South Korea to grant $4B in low-interest loans to Vietnam

By Alperen Aktas

ISTANBUL (AA) – South Korea will grant low-interest loan of around $4 billion to Vietnam by 2030, Seoul's Finance Ministry said on Friday.

The announcement of the loan agreement came during South Korean President Yoon Suk Yeol's three-day official trip to the Southeast Asian nation since Thursday, Seoul-based Yonhap News reported.

The agreement will focus on supporting "high-value infrastructure projects, such as high-speed, medium-capacity and metro rail programs," said the ministry.

Earlier, Seoul had granted Hanoi around $2 billion in loans.

Yoon and his Vietnamese counterpart Vo Van Thuong also agreed to boost relations in bilateral trade and security arena.

To strengthen the relations, the foreign ministers of the two nations will hold annual talks while the two sides will also launch an electronic platform to aid data exchange for exports and imports.

The two presidents also agreed to expand defense industry cooperation.

Seoul will help Vietnam strengthen maritime security capabilities.