Vietnam forfeits billions of dollars in foreign aid amid anti-graft freeze, document says

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Vietnam News

Anti Graft,Foreign Funding,Foreign Aid

HANOI, May 17 — Vietnam forfeited at least US$2.5 billion in foreign aid over the last three years and may lose another US$1 billion because of administrative paralysis, the...

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“Approximately US$1 billion in development funding is awaiting approval, with an additional US$2.5 billion returned due to funding expirations,” said the letter, sent to Prime Minister Pham Minh Chinh — effectively signalling potential losses worth nearly 1 per cent of the country’s gross domestic product.

Amid those constraints, the country is struggling to spend even its own public funds, having failed to invest about US$19 billion from 2021 to 2023, one-quarter less than it had planned, according to the finance ministry.The letter was sent by the heads of the UN and World Bank in Vietnam and is co-signed by 18 ambassadors, including from the United States, the European Union and Japan, and the head of the Asian Development Bank in the country.

Anti Graft Foreign Funding Foreign Aid

 

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