During a recent business forum in Seoul, South Korea and Quang Tri province signed an agreement to collaborate on investment, trade, energy conversion, and green growth. The event took place on July 1 and was attended by Prime Minister Pham Minh Chinh and leaders from both countries.
The agreement includes cooperation on converting the Quang Tri thermal power project from coal to LNG fuel, developing low carbon emission reduction projects, and promoting green hydrogen production projects. Additionally, the parties will work on projects related to carbon credits, research for establishing a central LNG warehouse, and attracting investment to other sustainable development areas in Quang Tri province.
SK E&S, a subsidiary of SK Group, is focusing on supporting Vietnam’s clean energy transition process and plans to cooperate with T&T Group to develop green energy projects in Quang Tri province. The company’s experience in the LNG value chain and renewable energy sectors will be instrumental in these efforts. South Korea is currently the largest foreign investor in Vietnam, with significant investments in various sectors. Both countries are aiming to increase bilateral trade turnover in the coming years.
The joint venture between T&T Group and SK E&S had previously received approval from the People’s Committee of Quang Tri province to research and prepare for the conversion of the Quang Tri Thermal Power Plant project to a new LNG project. The province has submitted a proposal to the Prime Minister and the Ministry of Industry and Trade for the conversion of the power plant to LNG and has agreed to support the joint venture in their research efforts.
The Vietnam – Korea business forum also saw agreements being signed in various fields such as energy solutions, investment, trade, and technology. Korean businesses emphasized the importance of strengthening economic cooperation between both countries while Vietnamese businesses highlighted opportunities for collaboration across multiple sectors like finance, logistics etc., which can further enhance global supply chains.
Overall this agreement shows that South Korea is committed towards supporting Vietnam’s transformation into a clean energy economy while also increasing bilateral trade turnover between two nations.