Ministry of Trade, Industry and Energy

Korea’s Shipbuilding Takes Another Leap with MASGA Project

[Naming Ceremony of LNG Carriers] Korea’s Minister of Trade, Industry and Energy Kim Jung-kwan attended the naming ceremony for two very large liquefied natural gas (LNG) carriers on Thursday, August 14, 2025, at Hanwha Ocean’s Geoje Shipyard in Gyeongsangnam-do, Korea. This marked his first industrial site visit following his appointment to the ministerial position. The two vessels are the first and second of five LNG carriers, worth a total of USD 1.2 billion, ordered in 2022 by a US LNG production company. They will be used for the global export of US-produced LNG. The vessels are categorized as very large LNG carriers, each with a capacity of 200,000㎥, enough to transport roughly one day’s worth of LNG consumption for the Korean population in a single shipment. They are symbolic examples of the “Make American Shipbuilding Great Again (MASGA)” collaborative project between Korea and the US, in that a Korean shipbuilder constructed vessels to transport US-sourced energy. In his congratulatory speech, Minister Kim stated that the MASGA project would support the US shipbuilding industry through investment in shipyards, skilled workforce training, and re-establishment of supply chains, while creating new market opportunities for Korean companies. He added that the Korean government would promptly form a council of related agencies and work closely with the US government to produce tangible results. [Visit to MRO Site of US Naval Vessel] Following the naming ceremony, Minister Kim visited the maintenance, repair, and overhaul (MRO) site for Charles Drew, the 3rd US naval vessel currently at Hanwha Ocean’s Geoje Shipyard. He encouraged Hanwha employees and crew members, stating, “Shipbuilding cooperation between Korea and the US begins with MRO for US vessels. We hope our shipbuilding technology will revive Charles Drew, just as we did with the previous two MRO projects.” [Meeting with Hanwha Ocean’s Labor Union Leader] Lastly, Minister Kim met with Kim Yoo-chul, Leader of Hanwha Ocean’s labor union and Chairman of the Daewoo Shipbuilding & Marine Engineering branch. The minister expressed his appreciation for the dedication of site workers who have contributed to the rebound of Korea’s shipbuilding industry. Emphasizing that workplace safety must be a shared priority for labor, management, and the government alike, he called for all parties to work together as a team to prevent industrial accidents and ensure safe shipyard operations. In the first meeting of its kind between a MOTIE minister and a shipyard labor union leader, the minister also expressed hope that employees at the site would actively support the MASGA project, adding it would create new opportunities for Korea’s shipbuilders. date2025-08-14

Korea’s ICT Exports Surge 14.4% in July

The Ministry of Trade, Industry and Energy and the Ministry of Science and ICT announced on August 14 that Korea’s exports of ICT goods in July 2025 climbed 14.5 percent year-on-year to USD 22.2 billion, while imports grew 9.8 percent to $13.3 billion. The trade balance recorded a surplus of $8.9 billion. Despite policy uncertainties, including the announcement of new US tariffs, ICT exports reached an all-time high for the month of July. Semiconductor exports, in particular, achieved a record-breaking performance for four consecutive months. Semiconductor exports spiked 31.2 percent year-on-year, driven by rising contract prices for DRAM and NAND memory, alongside sustained global demand for high-value memory products such as HBM and DDR5. Communication device exports rose 4.6 percent, supported by demand for battlefield communications equipment in the US and 5G equipment in Japan. Exports of displays (down 8.9 percent), mobile phones (down 21.7 percent), and computers/peripherals (down 17.1 percent) all declined; however, strong exports of finished smartphone products partially offset the drop. By destination, ICT exports increased to the US (up 11.9 percent), Vietnam (up 16.4 percent), the EU (up 18.0 percent), and Japan (up 23.9 percent), while exports to China (including Hong Kong) fell 5.6 percent. ICT imports in July rose 9.8 percent year-on-year to $13.3 billion, driven by gains in semiconductors (up 9.2 percent), mobile phones (up 19.3 percent), and computers/peripherals (up 15.6 percent). date2025-08-14

Korea-Vietnam Business Forum Held During State Visit by Vietnamese General Secretary To Lam

