South Korea Pledges US$100Mln for Vietnam Econ Development Targets

South Korea will provide over US$100 million in soft loans for Vietnam annually, aiming to help the communist country realize the set socioeconomic development targets, in addition to enhancing ties between two sides, noted AFP and Yonhap.

 

The offer came during talks between South Korea's Finance and Economy Minister Kwon O-Kyu and Vietnam's Deputy Prime Minister Nguyen Sinh Hung, in Gwacheon Government Complex May 22.

 

“We will extend more than US$100 million in annual credit assistance to Vietnam,” Kwon said, adding that South Korea is ready to provide more economic assistance, while affirming Vietnam has become one of South Korea's biggest business partners since the two countries normalized relations in 1992.

 

Deputy Prime Minister Hung is leading a government delegation on a four-day visit for a program titled Vietnam Days in South Korea, as part of activities celebrating the 15th anniversary of establishing bilateral diplomatic ties.

 

The foreign country offered US$200 million in soft loans to Vietnam through 2006. Late last year, South Korea's government pledged US$100 million in soft loans for Vietnam in 2007.

 

Bilateral trade soared to US$4.85 billion in 2006 from US$490 million in 1992, according to South Korean figures

 

Foreign direct investment (FDI) from South Korea into Vietnam last year reached around US$2.4 billion in 203 projects, the Foreign Investment Agency under the Ministry of Planning and Investment (MPI) reported. (AFP, Yonhap, VNA)