February 6, 2012
Vietnam's 2012 agriculture allocation to drop by US$37 million
Vietnam's agriculture sector looks to attract US$300 million funds from the Official Development Assistance (ODA), a US$37 million reduction against last year, according to Bui Ba Bong Deputy Minister of Agriculture and Rural Development (MARD).
Since Vietnam was officially recognised as a middle income country in 2010 the Official Development Assistance (ODA) decreased tremendously. Attracting ODA became more difficult for the country after the world entered the period of recession.
"The lack of an orientation plan for the mobilisation and use of ODA for agriculture the uneven allocation of funds between localities and the lack of a professional unit to manage ODA as the main reasons," said Le Van Minh former head of the department reported Vietnam news. According to a MARD report the ministry received an average of US$310 million of ODA mostly from Japan Australia and international organisations including the Asia Development Bank (ADB) and the International Fund for Agricultural Development during the 2009-11 period. The government is also planning new ideas to attract ODAs.