Japan grants $508 mln for Vietnamese highway projects

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The Japanese government granted US$508 million in Official Development Assistance (ODA) for two road projects in Vietnam under an agreement signed Tuesday.

The soft loan will be used to build two sections of the North-South Highway the Ho Chi Minh City-Dau Giay and the Da Nang-Quang Ngai sections.

It is the first ODA funding for Vietnam in Japan's 2011 fiscal year, which runs from April 1, 2011 to March 31, 2012.

At the signing ceremony, Japanese Ambassador Yasuaki Tanizaki said that Japan will maintain ODA funds for Vietnam in the future despite its difficulties in the wake of massive earthquakes and tsunami.

In 2010 fiscal year, Japan granted $1.8 billion ODA for Vietnam.

Japan has always been the largest ODA donor for Vietnam since 1992, with a combined $20.8 billion granted.

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