During General Secretary To Lam's visit to South Korea on 11/8, Minister of Industry and Trade Nguyen Hong Dien and Kim Jung Kwan, South Korea's Minister of Trade, Industry, and Energy, signed a memorandum of understanding (MOU) to bolster cooperation on renewable energy.
The signing ceremony was witnessed by General Secretary To Lam and South Korean President Lee Jae Myung.
Vietnam and South Korea are strengthening their comprehensive strategic partnership and working towards their shared commitment to energy transition and new energy development. According to the Ministry of Industry and Trade (MOIT), this MOU provides a foundation for both countries to facilitate and increase cooperation in renewable energy, demonstrating Vietnam's commitment to international cooperation on climate change.
The MOU covers policy and data exchanges, as well as commitments to facilitate trade and investment in renewable energy. Both sides will also seek out and support new projects between businesses and promote research collaborations between research institutions.
The MOIT stated, "This agreement aims to strengthen bilateral relations, enhance the competitiveness of the energy sector, and support Vietnamese businesses in participating in the supply chains of South Korean corporations".
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Minister of Industry and Trade Nguyen Hong Dien and Kim Jung Kwan, South Korea's Minister of Trade, Industry, and Energy, at the signing ceremony on 11/8. Photo: MOIT |
Minister of Industry and Trade Nguyen Hong Dien and Kim Jung Kwan, South Korea's Minister of Trade, Industry, and Energy, at the signing ceremony on 11/8. Photo: MOIT
South Korea is currently Vietnam's largest investment partner and third-largest trading partner. The two countries aim to achieve a balanced bilateral trade volume of 150 billion USD by 2030.
During their meeting, the two ministers agreed to dedicate all necessary resources to implement the Action Plan for bilateral trade, signed in April. Under this plan, Vietnam and South Korea will coordinate and cooperate in priority areas, including trade, industry, and energy.
Regarding the energy sector, Minister Nguyen Hong Dien acknowledged the capabilities and extensive experience of South Korean companies in this field. He encouraged these businesses to continue investing and developing renewable energy sources, including hydrogen and nuclear power.
On the topic of nuclear power, Minister Kim Jung Kwan affirmed South Korea's readiness to cooperate with Vietnam in technology transfer, financing, and human resource training. He emphasized South Korea's willingness to support Vietnam in successfully developing its nuclear power program.
In the first 7 months of the year, the total bilateral trade between the two countries reached 50 billion USD, a 7.3% increase compared to the same period last year. Vietnam's exports to South Korea reached 16.3 billion USD (an 11.8% increase), while imports from South Korea amounted to 33.7 billion USD (a 5.3% increase).
Phuong Dung
