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 training 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 nuclear power human resources training 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.