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

At a working session with the municipal leaders on July 30, 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 Vietnam joins the group of medium-income nations. Minh praised Da Nang for its efforts to attract ODA projects and ensure their progress, contributing to 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 worth over 700 million USD in the 2011-2015 period, helping the city improve infrastructure, water supply, health care, and information technology facilities. At the working session, the city’s asked ministries and sectors to further support Da Nang in connecting with and calling on potential investors to pour money into priority fields 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 tourism. Regarding preparations for the 25th 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 trade and investment links.-VNA