South Korea has pledged to provide $300 million from its Economic Development Cooperation Fund (EDCF) for Vietnam this year, said the South Korean Ambassador to the Southeast Asian nation Pak Suk Hwan. The sum, which will fund Hanoi-Haiphong expressway and intelligent transportation system in the southern region, will raise South Korea’s total EDCF aid to Vietnam to $1 billion in the 2008-2011 period, Pak added. The Lao Dong newspaper cited the newly-appointed ambassador as saying that South Korea will offer Vietnam a non-refundable aid of $19.86 million this year. Between 1991 and 2009, South Korea’s total non-refundable aid for the country reached $108.63 million, he said. Vietnam is now the biggest among 45 recipients of South Korean EDCF loans, the official highlighted, saying that, by the end of 2009, Vietnam has carried out 30 South Korean-funded projects worth $985 million. South Korean companies have so far invested $22.4 billion in 2,495 projects in Vietnam, ranking the first among 89 foreign countries and territories making direct investment in the Southeast Asian country.
