Deputy Prime Minister and Foreign Minister Pham Binh Minh has urged Da Nang to use official development assistance (ODA) sources effectively as those with low interest rates will end next year.

Deputy Prime Minister and Foreign Minister Pham Binh Minh speaks at the working session (Source: http://www.sggp.org.vn/)

At a working session with the municipal leaders last Saturday, the Deputy PM said the Government plans to build a mechanism to manage and use ODA sources more effectively, which will require payment responsibility and solvency of localities.

He stressed that projects using ODA capital must ensure requirements on efficiency and solvency, especially when the ODA loans account for 26 percent of the total public debt and 15 percent of GDP, and it becomes scarcer after Viet Nam joins the group of medium-income nations.

Deputy PM Minh praised Da Nang for its efforts to attract ODA projects and ensure their progress which in turn has helped to promote the city’s socio-economic development.

The city also recorded the high ODA disbursement rate of over 30 percent, 10-12 percent higher than the country’s average level.

According to the municipal People’s Committee, Da Nang implemented 13 ODA projects totalling over 700 million USD in the 2011-2015 period, helping the city improve its infrastructure system, water supply, health care service, and information technology facilities.

At the working session, the city’s leaders asked ministries and central government agencies to further support Da Nang in connecting with and appealing for more foreign investors to pour their money into local priority aspects such as precise mechanics, biotechnology, and IT.

Deputy PM Minh promised that he will instruct the Foreign Ministry to assisting the city in attracting foreign investment and promoting local tourism sector.

Regarding preparations for the 25^th APEC Summit to be held in Da Nang in 2017, the Deputy PM urged the municipal authorities to swiftly design a master plan for the event, towards taking the occasion to introduce the city’s potential and strengths and promote its trade and investment links.

(Source: Da Nang Today/VNA)