On August 27, an operating licence was handed over to a representative of the RoK-Vietnam Fund Vu Xuan Hong, President of the Vietnam Union of Friendship Organisations.

The fund, which has been operating since June 2007, is headquartered in Seoul and founded by Lee Sang Joon, a descendant of Vietnamese Prince Ly Long Tuong who left Vietnam for the RoK in the 13th century. Mr Lee is now President of the Golden Bridge Group and, along with the Chungsoo Fund, Sochon Fund and a few of RoK universities, are the primary backers of the RoK-Vietnam fund.

Addressing the inauguration ceremony, the fund’s President Paik Nak-Whan said the fund will also assist Vietnam in its socio-economic, cultural and humanitarian work.

Initially scholarships worth US$50,000 for Vietnamese students, plus a sum of US$50,000 for humanitarian activities will be set aside for its operations.

Vice Foreign Minister Nguyen Phu Binh, who was the first Vietnamese Ambassador to the RoK, said the event was part of activities to mark the 15th anniversary of the establishment of diplomatic ties between the two countries.