South Korea has approved the use of the COVID-19 vaccine developed by U.S. pharmaceutical company Moderna.

The Ministry of Food and Drug Safety on Friday gave the green light on the condition that Moderna submits a final report on the outcome of clinical studies following approval.

A review panel of experts assessed that the vaccine's 94-point-one-percent efficacy rate in the clinical phase was sufficient for approval. The experts also decided there were no significant safety concerns.

The Moderna vaccine is the fourth COVID-19 vaccine to be approved by Seoul, after AstraZeneca, Pfizer and Johnson and Johnson's Janssen vaccines.

Moderna has secured conditions-based or emergency use approval by 39 countries, including the U.S., as well as the World Health Organization(WHO).