Completed Development AidData Chinese Aid

Chinese Government cancels RUB 189.2 million of Vietnamese Government’s outstanding obligations

$189.23M USD

Funder	China Ministry of Commerce
Recipient Organization	Government of Viet Nam
Country	Viet Nam
Start Date	Nov 16, 2003
End Date	May 02, 2032
Duration	10,395 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`85347`

Grant Description

On October 16, 2003, the Chinese Government and the Government of Vietnam signed a partial debt exemption protocol cancelling the Government of Vietnam’s outstanding obligations under two Economic and Technical Cooperation Agreements (ETCAs) that had matured in December 2001.

The previously contracted loans are as follows: (1) On January 31, 1961, China provided a 141,750,000 ruble (RUB) interest-free loan to Vietnam.

Of that amount, only 104,230,700 RUB were spent. (2) On December 5, 1965, China provided an 85,000,000 RUB interest-free loan to Vietnam. The entirety of this loan was spent. Therefore, the total value of repayment obligations waived by the Chinese Government in 2003 was 189,230,700 RUB.

According to the agreement, the Bank for Foreign Trade of Vietnam and the Bank of China handled the accounts and procedures.

📋 Staff Comments

This debt forgiveness project is not marked as an umbrella project since the original loan was contracted before 2000, so there is no risk of double counting.This debt forgiveness project is not marked as an umbrella project since the original loan was contracted before 2000, so there is no risk of double counting.

📚 Sources & References

GIỮA CHÍNH PHỦ NƯỚC CỘNG HÒA XÃ HỘI CHỦ NGHĨA VIỆT NAM VÀ CHÍNH PHỦ NƯỚC CỘNG HÒA NHÂN DÂN TRUNG HOA VỀ VIỆC XÓA MỘT PHẦN NỢ CỦA CHÍNH PHỦ NƯỚC CỘNG HOÀ XÃ HỘI CHỦ NGHĨA VIỆT NAM., Điều ước quốc tế 42/LPQT Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.