President Moon Jae-in has assured the South Korean people of the safety of COVID-19 vaccines developed by global pharmaceutical companies that are scheduled to arrive so that vaccinations can start next month.

At a New Year's press conference on Monday, Moon said the Ministry of Food and Drug Safety will re-evaluate the safety in accordance with domestic standards, and administer vaccines that have been approved.

Recognizing the possibility for side effects, the president added that the government will compensate those that experience any that are more serious than common symptoms.

Moon also stressed that the government has secured enough vaccines to complete the first phase of immunizations between February and September, and that the country will likely achieve herd immunity by November at the latest.

The president said South Korea is not slow to vaccinations or forming herd immunity and may even be faster than other countries.