2023-06-23 12:32:00
Last year’s $87.7 billion ‘three largest trading countries’
Target of reaching $150 billion by 2030
With President Yoon Seok-yeol’s state visit to Vietnam as an opportunity, Korean and Vietnamese companies signed 111 memoranda of understanding (MoUs), the largest ever among the summit visits. Cooperation fields have also diversified, such as eco-friendly energy and core minerals. The governments of the two countries decided to expand the amount of trade, which was $87.7 billion (regarding 114.58 trillion won) last year, to $150 billion (regarding 195.825 trillion won) by 2030.
The Ministry of Trade, Industry and Energy said at the ‘Korea-Vietnam Business Forum’ held on the 23rd that 111 MOUs were signed with regarding 600 business people attending, including economic organizations, large companies, and small and medium-sized enterprises.
In the field of trade and investment, 54 MOUs were concluded in the fields of defense, food, and consumer goods. In the technology field, 28 MOUs were signed in areas such as electric vehicles and smart cities. Kakao Mobility joined hands to digitize the mobility system in Vietnam, and Hyundai E&C to jointly develop a smart new city project.
In the energy sector, 24 MOUs were decided. GS Energy signed an MOU with the Export-Import Bank of Korea and Vina Capital of Vietnam for financial support for local liquefied natural gas (LNG) power generation projects. Doosan Energy and SK E&S also decided to continue cooperation with Vietnamese companies regarding the transition to eco-friendly fuel.
Cooperation in the energy sector gained momentum with the signing of the ‘Korea-Vietnam MOU on the Implementation of Article 6 of the Paris Agreement’ to promote overseas transfer of greenhouse gases. South Korea must reduce carbon emissions by 40% compared to 2018 by 2030, of which 37.5 million tons of carbon must be reduced overseas as well. In the field of supply chain, five MOUs were signed, including cooperation in the field of core mineral beneficiation and smelting technology.
On the same day, the Ministry of Industry also signed an MOU with the Ministry of Industry and Trade of Vietnam for ‘Korea Plus in Vietnam and Vietnam Plus in Korea’ to support trade expansion. The two countries each operate a director-level ‘plus’ support organization under the ministerial-level joint industry committee to review and support the implementation process with the goal of achieving $150 billion in trade by 2030. Last year, bilateral trade amounted to $87.7 billion, making Vietnam the third largest trading partner following China and the United States.
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