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S. Korean policy lender opens US$2 bln credit line to PetroVietnam

All Headlines 15:47 June 23, 2019

SEOUL, June 23 (Yonhap) -- The Export-Import Bank of Korea, a major policy lender here, said Sunday that it has agreed to open a US$2 billion credit line to PetroVietnam, the Southeast Asian country's No. 1 state firm, in a bid to help more South Korean companies venture into the fast-growing economy.

The deal will help South Korean companies win more deals for Vietnam's massive infrastructure-building projects, the lender said.

Last week, South Korea's Finance Minister Hong Nam-ki and Vietnam's Deputy Prime Minister Vuong Dinh Hue agreed to cooperate to ensure that South Korean companies can participate in large-scale infrastructure projects in the emerging Southeast Asian country.

In 2018, their bilateral trade volume came to $68.3 billion, a dramatic hike from $500 million in 1992, when the two sides established diplomatic relations.

South Korea is Vietnam's second-largest trading partner, and Vietnam is South Korea's fourth-largest trading partner. Vietnam is home to more than 7,000 South Korean companies, including tech giant Samsung Electronics Co.

Hong Nam-ki (L), the minister of economy and finance, shakes hands with Vietnam's Deputy Prime Minister Vuong Dinh Hue after their talks at a Seoul hotel on June 21, 2019, in this photo provided by the ministry. (PHOTO NOT FOR SALE) (Yonhap)


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