The agreement was signed under a Memorandum of Understanding between the company and Vietnam's General Department of Sports and Physical Training (GDSPT).

Dang Ha Viet, the general director for the GDSPT, said that the sponsorship is a huge step in creating a sustainable and long-term relationship between the two sides.

He added that Vietnam and South Korea share many cultural similarities that led to the partnership and increasing opportunities for future partnerships in the sports field.

The CJ Group is committed in promoting taekwondo and helping Vietnam become one of the top powers in the sport.

Chang Bok-sang, President and chief executive of CJ Vietnam, said that both sides were working hard to ensure success in the Hangzhou 2022 Asian Games and the Paris 2024 Olympics using enhanced training methods.

They will be eyeing the Asian Games as a chance to burst on to the scene, with the multi-sport event in Hangzhou, China, now due to take place from September 23 to October 8.