Prime Minister Kim Min-seok attended the Korea-Vietnam Business Forum at Lotte Hotel Seoul on the morning of Tuesday, August 12, 2025, demonstrating a commitment to strengthening bilateral relations. The forum was co-hosted by Korea’s Ministry of Trade, Industry and Energy (MOTIE) and Vietnam’s Ministry of Finance (MOF) during Vietnamese General Secretary To Lam’s state visit to Korea. As the first state visit since Korea’s new government took office, the event brought together over 500 participants, including Second Vice Minister of MOTIE Lee Ho-hyun and Minister of MOF Nguyen Van Thang, government officials, agency representatives, and business leaders from both countries. It also featured a corporate presentation session where six Korean and Vietnamese firms shared insights on three key topics: digital, cutting-edge industries and supply chains, and energy. In the presence of the general secretary and the prime minister, a total of 52 Memorandums of Understanding (MOUs) were signed between bilateral private businesses and agencies. The MOUs will establish new foundations for economic partnership, covering various areas such as industrial cooperation, energy, and food and tourism. Of these, 28 MOUs cover traditional manufacturing and emerging industries, including shipbuilding, aviation, AI, finance, and port logistics. These agreements are expected to diversify industrial cooperation between the two countries through initiatives such as joint investment, human resources development, and industry-academia collaboration. 11 MOUs address areas such as clean energy and power grid stabilization, strengthening the foundation for stable and sustainable energy supply chains between the two countries. In addition, 3 MOUs on high-speed rail partnerships will likely create opportunities for Korean companies to participate in Vietnam’s national transportation and construction projects, while 10 MOUs on food, tourism, and other areas are expected to establish closer bilateral cultural cooperation. The Korean government plans to work closely with the Vietnamese government based on economic cooperation platforms such as the Joint Committee on Industry and Free Trade Agreements, to ensure the MOUs are effectively implemented and deliver tangible results. date2025-08-14

Minister Meets Vietnam’s Finance Minister

Korea’s Minister of Trade, Industry and Energy Kim Jung-kwan met with Vietnam’s Minister of Finance Nguyen Van Thang at Lotte Hotel Seoul on Tuesday, August 12, 2025, during Vietnamese General Secretary To Lam’s state visit. The ministers discussed ways to expand bilateral foreign direct investments and other areas of economic cooperation. date2025-08-13

Trade Minister Attends 32nd PECC General Meeting

Korea’s Minister for Trade Yeo Han-koo attended the 32nd Pacific Economic Cooperation Council (PECC) General Meeting at The Federation of Korean Industries (FKI) conference center in Seoul on Tuesday, August 12, 2025. The trade minister delivered a keynote address on the theme of reimagining Asia-Pacific cooperation in a shifting global landscape. The event brought together over 200 participants, including Lee Si-wook, President of the Korea Institute for International Economic Policy; Chung Chul, President of the Korea Economic Research Institute; Kim Chang-beom, Vice Chairman of FKI; and Richard Cantor, International Co-Chair of PECC and Vice Chairman of Moody's Investors Service; as well as government representatives from APEC member economies, industry insiders, and academics. date2025-08-13

Minister Meets Vietnamese Counterpart

Korea’s Minister of Trade, Industry and Energy Kim Jung-kwan met with Vietnam’s Minister of Industry and Trade Nguyen Hong Dien at Lotte Hotel Seoul on Monday, August 11, 2025, during Vietnamese General Secretary To Lam’s official visit to Korea. The ministers discussed bilateral cooperation in trade and investment, followed by the exchange of Records of Discussion on establishing a technology cooperation center for critical mineral supply chains. date2025-08-12

Korea and Vietnam to Strengthen Industrial Cooperation for Supply Chains and Energy Transition

Korea’s Ministry of Trade, Industry and Energy (MOTIE) signed a Memorandum of Understanding (MOU) with Vietnam’s Ministry of Industry and Trade (MOIT) on Monday, August 11 to promote cooperation in renewable energy. The signing took place in the presence of President Lee Jae Myung and the General Secretary of the Communist Party of Vietnam To Lam immediately following the bilateral summit that morning, held during the Vietnamese leader’s official visit to Korea. In addition to this agreement, an MOU between companies from both countries was signed in the field of human resources development for nuclear power, laying the groundwork for substantive economic cooperation and a stronger, future-oriented partnership. MOTIE and MOIT signed the MOU on renewable energy cooperation as part of efforts toward a sustainable energy transition. Through this agreement, the two countries plan to actively discover public-private collaborative projects in promising renewable energy fields, including solar power, wind power, and energy storage systems, and support corporate investors in resolving business challenges. Korea Electric Power Corporation and Petrovietnam signed the MOU on cooperation in human resources development in the nuclear energy sector in the presence of both leaders. The agreement is expected to build professional talent in the nuclear power sector and improve understanding of Korean nuclear technology to strengthen the foundation for bilateral cooperation on building nuclear power plants. Meanwhile, the two ministers exchanged Records of Discussion between the Korea Institute for Advancement of Technology and Vietnam’s National Institute of Mining and Metallurgy Science and Technology on establishing a technology cooperation center for critical mineral supply chains in Vietnam, at the bilateral ministerial meeting held prior to the summit at Lotte Hotel Seoul. Under this agreement, the two sides will launch a five-year development assistance program in the second half of this year, with an investment of KRW 16.6 billion (USD 12 million), to procure equipment, provide technical guidance, and train workers for the beneficiation and smelting of critical minerals in Vietnam. The Korean government will actively support corporate activities to ensure that concrete business projects are realized through this MOU and through continued public-private cooperation. date2025-08-12

