South Korean President Moon Jae-in announced on Sunday his picks for the new finance and foreign ministers, and chief security adviser.

Kim Dong-yeon, who is currently the president of Ajou University, has been appointed as the new finance minister as well as a vice prime minister, Moon said in a media briefing. 

The announcement comes earlier than expected, which indicates that South Korea has attached great attention to the country's economic problems and the importance of placing a senior person to steer its economy. 

Kang Kyung-hwa, a special adviser to the UN secretary-general, and Chung Eui-yong, a top foreign policy adviser during Moon's presidential election, have also been named as heads of the Foreign Ministry and National Security Office respectively.