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

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.

Additional details

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.

Number of official sources

2

Number of total sources

2