Workshop on Recent Approaches to Domestic Regulation of Services in APEC

Korea’s Director General for Multilateral Trade and Legal Affairs Oh Choong-jong attended the Workshop on Recent Approaches to the Domestic Regulation of Services in the Asia-Pacific Economic Cooperation (APEC) Region held at Songdo ConvensiA in Incheon, Korea, on Wednesday, August 6, 2025. In his congratulatory remarks, the director general stated, “The services industry is the driving force of APEC’s economic growth, and its importance continues to grow as its scope expands with digital transformation.” He added, “APEC, as an incubator of new ideas, has long supported the multilateral trading system. We hope this workshop will serve as a catalyst for achieving meaningful outcomes at the 14th WTO Ministerial Conference scheduled for next year.” The MOTIE workshop brought together government delegations from Australia, Taiwan, Hong Kong, and the US; Jaime Coghi Arias, Chair of the WTO negotiations on services domestic regulation; Jillian DeLuna, Convenor of the APEC Group on Services; as well as representatives from the APEC Business Advisory Council, the Korea Culture and Tourism Institute, and Walmart, and other domestic and international industry figures and experts. date2025-08-07

APEC 2025 Opens Up Discussion on Regulatory Improvements to Boost Services Trade

The Ministry of Trade, Industry and Energy (MOTIE) held the Workshop on Recent Approaches to the Domestic Regulation of Services in the Asia-Pacific Economic Cooperation (APEC) region on Wednesday, August 6, at Songdo ConvensiA in Incheon, Korea, where the 3rd APEC Senior Officials’ Meeting is now taking place. Domestic regulation of services aims to enhance transparency and predictability in domestic processes such as licensing and qualification, with the goal of reducing transaction costs and promoting trade in services. APEC established relevant non-binding principles in 2018, while the World Trade Organization (WTO) adopted legally binding disciplines in 2021 following plurilateral negotiations. These disciplines entered into force in 2024 and currently apply to 72 WTO members, including 16 APEC economies. According to WTO research, these members account for over 92.5% of global services trade, and implementation of the disciplines is projected to cut global trade costs in the services sector by more than USD 127 billion. The MOTIE workshop brought together government delegations from Australia, Taiwan, Hong Kong, and the US; Jaime Coghi Arias, Chair of the WTO negotiations on services domestic regulation; Jillian DeLuna, Convenor of the APEC Group on Services; as well as professional experts and representatives from the APEC Business Advisory Council, the Korea Culture and Tourism Institute, Walmart, and various industries. The event consisted of four sessions covering recent developments in APEC and WTO discussions, sharing best practices among member economies, and discussing the impact of domestic regulation on services trade and sector-specific issues such as tourism and AI, and future directions for regulatory development. At the event, Korea’s Director General for Multilateral Trade and Legal Affairs Oh Choong-jong stated, “The services industry is the driving force of APEC’s economic growth, and its importance continues to grow as its scope expands with digital transformation.” He added, “APEC, as an incubator of new ideas, has long supported the multilateral trading system. We hope this workshop will serve as a catalyst for achieving meaningful outcomes at the 14th WTO Ministerial Conference scheduled for next year.” date2025-08-06

8th Korea-China (Shandong) Economic and Trade Cooperation Exchange

Korea’s Deputy Minister for Trade Park Jong-won attended the 8th Korea-China (Shandong) Economic and Trade Cooperation Exchange at the Grand Ballroom of the Grand Hyatt Seoul on Friday, August 1, 2025. In his congratulatory remarks, he expressed hopes that Korea and Shandong would strengthen cooperation for smoother supply chains, expand collaboration into new areas such as the healthcare, bio, and hydrogen sectors, and continue efforts to broaden exchanges between companies from both regions. He then listened to presentations on key topics related to the healthcare, medical, hydrogen, and low-carbon industries. The event brought together more than 250 participants, including bilateral government officials, as well as business representatives. date2025-08-05