Korea signs MOU with Vietnam to offer up to $4 billion in loans
Published: 23 Jun. 2023, 13:58
Updated: 23 Jun. 2023, 14:55
![President Yoon Suk Yeol, center, speaks during a summit in Vietnam on Friday. Finance Minister Choo Kyung-ho and Industry Minister Lee Chang-yang are also in attendance. [YONHAP]](https://koreajoongangdaily.joins.com/data/photo/2023/06/23/1786e66e-d843-4326-8473-16a92acb49a9.jpg)
President Yoon Suk Yeol, center, speaks during a summit in Vietnam on Friday. Finance Minister Choo Kyung-ho and Industry Minister Lee Chang-yang are also in attendance. [YONHAP]
The Korean government signed a memorandum of understanding with Vietnam to offer up to $4 billion worth of low-interest-rate loans through Korea's foreign aid programs.
The Finance Ministry said Friday that the maximum limit for the Economic Development Cooperation Fund allotted to Vietnam will be increased to $2 billion for the period between 2024 and 2030 from the current $1.5 billion.
The ceiling for the Economic Development Promotion Facility, an aid program that supports infrastructure projects, will be raised to $20 billion.
The preliminary agreement was signed on the sidelines of President Yoon Suk Yeol's state visit to Vietnam.
The ministry said it expects the extended loans to benefit Korean builders and manufacturers as they participate in projects related to the aid programs.
BY PARK EUN-JEE [park.eunjee@joongang.co.kr]
with the Korea JoongAng Daily
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