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Vietnam Today

Spain to provide concessional loans

Released at: 15:43, 22/10/2016

Spain to provide concessional loans

Photos: Duc Anh/H.V

Offer announced at B2B meeting in Hanoi on October 18 regarding cooperative possibilities between Spanish and Vietnamese enterprises.

by Hai Van

Spain has offered Vietnam concessional loans totaling 325 million euro ($364.2 million), with up to 275 million euro ($308.2 million) being assigned to Spanish-tied financing of Ho Chi Minh City’s Metro Line No. 5.

The offer was announced on the sidelines of the “Vietnam - Spain Multilateral Partnership” business-to-business (B2B) meeting in Hanoi on October 18, held by Spain Trade and Investment (ICEX) and the Economic & Commercial Office of the Embassy of Spain in Vietnam.

The aim of the meeting was to facilitate the exploration of business cooperation agreements and partnerships with a view to increasing the options of both parties to be awarded contracts for projects financed mainly by development banks in Vietnam, such as the Asian Development Bank (ADB), the World Bank, the Japan International Cooperation Agency (JICA), and others and any other projects in the region.

The meeting provided Vietnamese companies with the opportunity to meet over 15 renowned Spanish companies with expertise in the fields of transport infrastructure (construction and installation of related systems), energy (conventional, renewable, and efficient), and environment (water, wastewater and solid waste treatment).

“Spanish enterprises have experience in cooperating with Vietnamese enterprises, in which some Spanish enterprises are operating effectively in Hanoi, Hai Phong and Da Nang,” said the Ambassador of Spain to Vietnam, H.E. Alfonso Tena Garci. “Spanish enterprises shared their experience with Vietnamese enterprises, supporting Vietnam to build transport infrastructure and environment and energy projects.”

Mr. Nguyen Danh Huy, Director of the Public-Private Partnership (PPP) Department at the Ministry of Transport, identified priority projects to be based on the PPP model.

Mr. Jose Antonio Bretones Cordero, Economic and Commercial Counselor at the Embassy of Spain in Vietnam, said that Spain’s Ministry for Economic Affairs and Competitiveness is now negotiating with the Ministry of Planning and Investment over the terms of the 5th Financial Cooperation Program between Vietnam and Spain.

Spain’s infrastructure industry is the world’s second-largest in terms of turnover, with a worldwide portfolio of 88 billion euro ($96 billion), 87 per cent of which is carried out abroad, in more than 130 countries. In Vietnam, Spain has participated in the construction and supervision of highways, refineries and water supply projects, among others. The country is also a major donor to Ho Chi Minh City’s Metro Line No. 5 project.

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