Deputy Minister of Finance Tran Quoc Phuong and vice president of KEXIM Bank Hong Soon-young

Deputy Minister Phuong said that since establishing bilateral diplomatic relations, cooperation between the two countries has continuously developed, especially in economics.

He respected and appreciated the support and assistance of the South Korean government and KEXIM. As the agency of the South Korean government managing the Economic Development Cooperation Fund (EDCF), KEXIM has boosted the effective implementation of projects in transportation, health, and the environment in Vietnam.

"These affirm the interest and close cooperation between the two sides towards future development goals," he said.

The Ministry of Finance (MoF) and KEXIM have signed 65 agreements with a total funding value of nearly $3 billion within the EDCF Framework Agreement over the years. Most recently, loans from the EDCF for the 2024-2030 period worth $2 billion were signed at the end of 2023.

Phuong said that the loans required official development assistance (ODA) standards. Mobilising ODA capital is one of the top priorities of the Vietnamese government. "With this close coordination, upcoming projects will achieve many good results," the deputy minister said.

Soon-young said that the South Korean Ministry of Economy and Finance is interested in two projects - a road from Tuyen Quang city centre to the My Lam mineral spring tourist area in the northern province of Tuyen Quang, and three bridges over the Can Giuoc, Vam Co Dong, and Vam Co Tay rivers in in the Mekong Delta province of Long An.

He asked the MoF to push the implementation of these projects this year. The bank will also continue exploring new projects suitable for cooperation between the two countries.