Economic Development Fund : Troop Dispatch to Vietnam
The troop dispatch to Vietnam caused a great influence on the economic development which was based on export-oriented industrialization.
|Korea Modernization during Park Jung-Hee era||
Vietnam War: Bonanza for Progress
Scholars estimate that this arrangement annually accounted for between 7-8 percent of Korea's GDP in the period 1966-69, and for as much as 19 percent of its total foreign earnings. Soon nearly 50,000 Korean soldiers were fighting in Vietnam, and by the time they withdrew in 1973, as many as 300,000 Koreans had served there.
Vietnam became a frontier for Korean enterprise, as many firms, especially construction companies, got contracts to support the American effort. Equally importantly, for the first time, South Korea was regarded by the U.S. as a reliable ally.
Meanwhile, South Korea and the U.S. concluded in August 1965 an administrative agreement concerning the status of U.S. troops in Korea (SOFA), thus resolving many thorny problems which had existed since the arrival of American troops in 1945. With the economic boom, Koreans started recovering their much bruised self-confidence.
Jaewon Choi, Andy Kwak, Albert Kim