The Japan International Cooperation Agency (JICA) will continue to effectively carry out a range of projects through the Japanese Government’s ODA despite the novel coronavirus (COVID-19) epidemic.

Ho Chi Minh City Urban Railway Line 1 is one of JICA's ODA-funded projects in Vietnam.

JICA Vienam chief representative Shimizu Akira made the confirmation at a press conference in Hanoi on October 6.

Akira noted the implementation of JICA-funded projects during the COVID-19 epidemic has helped to maintain jobs for Vietnamese engineers, therefore contributing to the nation’s strong economic recovery.

Currently, there are approximately 2,000 workers participating in a project to construct the Ho Chi Minh City Urban Railway Line 1 stretching from Ben Thanh market to Suoi Tien Amusement Park.

According to Akira, new loan projects and the ODA disbursement rate in the fiscal year has tended to decrease in recent years. Despite this, the implementation of Japanese-funded projects served to contribute to boosting Vietnamese economic development.

The Vietnamese Government and Prime Minister Nguyen Xuan Phuc have sought to promote the disbursement of public investment capital, which will help JICA to accelerate its projects in the country, he said.

In relation to the health sector, JICA has supported the country over the course of several years, with total funding for loan projects and technical co-operation projects reaching up to JPY77.4 billion, roughly VND17 trillion.

In the context of the COVID-19 epidemic, JICA will move to strengthen co-operation in the health sector on the basis of taking advantage of its accumulated experiences.

Akira also commented that the trend of shifting global supply chains will present fresh opportunities to Vietnam. However, the country must strive to improve the quality of human resources, and develop high-quality infrastructure in a bid to attract further foreign investment.

At present, JICA is implementing a technical co-operation project to strengthen capacity and enhance equity and transparency in the Vietnamese stock market. These efforts will promote transparent information disclosure in corporate financial accounting towards the application of the International Financial Reporting Standards (IFRS).

JICA will work closely alongside the Vietnamese Government to continue supporting the country’s infrastructural development and technical co-operation, contributing to local development, the JICA expert concluded.