The decision was announced Monday by the federation’s disciplinary tribunal as punishment for the red card shown by the head coach of the Vietnamese men’s team during the SEA Games match against Indonesia in December.
The coach is required to pay the fine in 30 days.
The AFC also warned that the South Korean coach could face heavier penalties if similar actions were repeated in the future.
The decision allows Park to manage the team during official tournaments like the Asian World Cup 2022 qualifiers.
Park was shown a red card in the 77th minute of the 2019 SEA Games men's football final after he stepped onto the field and argued with the referees about a foul against one of his players, Nguyen Trong Hoang.
After the match, he admitted his impatience and made a public apology. Vietnam won the match and brought home their first-ever gold medal in SEA Games men's football.
Vietnam will play a friendly against Iraq on March 26, before their 2022 World Cup qualifier match against Malaysia on March 31.