayed State President Luong Cuong's visit as a warm and historic occasion, strengthening bilateral ties and boosting Vietnam’s presence in Africa through the AU.
The 500kV Lao Cai – Vinh Yen power transmission line has a total investment of over 7.41 trillion VND (282.5 million USD), and a total length of 229.5 km, passing through 31 communes in the two provinces, and comprising 468 transmission tower foundations.
The visits reflected the elevated position of Vietnam’s foreign policy in the new era—aimed at not only advancing ties with key regional partners like Egypt and Angola but also delivering a strategic message about Vietnam’s commitment to deepening relations with African nations as a whole.
At their talks and meetings, President Cuong and Angola’s top leaders affirmed that the close brotherhood and traditional friendship are a valuable shared asset and a solid foundation for the two nations to advance into a new phase of development.
The ruling People’s Movement for the Liberation of Angola (MPLA) attaches great importance to the friendship, solidarity, and comradeship with the Communist Party of Vietnam, and voiced her Party’s wish to further deepen and expand relations between the two sides for the benefit of the Vietnamese and Angolan people.
Vietnam pledges to do its utmost to build an ASEAN of solidarity, consensus, and unity in diversity, and to foster a fast and sustainable development path for ASEAN, grounded in science, technology, and innovation, said Prime Minister Pham Minh Chinh.
Party General Secretary To Lam called on the criminal police force to accelerate the application of science, technology, artificial intelligence, and digital transformation in criminal investigation tasks such as crime prevention, detection, tracking and verification, ensuring that no area remains out of their reach.
Many Koreans living, studying, and working in Hanoi see the upcoming state visit to the Republic of Korea (RoK) by Party General Secretary To Lam as an opportunity to generate strong synergy in economic cooperation, people-to-people exchanges, and cultural understanding.
The achievements of the five decades of Vietnam–Angola cooperation provide a strong and enduring foundation, as well as momentum for the two sides to consolidate, expand, and bring their partnership into a new phase of development.
Prime Minister Pham Minh Chinh stressed that the emulation and commendation work is a vital driver, fostering patriotism, dedication, and collective momentum in the run-up to the 11th National Patriotic Emulation Congress, Party congresses at all levels, and the 14th National Party Congress.
Emphasising the need for sustainable, long-term collaboration, National Assembly Chairman Tran Thanh Man called on Japanese investors not only to bring in capital but also to share expertise and modern technology, especially in areas such as green transformation, the circular economy, and advanced corporate governance.
President Luong Cuong's activities during his state visit to Angola, the celebration of the financial sector's 80th traditional day, and the Foreign Ministry's flag-hoisting ceremony marking the 58th founding anniversary of ASEAN are among news highlights on August 8.
Vietnamese Ambassador to Thailand Pham Viet Hung praised the Thai Ministry of Foreign Affairs’ meaningful initiative, noting that the ASEAN Family Run was not only a sporting activity but also an opportunity for diplomats and their families to show unity, connection, and solidarity within the ASEAN family.
Politburo member, Prime Minister Pham Minh Chinh on August 8 attended the first congress of the Party Organisation of Tay Ho ward of Hanoi for the 2025–2030 term, during which he called for fresh momentum to turn the ward into a model that takes the lead in all fields.
The size of the economy increased from over 5 billion USD in 1986 to over 476 billion USD by 2024, making Vietnam the fourth-largest economy in Southeast Asia and the 34th largest in the world.
The ASEAN flag-hoisting ceremony is observed by the 10 ASEAN member countries on August 8 every year, aiming to spread and promote the ASEAN identity and affirm the determination to unite and cooperate for the common aspiration of long-term peace and prosperity of Southeast Asian countries under the common roof of the ASEAN Community.
Vice Chairman of the municipal People’s Committee Nguyen Manh Cuong highlighted ASEAN’s nearly six decades of development, during which the region transformed from division to harmony, from confrontation to cooperation, and from poverty to dynamic growth, becoming a global bright spot for regional cooperation.
NA Standing Committee members said future official development assistance loans are necessary for Vietnam given its huge demand for investment in development (Photo: VNA) 
