The agreement is part of activities to implement the memorandum of understanding on their financial cooperation in the 2012-2015 period.

At the talks, Vietnamese Finance Minister Vuong Dinh Hue spoke highly of the RoK ministry’s assistance to Vietnam, particularly in implementing official development assistance (ODA) projects in Vietnam .

He expressed his hope that this year, the RoK will continue sharing experience in restructuring State-owned businesses, managing State reserves, supervising the financial market and assessing the implementation of the State’s investment and export credit policies.

Since 2008, the RoK has been named in the top three ODA providers for Vietnam , focusing on infrastructure, urban development, vocational training, health and water supply.

In 2011, the RoK provided 215 million USD in ODA for six projects in Vietnam, including the Da Nang and Lao Cai hospitals, a solar power plant in central Quang Binh province, a water supply and drainage programme in Long Xuyen city (An Giang province), a climate change prevention programme and a project to build the Government’s data and information centre.

Republic of Korea leads Da Nang investment list

The Republic of Korea (RoK) has been a leading investor among the 30 countries and territories in Da Nang , said Huynh Phuong Lien, deputy director of the central city’s Investment Promotion Centre.

"Businesses from RoK have invested in 29 Foreign Direct Investment (FDI) projects with total capital of 710 million USD – 23.11 percent of all the city’s FDI projects last year," Lien said.

According to the latest report, Da Nang attracted 241 FDI projects with total capital of 3.6 billion USD.

The British Virgin Islands ranked second with 15 projects worth 683 million USD, while Singapore placed third with 409 million USD worth of projects.

Businesses from the US invested in 27 projects with total investment capital of 345 million USD.

Japan had 60 projects with an amount of 315 million USD.

The city gave 33 new FDI projects the go-ahead last year, of which 22 related to production and processing.

Da Nang’s six industrial zones employ over 30,000 people, 39 percent of whom are skilled workers.
The RoK company Deawon Cantavil has the largest FDI project in Da Nang - the resort-style Da Phuoc Urbanisation Project – in which it has invested 300 million USD.