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Overview

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

Commitments (Constant USD, 2023)$13,876,556
Commitment Year•2003Country of Activity•Viet NamDirect Recipient Country of Incorporation•Viet NamSector•Action Relating To DebtFlow Type•Debt forgiveness

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Nov 16, 2003
Start (actual)
Oct 16, 2003
End (actual)
Oct 16, 2003

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Funding agencies

Government Agencies

  • China Ministry of Commerce

Receiving agencies

Government Agencies

  • Government of Viet Nam

Implementing agencies

Private Sector

  • Bank of Foreign Trade of Vietnam (Vietcombank)

State-owned Commercial Banks

  • Bank of China (BOC)

Loan desecription

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

Narrative

Full Description

Project narrative

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.