Published:  00:00 Tuesday - August 28, 2007

A US$2.6 million fund raised by several Republic of Korean (RoK) financial groups opened with priority given to Vietnam’s education.

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.