Starting in August, another South Korean pharmaceutical company will manufacture an overseas developer's COVID-19 vaccines through a consignment contract.

Baek Young-ha, an official in charge of the country's vaccine procurement, said on Thursday that the two sides are in the process of finalizing the deal for the production of the vaccine that has been approved overseas.

The official declined to elaborate further as the talks are still under way between the two companies.

Baek stressed that amid growing uncertainties surrounding the global vaccine supply shortage, South Korea is in a relatively favorable position thanks to its production infrastructure.

The official then vowed to ensure that the nation achieves herd immunity by November through a stable supply of the vaccines.

Until now, SK Bioscience was the only South Korean firm to clinch consignment deals for the local manufacture of the Oxford-AstraZeneca and Novavax vaccines.