The three-year-contract between the Vietnam Football Federation (VFF) and the South Korean coach was signed on Thursday in Ha Noi.
The new contract will become effective from next February.
Park's salary was not revealed but has been reported at about US$50,000 per month, which would make him the highest-paid coach in the nation's history.
"I am proud to be coach of Vietnam," said Park at the signing ceremony.
"I love Vietnamese football and I love my players. It is my sincere love. At this moment, I feel more heavy responsibility but I promise to try harder to reach more success and meet people's expectation," he said through an interpreter.
Park, 60, will take charge of both the national team and the U23 squad in his next reign. He is expected to help Vietnam win SEA Games gold for the first time this year in the Philippines.
In the coming years, the South Korean will hope to keep Vietnam on top of the region and record good results in continental competitions.
“Many people advised me to take a rest after successes. I thought a lot about extending the contract because of heavy pressure. And I don’t know if it will be my last time signing a contract with the VFF.
“But I knew that Vietnamese people have expected a lot of me and the teams. It will be higher in the coming years. Together with my South Korean colleagues and players, we have been working harder to complete my tasks.
“Two years ago when I signed the first deal, I promised several things. Among them, some were done, some are ongoing and we are pleased with our results. During this time, my players have grown up a lot and I believe that they now can compete well in international competitions,” said Park.
He also said his job would be pushing players’ progress and helping teams go far in all tournaments. However, he needed strong support from VFF and concerning people as well as donators and supporters.
He said stable development needs greater investment in youth football while experts must work out a long-term strategy.
Responding to Park, VFF Vice President Tran Quoc Tuan said: “Youth football training is our first priority currently. We currently have 12 young squads and all of them receive strong support, especially the U17s and U19s.”
Tuan said the VFF and Park have sat down and talked about plans focusing on how to have quality young generations in the next three years. They will be the core of Vietnam aiming for 2026 World Cup qualification.
|Park Hang-seo was born on January 4, 1959 in Sancheong County, South Gyeongsang Province, South Korea.
He was a national team player before working as a professional coach.
He used to work at the training centres of Palmeiras Club in Brazil and Bayer Leverkusen of Germany.
Park was an assistant for Guus Hiddink, coach of the South Korean team who entered the semi-finals at the World Cup 2002. He managed the U23 South Korea to a bronze at the Asian Games the same year.
He first came to Vietnam in October, 2017 under a two-year contract.