Japan commits over 43.1bn yen for two projects in Vietnam

Vietnam and Japan exchanged three cooperation documents in Tokyo on Monday, including two funding commitments worth more than 43.1 billion yen (US$272.7 million) for projects in Vietnam, the Ministry of Finance said in a statement issued that evening.

The exchange took place during the official visit to Japan by General Secretary of the Communist Party of Vietnam Central Committee and President To Lam and his spouse.

The ceremony for exchanging the three documents was witnessed by General Secretary and President To Lam and Japanese Prime Minister Takaichi Sanae.

Minister of Finance Ngo Van Tuan, Japanese Ambassador to Vietnam Ito Naoki and Japan International Cooperation Agency (JICA) President Tanaka Akihiko exchanged the documents.

The three documents included an exchange of notes on the Vietnam Japan University construction project, an agreement on facilitating the implementation of grant-aid projects, and a loan agreement for the O Mon III thermal power plant project.

The funding commitments for Vietnam Japan University and O Mon III total more than 43.1 billion yen.

The two projects are priorities for the governments of Vietnam and Japan.

The Vietnam Japan University project aims to develop highly skilled workers and strengthen bilateral cooperation in education, training and scientific research.

The project is intended to meet Vietnam's human resource development needs in the new period.

O Mon III is a key energy project designed to increase electricity supply to the national power system and strengthen energy security.

The project is expected to support socio-economic development, particularly in the Mekong Delta.

The agreement on facilitating grant-aid projects aims to improve the legal framework and simplify procedures for Japanese aid projects in Vietnam.

The Ministry of Finance said it would coordinate with relevant Japanese agencies and Vietnamese ministries, sectors and local authorities to implement the documents.

The ministry also pledged to ensure project progress, quality and efficient use of funds.

Earlier on the same day, General Secretary and President Lam attended the Vietnam-Japan Public-Private Forum on Economic, Science and Technology Cooperation in Tokyo.

The forum focused on co-creating technologies and building future value chains, providing a platform for the two countries to explore new cooperation opportunities.