Like suitors vying for the attention of a lovely Asian lady, China and Japan are courting Vietnam by providing the Southeast Asian country with financial assistance. In terms of dollars and cents, Japan has the edge.

But beyond financial assistance, not only Vietnam but other smaller Asian nations are shirking away from Chinese aid for various reasons.

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According to the Wall Street Journal, in 2014, Japan's assistance to Vietnam in the form of shouldering the construction of a new terminal at Hanoi's international airport and a multilane highway leading to the capital city reached $1.8 billion.

Meanwhile, Beijing's export bank financed the construction of several coal-fired power plants in Vietnam. However, businesses and local governments complain of the frequent breakdown of the plants, and China sending workers to run the plants instead of hiring locals.

Then there is the 2014 incident when China parked an oil rig in disputed waters which soured Hanoi's relationship with Beijing. This incident led Vietnam to diversify in terms of foreign investments, said Vietnamese Deputy Trade and Industry Minister Do Thang Hai.

It turns out other Asian nations too have the same outlook toward China, reports the Wall Street Journal.

In March, the new Sri Lankan government placed on hold a construction project in Colombo worth $1.4 billion which was backed by China. The new government said the previous government proceeded with the project without securing government approvals.

Indonesia likewise complained of the poor quality of power plants that China constructed, while Myanmar placed on hold in 2011 the building of a dam costing $3.6 billion by China and in 2014 postponed the construction of a high-speed rail that would connect it to China.

Myanmar is now more open to western investments. Meanwhile, Tokyo forgave debts of Myanmar and boosted assistance programs.

And Tokyo is wary of loans from the upcoming Asian Infrastructure Investment Bank, which is backed by China, over concerns that loans would be made for projects without environmental safeguards.

TagsVietnam, financial aid, ODA