Korea-Vietnam Financial Cooperation 'Join Hands'... Discovering High Value-Added Large-Scale Projects

[Image source=Yonhap News]

[Asia Economy Sejong=Reporter Kim Hyewon] On the 5th, Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho and Nguyen Chi Trung, Minister of Planning and Investment of Vietnam, signed a financial cooperation framework (hereinafter referred to as the framework) between the two governments in Seoul in the presence of the heads of state of Korea and Vietnam.

This signing was carried out as part of efforts to further strengthen the mutual economic cooperation relationship, coinciding with the 30th anniversary of diplomatic relations this year and the elevation of the two countries to a "comprehensive strategic partnership."

According to the framework agreement between the two governments, they agreed to cooperate in discovering high value-added large-scale candidate projects such as high-speed, light rail, and metro projects, which are of great interest to Korean companies. The Korean government plans to support these projects through combined financing of concessional funds, including the Economic Development Cooperation Fund (EDCF) and the Economic Development Promotion Fund (EDPF).

In particular, the two governments agreed to hold intergovernmental meetings annually to review progress and achieve concrete results in candidate projects in the fields of transportation, health, and climate change response.

Since the projects to be discovered through this framework will be provided with Korea's concessional funds EDCF and EDPF combined financing, the Ministry of Economy and Finance expects that many Korean companies will participate in these projects and play a key role in local projects.

The Korean government plans to actively support the participation of Korean companies by checking and resolving specific project discovery status and difficulties through EDCF policy consultations and annual project discovery review meetings with Vietnam.

The Ministry of Economy and Finance stated, "We will continue to qualitatively advance the cooperative relationship with Vietnam, the top partner country of EDCF, and make multifaceted efforts to expand the foundation for Korean companies' overseas expansion."

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