South Korea is currently developing a new bullet train that has already set a new speed record during its initial test run, the government said Monday.

The HEMU-430X is an indigenous express train with an anticipated maximum speed of 430 kilometers per hour (km/h).

The train was developed as part of a national research and development project and began its test run in June, according to the Ministry of Land, Transport and Maritime Affairs.

The train reached a maximum speed of 354.64 km/h during its latest test run held Saturday, the fastest ever recorded by any indigenously developed train here. The previous high was set by the KTX at 352 km/h.

The ministry said the new train will likely reach a maximum speed of 430 km/h before the end of the year.

"Unlike the existing KTX train whose driving power is focused on its head and tail, the moving power of HEMU-430X is distributed between each and every one of the passenger cars, making the train much more efficient when it both accelerates and decelerates," it said in a press release.

The new train will continue to be tested under various conditions for the start of its commercial run in as early as 2015. (Yonhap News)