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S. Korea to share private financing knowhow with Vietnam

All News 17:39 July 31, 2019

SEJONG, July 31 (Yonhap) -- South Korea said Wednesday that it agreed to cooperate with Vietnam to share their experiences in securing private financing for infrastructure development.

The agreement was reached in a meeting between South Korean vice finance minister Koo Yun-cheol and his Vietnamese counterpart Nguyen Duc Trung at a Seoul hotel, according to the Ministry of Economy and Finance.

Koo said private financing is essential for Vietnam to boost efficiency in its industrial production and improve people's quality of life.

The Vietnamese official said South Korea's experiences can be helpful to Vietnam's plan to woo more private funding for the construction of roads, railways and other infrastructure.

In 1995, South Korea embraced privately financed infrastructure projects and private investors have since financed719 projects worth 114.5 trillion won (US$96.7 billion) across the country.

South Korean vice finance minister Koo Yun-cheol (2nd from L) and his Vietnamese counterpart, Nguyen Duc Trung (L), pose for a photo at a Seoul hotel on July 31, 2019, in this photo provided by the Ministry of Economy and Finance. (PHOTO NOT FOR SALE) (Yonhap)

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