Visiting South Korean President Yoon Suk Yeol has agreed to provide Vietnam with $4 billion in official development assistance by 2030.
President Yoon announced this during a joint press briefing with his Vietnam counterpart Vo Van Thuong in Hanoi.
Yoon said South Korea will continue to expand ODA to Vietnam by raising the cap on aid provided through the Economic Development Cooperation Fund from $1.5 billion in 2016-2023 to $2 billion in 2024-2030.
Under a new deal, South Korea will also provide an additional $2 billion through the Economic Development Promotion Facility by 2030.
This is Yoon's first state visit (June 22-24) to an Association of Southeast Asian Nations (ASEAN) member.
South Korea’s Yonhap News Agency reported that the President also elaborated on wide-ranging measures to strengthen bilateral ties.
"South Korea and Vietnam will strengthen coordination both at the ASEAN level and bilaterally to draw a united response from the international community," Yoon said
Yonhap quoted Yoon as saying the two countries will hold annual foreign ministerial talks and expand defense industry cooperation based on strengthened political confidence in each other.
"South Korea and Vietnam have built a close and mutually beneficial cooperative relationship over the past 30 years.
"Last year, we elevated the bilateral relationship to a Comprehensive Strategic Partnership on the occasion of the 30th anniversary of diplomatic relations. Today, President Thuong and I discussed ways to further strengthen our cooperation in a way that is commensurate with the elevated bilateral relationship and to contribute to freedom, peace and prosperity in the Indo-Pacific region."
With the aim of increasing bilateral trade to $150 billion by 2030, the two sides agreed to establish an electronic origin data exchange system that will allow businesses to submit online proof of origin of export and import items to qualify for preferential duties under the Vietnam-South Korea free trade agreement.
The two sides also agreed to set up a center that will exclusively handle critical mineral supply chains and to look further for areas of cooperation in liquefied natural gas development, hydrogen energy production, smart cities and climate change response.
Agreement was also reached on further promoting exchanges between the two countries' peoples by increasing support for Korean language education in Vietnam and expanding scholarships for Vietnamese students in South Korea.