President Moon Jae-in said talks are under way to secure additional COVID-19 vaccines for 20 million people from U.S. company Novavax, on top of the already-secured doses for 56 million.

Moon referred to ongoing negotiations between Novavax and the country's SK Bioscience on Wednesday, while inspecting the company's plant in the southeastern city of Andong. It was previously reported that SK Bioscience was seeking to purchase vaccines for ten million people.

The president said the imminent deal is expected to involve not only vaccine production, but also a technological transfer, signaling an acceleration in domestic vaccine development.

He expressed hope that the nation will be able to administer locally developed vaccines starting next year.

The government plans to begin priority vaccinations next month and achieve herd immunity by November at the latest.