Germany, Vietnam sign cooperation agreements
(VOV) -On December 2, the Vietnamese Ministry of Finance and the German Ministry of Economic Cooperation and Development inked a 2013-2014 finance cooperation agreement in Hanoi.
Under the agreement, the German Government will provide Vietnam with 70.5 million EUR in official development assistance (ODA) and 8 million EUR in non-refundable aid.
It will also grant 100 million EUR for power network improvement projects in Hanoi and Ho Chi Minh City under a financing agreement inked the same day.
Deputy Minister of Finance Truong Chi Trung said with the agreements, Germany has enhanced its status as Vietnam’s third largest bilateral donor after Japan and France.
Germany is currently Vietnam’s largest European trade partner with two-way trade volume hitting nearly US$8 billion, comprising more than 20% of the total trade between Vietnam and the EU.