The Export-Import Bank of Korea (www.koreaexim.go.kr, Chairman Lee Duk-hoon, “Korea Eximbank”) announced that the ground-breaking ceremony for the Viet Tri Sewerage Construction Project was held on October 30 (local time) in Puto, Vietnam.
At the ceremony, about 200 key officials from Korea Eximbank and the Vietnamese government attended such as Korea Eximbank's Deputy Vice President Nam Ki-sub, Chairman of the People's Committee in Puto Nguyen Dinh Cuc, Chairman of Puto Water Supply Corporation Nguyen Van But.
The Viet Tri Sewerage Construction Project aims to build sewage pipelines, 17 mediation pumping stations, and two sewerage treatment plants.
Viet Tri, adjacent to Vietnam's capital Hanoi, currently lacks sewerage facilities, discharging untreated household and industrial wastewater into the Red river.
Once completed, sewerage treatment facilities will help prevent environmental pollution caused by dumping waste water into the river. As a result, health of local residents is expected to substantially improve.
Of the total project cost of USD 41 million, Korea Eximbank is expected to provide USD 32.9 million in EDCF loan.
In particular, with Keangnam Enterprises being in charge of construction, the project is expected to open the door for more Korean companies to enter the water supply and sewerage sectors in Vietnam.
Puto is the city where investments by Korean companies take up about 80% of total FDI. The project is expected to directly benefit Korean companies in their investment production activities by providing necessary environmental infrastructure.
At the ground-breaking ceremony, Deputy Vice President of Korea Eximbank Nam Ki-sub said, "Vietnam is in urgent need of countermeasures to address environmental pollution caused by rapid economic growth. He continued, "Korea Eximbank plans to boost support for Vietnam's environmental sector initiatives such as environment conservation and climate change response."
Up to now, Korea Eximbank has supported 49 projects in Vietnam, amounting to USD 1.9 billion. 14 environmental sector projects take up USD 323 billion or about 17% of total commitments.
