Prime Minister Nguyen Tan Dung has requested the Joint Coordination Committee for Bilateral Finance Cooperation of Vietnam and the Republic of Korea (RoK) discuss specific issues in how to use the 12 billion USD in preferential loans that the RoK has committed to Vietnam.

The PM made the suggestion during a meeting with RoK Deputy Minister of Strategy and Finance Joo Hyung-Hwan in Hanoi on June 19, adding that the committee should also look at key projects of priority, especially those in railway infrastructure.

Vietnam has already devised a strategy for a high-speed north-south railway and an urban railway development strategy, he revealed.

He said the Vietnamese government has ratified the Vietnam – RoK free trade agreement and asked the RoK to do the same as soon as possible.

The RoK Deputy Minister said Vietnam’s macro-economic stability and high economic growth provide favourable conditions for the two countries to extend bilateral cooperation in finance.

He pledged that his ministry will work closely with relevant Vietnamese agencies concerned to realise financial cooperation agreements reached by their leaders, including transport infrastructure projects funded by the RoK via the 12 billion USD package.

Joo said the RoK government is preparing necessary procedures to submit the Vietnam – RoK FTA to the parliament for ratification.

He also asked the Vietnamese government to offer support to RoK banks to open branches in Vietnam.-VNA