S Korea to double cooperation funds with ASEAN by 2027

By Vietnam News Agency
Fri, October 11, 2024 | 8:52 am GMT+7

President of South Korea Yoon Suk Yeol announced on Thursday that his country will double its cooperation funds with the Association of Southeast Asian Nations (ASEAN) to $48 million per annum by 2027 to support key projects in the region.

ASEAN-South Korea Summit in Laos. Photo courtesy of Vietnam News Agency.

ASEAN-South Korea Summit in Laos. Photo courtesy of Vietnam News Agency.

This pledge was made during the ASEAN-RoK summit in Laos after the two sides elevated their relations to a comprehensive strategic partnership. It is their first upgrade of relations in 14 years after they forged a lower-level strategic partnership in 2010.

South Korea is ASEAN's sixth dialogue partner to have the highest-level of ties after the U.S, China, Japan, Australia, and India.

Addressing the summit, Yoon said that as partners for shared prosperity, the two sides will push for comprehensive cooperation covering a wide range of areas.

At the event, both sides agreed to establish a Korea-ASEAN defence ministers' meeting and expand cooperation in maritime security and the defence industry, and advance collaboration in key areas, including trade and investment, digital technology, cybersecurity, clean energy and supply chains, and advanced technologies like electric vehicles, artificial intelligence, and batteries.

As part of their initiatives, they will launch a digital innovation flagship project later this year, with $30 million worth of investments planned through 2028.

In the clean energy sector, the two sides will join hands to reduce carbon and methane emissions under the $19-million ASEAN-Korea Cooperation on Methane Mitigation project over the next three years.

South Korea and ASEAN also agreed to upgrade their free trade agreement signed in 2007 to better reflect the changing business environment.

ASEAN is South Korea's second-largest trading partner and investment destination, with bilateral trade reaching 187.2 billion USD last year.

The ASEAN-Korea Cooperation Fund was established in 1990 to promote projects agreed in three major areas, including development cooperation, human resources, and cultural and academic exchanges.

Comments (0)
  • Read More
Construction major Xuan Truong looks to build airport in northern Vietnam

Construction major Xuan Truong looks to build airport in northern Vietnam

Xuan Truong, a prominent Vietnamese construction firm, has proposed developing an international airport in Nam Dinh province, which will be merged with Ninh Binh and Ha Nam provinces this year.

Infrastructure - Thu, June 19, 2025 | 4:56 pm GMT+7

International financial center to significantly facilitate global capital access for Vietnam: StanChart exec

International financial center to significantly facilitate global capital access for Vietnam: StanChart exec

An international financial center could significantly improve access to global capital for Vietnamese enterprises, especially if it is managed by a unified regulatory body, said Nguyen Thuy Hanh, CEO and head of Banking and Coverage at Standard Chartered Vietnam.

Economy - Thu, June 19, 2025 | 4:09 pm GMT+7

Southern Vietnam's incomplete VSIP Can Tho Industrial Park attracts $300 mln in FDI

Southern Vietnam's incomplete VSIP Can Tho Industrial Park attracts $300 mln in FDI

VSIP Can Tho Industrial Park, located in the Mekong Delta city of Can Tho, has attracted four tenants, with total registered investment capital of $300 million, despite it still being under construction.

Industrial real estate - Thu, June 19, 2025 | 3:09 pm GMT+7

AIA honors outstanding healthiest schools - Season 3

AIA honors outstanding healthiest schools - Season 3

Sowing the seeds of healthy living habits for future generations is the inspiring goal of the AIA Healthiest Schools (AHS) initiative, launched by AIA Group across the Asia-Pacific region.

Companies - Thu, June 19, 2025 | 1:47 pm GMT+7

Indonesia, EU establish special desk to boost European investment

Indonesia, EU establish special desk to boost European investment

Indonesia and the EU have established a special desk to facilitate investment from EU countries in Indonesia, according to Indonesia's Investment Minister Rosan Roeslani.

Southeast Asia - Thu, June 19, 2025 | 1:22 pm GMT+7

ASEAN reaffirms commitment to advancing green energy agenda

ASEAN reaffirms commitment to advancing green energy agenda

The 43rd ASEAN Senior Officials Meeting on Energy (SOME), held from June 16-18, marked a significant milestone as member states reached consensus on key strategic agendas to deepen regional energy cooperation.

