(VNF) - The Republic of Korea will deliver 300,000 USD to support the Vietnamese Government’s efforts to address the effects of severe drought and salinisation in the Central and Mekong Delta regions.

Mr Lee Hyuk, who recently took office as Ambassador of the Republic of Korea to Vietnam, conveyed the Korean Government’s decision for humanitarian aid during his conversation with State President Tran Dai Quang on June 9th, 2016, following the presentation of his credentials.

The Republic of Korea is now the biggest foreign investor and the 3rd largest trade partner with Vietnam. By January 2016, total registered capital of over 4,600 Korean companies has reached USD45.1 billion.

Last year, the two-way trade revenue between Vietnam and the Republic of Korea accounted for USD37.6 billion, and is expected to sharply increase in the upcoming time, thanks to the Vietnam - Korea Free Trade Agreement that took effect on December 20th, 2015. The two nations strongly expect to see annual trade revenue reaching USD70 billion by 2020.

Reconfirming that Vietnam continues to be the most important development partner for Korea, Ambassador Lee said that the Government of the Republic of Korea is willing to share its experiences through development cooperation projects with Vietnam, to help the nation basically become a modernity-oriented industrial one by 2020. The ODA source from Korea stands at around USD300 million/year, covering fields of infrastructure, education, health care, and rural development./.

VNF