The two sides reached the agreement in a meeting between RoK Deputy Minister of Finance Koo Yun-Cheol and Vietnamese Deputy Minister of Planning and Investment Nguyen Duc Trung in Seoul on July 31.
Koo said private capital mobilisation is necessary for Vietnam to increase industrial production efficiency and improve people’s quality of life.
Trung said the RoK’s experience in the field is useful for Vietnam’s plan in luring more investments from the private sector for the construction of roads, railways and other infrastructure.
In 1995, the RoK allowed infrastructure projects to get capital sources from the private sector. Private investors have so far financed 719 projects worth 114,500 billion won (US$96.7 billion) across the country.