The Export-Import Bank of the Republic of Korea (Korea Eximbank) onMay 4 opened a representative office in Hanoi , the second of its kindin Vietnam following another in Ho Chi Minh City .

The office will support RoK businesses operating in the SoutheastAsian region while contributing to developing economic cooperationbetween Vietnam and the RoK through the effective use of the RoKEconomic Development Cooperation Fund (EDCF).

Withthe two representative offices, Korea Eximbank plans to set up a creditsupport system between the north and south of Vietnam .

Addressing the opening ceremony, RoK Ambassador to Vietnam Ha Chan-hosaid Vietnam and the RoK elevated their relations to comprehensivecooperative ties in 2001 and to a strategic cooperative partnership in2009.

The ambassador also pointed out concreteoutcomes of the bilateral cooperation in numerous areas such aspolitics, socio-economics, culture and education.

RoK direct investment in Vietnam is increasing and some 2,000 RoKbusinesses are investing in the Southeast Asian country, he said.

Since the establishment of diplomatic ties in 1992, the two countries’trade has risen from 500 million USD to 16.1 billion USD, representing a32-fold increase.

Vietnam has, to date, hadthe largest number of EDCF-funded projects. By 2010, more than 1.4trillion KRW had been injected into 36 projects in Vietnam , focusingon a wide range of areas./.