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FTA/Economic Cooperation

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Parts and materials technology development
Korea and Vietnam sign 3 MOUs for energy cooperation 2022-12-23

Trade, Industry and Energy Minister Lee Chang-yang visited Hanoi, Vietnam on December 22 on the occasion of the 30th anniversary of the establishment of diplomatic relations between Korea and Vietnam, and met with Vietnam’s Industry and Trade Minister Nguyễn Hồng Diên to hold the 12th Korea-Vietnam Industrial Joint Committee and 6th Korea-Vietnam FTA Joint Committee meetings.

The two countries’ delegations, led respectively by the two trade chiefs, discussed measures for stronger economic partnership through cooperation in trade, energy resources and industrial technology. The meetings are a follow-up to the recent bilateral summit talks.

For trade, the delegations agreed to work in tandem to reach USD 100 billion and $150 billion by 2023 and 2030, respectively. A part of these efforts will be made through a multilateral trade platform of which they both are members.

Minister Lee also requested Vietnam’s support for Korea’s bid to host World Expo 2030 in Busan.

In terms of energy resources, the two delegations decided to deepen their countries’ partnership in clean energy and liquefied natural gas (LNG) power generation for carbon neutrality. They agreed to further cooperation across the life cycles of critical minerals.

Minister Lee also asked for the Vietnamese government’s interest and support towards competent and experienced Korean companies’ participation in Vietnam’s oil and gas exploration and LNG power generation projects.

Regarding industrial technology, the delegations assessed their collaboration progress per sector, specifically shipbuilding, textiles and automobiles, and discussed measures to resolve corporate challenges. Moreover, joint projects in “ppuri” (root) technologies are a channel through which the two countries can continue expanding their cooperation in materials and parts.

On the occasion of this industrial joint committee meeting, the following three memorandums of understanding (MOUs) were signed. Korea’s Doosan Enerbility and Korea Electronics Technology Institute (KETI) signed the Clean Energy Cooperation MOU with Vietnam’s Institution of Energy (IE); Korea’s Hanhwa Energy inked the Energy Consulting MOU with Vietnam’s Ministry of Industry and Trade; Korea Nuclear Association for International Cooperation (KNA) concluded the Nuclear Power Plant Cooperation MOU with Vietnam’s IE.