Korea-Vietnam Accelerate Economic Cooperation in Nuclear Power and Clean Energy

[Asia Economy Sejong=Reporter Dongwoo Lee] South Korea and Vietnam have agreed to strengthen cooperation in nuclear power and clean energy to accelerate the economic cooperation achievements from their bilateral summit.

The Ministry of Trade, Industry and Energy announced that Minister Lee Chang-yang attended the '12th Korea-Vietnam Industrial Joint Committee' and the '6th Korea-Vietnam Free Trade Agreement (FTA) Joint Committee' in Hanoi, Vietnam, on the 22nd, marking the 30th anniversary of diplomatic relations between the two countries, to discuss ways to expand economic cooperation.

This visit was a follow-up measure to the economic diplomacy achievements from the 'Core Minerals Cooperation Memorandum of Understanding (MOU)' signed by the two countries' ministries of industry during Vietnamese State President Nguyen Xuan Phuc's visit to Korea on the 5th.

In his opening remarks, Minister Lee said, "Since the establishment of diplomatic relations, Korea and Vietnam have closely cooperated for the past 30 years, and with the December bilateral summit, the relationship has developed into a 'Comprehensive Strategic Partnership.' I hope that at this Industrial Joint Committee, we can share a vision for the next 30 years."

On the occasion of the meeting, the two countries signed three MOUs: 'Nuclear Power Cooperation MOU,' 'Clean Energy Cooperation MOU,' and 'Energy Consulting MOU.' The Ministry of Trade, Industry and Energy expects that through these MOUs, the scope of cooperation will expand to include supply chain and nuclear power sector information and personnel exchanges, and that clean energy cooperation, such as ammonia co-firing, will be strengthened in addition to the 'Comprehensive Power Industry Cooperation MOU' signed at the Korea-Vietnam summit.

Furthermore, they agreed to strengthen cooperation through multilateral trade platforms in which both countries participate, such as the Indo-Pacific Economic Framework (IPEF) and the Regional Comprehensive Economic Partnership (RCEP).

In the field of industrial technology, they reviewed cooperation status by industry sectors such as shipbuilding, textiles, and automobiles, and discussed ways to resolve difficulties faced by related companies. They also decided to continue expanding cooperation in materials and components through the Korea-Vietnam Production Site Technical Guidance Center (VITASK) and root technology cooperation projects.

The Korean side requested the Vietnamese government’s attention and support to enable Korean companies with excellent technology and experience to participate in oil and gas field exploration and development as well as liquefied natural gas (LNG) power generation projects in Vietnam.

Meanwhile, Minister Lee held a meeting with Korean businesspeople operating in Vietnam to listen to their various suggestions and difficulties. He then conveyed these requests to the Vietnamese Minister of Industry and Trade and others, asking for their attention and support to resolve the issues.

Minister Lee Chang-yang of the Ministry of Trade, Industry and Energy is speaking at the meeting of presidents of the top 10 groups to respond to the global energy crisis held at the Korea Chamber of Commerce and Industry in Jung-gu, Seoul on the 26th. Photo by Moon Ho-nam munonam@

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