Vietnam has signed an agreement to take $51 million worth of soft loans from South Korea for the building of a hospital and two vocational schools, the Ministry of Finance said Wednesday.
The agreement was signed Tuesday in Hanoi between Deputy Minister of Finance Tran Xuan Ha and Deputy Chairman of South Korea\'s Eximbank, Ki-Sub Nam, the ministry said in a statement.
The first loan worth $45 million will be used to build a general hospital in the northern province of Yen Bai, it said.
The 40-year loan has a grace period of 10 years and bears an annual interest rate of 0.05% for the rest of the term, the ministry said.
The other two loans, worth $3 million each, will be used to build vocational schools in the central provinces of Ha Tinh and Quang Binh, it added.
Source: Dow Jones