S. Korea, Vietnam agree to boost trade, energy cooperation

All News 11:04 December 26, 2022

SEOUL, Dec. 26 (Yonhap) -- South Korea and Vietnam agreed to facilitate bilateral trade and deepen cooperation on nuclear power and other renewable energy sources as they marked the 30th anniversary of the establishment of diplomatic ties, Seoul's industry ministry has said.

The consensus was reached when Industry Minister Lee Chang-yang met his Vietnamese counterpart Nguyn Hng Diên and held meetings of the bilateral joint industry and free trade agreement committees last week, according to the industry ministry.

On the occasion of the Vietnamese minister's visit to Seoul, the two nations signed a memorandum of understanding (MOU) on enhanced information exchanges and cooperation on the nuclear energy sector.

South Korea's Doosan Enerbility Co. and Korea Electronics Technology Institute (KETI) signed a separate MOU with Vietnam's Institution of Energy on clean energy cooperation.

Hanhwa Energy Corp. and Vietnam's trade ministry also inked an agreement on energy consulting to share energy transition policy measures and technology knowhow on hydrogen power and energy storage system, according to the ministry.

"Minister Lee asked for Vietnam's interest and support for South Korean firms' participation in Vietnam's oil and gas exploration and liquefied natural gas power generation projects," the ministry said in a release.

The two nations also vowed joint efforts to achieve US$100 billion in two-way trade by 2023 and $150 billion by 2030 by maximizing their trade platforms, it added.

Bilateral trade came to $80.7 billion in 2021. During the first 11 months of this year, the figure came to $81.1 billion, according to government data.