Southeast Asia - Thu, June 19, 2025 | 1:19 pm GMT+7

Thailand to submit formal trade proposal to US

Thailand to submit formal trade proposal to US

Thailand's Deputy Prime Minister and Finance Minister Pichai Chunhavajira confirmed on Tuesday that the country will submit its formal trade proposal to the U.S. this week, with the first round of discussions to take place online.

Southeast Asia - Thu, June 19, 2025 | 1:15 pm GMT+7

Vinhomes subsidiary plans $35 mln golf course in northern Vietnam

Vinhomes subsidiary plans $35 mln golf course in northern Vietnam

A subsidiary of leading housing developer Vinhomes (HoSE: VHM) plans to build a VND886.5 billion ($35 million) golf course in Vietnam’s northern coastal province of Quang Ninh.

Real Estate - Thu, June 19, 2025 | 1:08 pm GMT+7

More AI will be used to identify tax fraud: Vietnam Minister of Finance

More AI will be used to identify tax fraud: Vietnam Minister of Finance

More artificial intelligence (AI) will be used to detect tax fraud and verify income of organizations and individuals that arises from digital platforms, said Minister of Finance Nguyen Van Thang.

Economy - Thu, June 19, 2025 | 12:12 pm GMT+7

HCMC set to become Southeast Asia’s global megacity: Party leader

HCMC set to become Southeast Asia’s global megacity: Party leader

Ho Chi Minh City will become "a global megacity of Southeast Asia" after its meger with Binh Duong and Ba Ria-Vung Tau provinces, said Vietnam’s Party chief To Lam.

Economy - Thu, June 19, 2025 | 8:20 am GMT+7

Proactively managing risk in volatile times

Proactively managing risk in volatile times

For business leaders, the question is not whether the next disruption will come, but whether your organizations will identify and adjust the risks that it brings, writes Douglas Matheson, chief risk and compliance officer at HSBC Vietnam.

Consulting - Thu, June 19, 2025 | 7:47 am GMT+7

Savills expert points out three drivers of FDI attraction in Vietnamese real estate

Savills expert points out three drivers of FDI attraction in Vietnamese real estate

Vietnam’s real estate market is on the cusp of a boom in H2, fueled by sweeping legal reforms, proactive economic diplomacy, and a pivot toward emerging segments and flexible partnership models, said head of investment consulting at Savills Hanoi Nguyen Le Dung.

Companies - Wed, June 18, 2025 | 10:48 pm GMT+7

Petrovietnam, Petrolimex, Vingroup named Vietnam's biggest firms in Fortune ranking

Petrovietnam, Petrolimex, Vingroup named Vietnam's biggest firms in Fortune ranking

Petrovietnam, Petrolimex, Vingroup, BIDV bank, and Agribank are among the 50 biggest companies in Southeast Asia, according to the Fortune Southeast Asia 500 Ranking 2025.

Economy - Wed, June 18, 2025 | 9:47 pm GMT+7

Korea Land and Housing Corporation eyes urban area project in northern Vietnam

Korea Land and Housing Corporation eyes urban area project in northern Vietnam

Bac Ninh province's authorities on Wednesday met with Korea Land and Housing Corporation (LH) to discuss an urban area project in the southeastern part of Bac Ninh town, capital of the northern province.

Companies - Wed, June 18, 2025 | 8:58 pm GMT+7

Germany's GEO Group to develop $50 mln renewable energy workforce training center in Vietnam

Germany's GEO Group to develop $50 mln renewable energy workforce training center in Vietnam

Germany's GEO Group has announced a $50 million investment to establish a renewable energy workforce training and development center in the south-central province of Binh Dinh.

Companies - Wed, June 18, 2025 | 8:39 pm GMT+7

H&M, Nordic businesses seek suppliers in Vietnam

H&M, Nordic businesses seek suppliers in Vietnam

Swedish multinational fast fashion retailer H&M and other Nordic businesses will send a delegation to the Vietnam International Sourcing 2025, slated for early September in Ho Chi Minh City, to seek business partnerships.

Companies - Wed, June 18, 2025 | 8:20 pm GMT+7