~ Le Viêt Nam, aujourd'hui. ~
The Vietnam News

[Year 1997]
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Japan considers new loans to Vietnam with W.Bank

HANOI - Japan is considering teaming up with the World Bank to extend loans to Vietnam under a Japanese plan to help pull Asia out of recession, Japan's prime minister was quoted as saying on Thursday.

``We are considering a co-financing with the World Bank for Vietnam under the auspices of the Miyazawa Initiative,'' a senior Japanese Foreign Ministry official quoted Keizo Obuchi as saying in Vietnam.

The Miyazawa initiative, named after Japanese Finance Minister Kiichi Miyazawa, was unveiled in October to provide certain Asian nations with a total of $30 billion to help kick-start their economies.

Obuchi was quoted as making the comment to Vietnamese Prime Minister Phan Van Khai during an official state visit to Vietnam which followed Wednesday's summit of Association of South East Asian Nations (ASEAN).

Japan intended to participate in talks with Vietnam and the World Bank in late January to prepare for extending such loans, Obuchi was quoted as saying.

Obuchi was quoted as saying that the Miyazawa Initiative had originally been targeted at the five Asian nations hardest hit by the Asian crisis -- Indonesia, Thailand, Malaysia, the Philippines and South Korea.

``But, I would like to consider Vietnam as among eligible recipients of the Miyazawa Initiative,'' Obuchi was quoted as saying. Loans to Vietnam co-financed by the Japanese initiative and the World Bank would be separate from aid worth 102.3 billion yen pledged by Japan in Paris earlier this month, Obuchi said.

Vietnamese Prime Minister Phan Van Khai was quoted by the Japanese official as telling Obuchi that Vietnam would further accelerate economic reforms and work toward achieving about 5.5 to 6.0 percent economic growth next year.

A series of natural disasters since late 1997 and the Asian economic crisis had put a strain on Vietnam's state budget and export growth, Khai was quoted as saying.

Khai asked Obuchi if Japan's Trade Ministry might be able to help with financing for trade, the official said. Obuchi officially invited Khai to Japan and said details of such a visit would be worked out through diplomatic channels, the official added. Vietnam also invited the Japanese emperor and the imperial family to visit Vietnam, the official said.

Reuters - December 17, 1998.