Vietnam reportedly forfeits billions of dollars in foreign aid amid anti-graft freeze

Vietnam forfeited at least $2.5 billion in foreign aid over the last three years and may lose another $1 billion because of administrative paralysis, the United Nations , the World Bank and Western donors told the government in a letter seen by Reuters.Vietnam forfeited at least $2.

"Approximately $1 billion in development funding is awaiting approval, with an additional $2.5 billion returned due to funding expirations," said the letter, sent to Prime Minister Pham Minh Chinh — effectively signaling potential losses worth nearly 1% of the country's gross domestic product. Two senior foreign officials interviewed by Reuters directly linked the administrative hurdles to the "blazing furnace" anti-graft drive, echoing similar comments from other diplomats and officials in recent months.Amid those constraints, the country is struggling to spend even its own public funds, having failed to invest about $19 billion from 2021 to 2023, one-quarter less than it had planned, according to the finance ministry.

Vietnam's prime minister's office and the investment ministry did not respond to requests for comment.

New Production Gross Domestic Product International Relations United States Government Japan Government Development Banking Council Of The European Union EU Government Debt Government Pay Import And Export Prices World Bank Group Of 7 United Nations Vietnam Government Foreign Aid Political Corruption Government And Politics Business News

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Vietnam’s stability gets rude $24 bln shockCompanies derisking their supply chains from China have rushed to Vietnam, but their new stomping ground may not offer much more in the way of stability.
Source: Reuters - 🏆 2. / 97 Read more »

Vietnam veteran uses military training to save friend's life'I thought he was dead, I'll be honest with you. He just started turning blue in the face and I just said 'Lord, don't let him die.’”
Source: WGAL - 🏆 331. / 59 Read more »

Veteran seeking disability benefits dies before he can prove he fought in Vietnam WarIowa Vietnam vet seeking disability benefits dies before he can prove he fought in the war
Source: WGAL - 🏆 331. / 59 Read more »

The Wall That Heals: Honorary exhibit for Vietnam War veterans comes to North TexasThe Wall That Heals, a three-quarter-scale replica dedicated to those who served in the Vietnam War, has made it to North Texas.
Source: NBCDFW - 🏆 288. / 63 Read more »

‘Biden’s Vietnam’: Progressive lawmakers warn not to repeat campus protest historyStudents protesting for Palestinian liberation have also referenced the legacy of student resistance and state crackdowns at inflection points throughout American history.
Source: politico - 🏆 381. / 59 Read more »

Sanders comparison of Gaza and Vietnam an ‘over-exaggeration’: Biden campaign co-chairmanBiden campaign co-chair Mitch Landrieu believes that comparisons between the Vietnam War and the war in Gaza is an 'over-exaggeration.'
Source: dcexaminer - 🏆 6. / 94 Read more »