According to the contract, Park Hang-seo will manage the national team, the under-23 team and the Olympic team.

The 60-year-old is required to take them to the final of all regional tournaments, such as the SEA Games of the ASEAN Football Federation (AFF) Championship. Vietnam's U23 team will attend the upcoming SEA Games 30 in the Philippines and their target is to win gold, while the national team won the AFF Cup last December, the first time in 10 years.

If the Southeast Asian tournaments take place at the same time, Park can choose which team he and his assistants will manage.

Another requirement for Park is to take Vietnam to the 2023 Asian Cup final. Vietnam made it to the quarter-final of the competition earlier this year and only lost to Japan by a second-half penalty.

Park signed the new contract with Vietnam Football Federation on Tuesday. His current contract runs out in January.

VFF will increase his monthly salary, reported to be much higher than the $20,000 he is receiving. The deal also agrees that Park can keep all of his South Korean assistants.

Park and his associates wish all the money-related information in the contract to be kept confidential.

The final round of negotiation between Tran Quoc Tuan, Standing Vice-President of VFF, the Secretary of VFF Le Hoai Anh, Park Hang-seo and his representative Lee Dong-jun took place in Hanoi on Sunday. VFF and Park there verbally agreed to do their level best to take Vietnam to the 2022 World Cup in Qatar, but the terms are not included in the contract. 

Since his appointment in October 2017, Park Hang-seo has led Vietnam to success surpassing everyone's expectations.

Vietnam won the silver medal at the 2018 AFC U-23 Championship, finished fourth at ASIAD and won the 2018 AFF Cup. In 46 games under Park, Vietnam won 26, drew 13 and lost seven, scoring 80 and conceding 13. Vietnam have been unbeaten in their 13 meetings with ASEAN sides, winning 10 and drawing 3.