SK E&S (Korea) cooperates with T&T Group to develop sustainable green energy in Quang Tri

SK E&S Company (under SK Group - Korea) is focusing on building and developing a sustainable energy ecosystem, including a plan to cooperate with T&T Group to develop sustainable green energy projects in Quang Tri province. On July 1, in Seoul (Korea), within the framework of the Vietnam - Korea business forum, witnessed by Vietnamese Prime Minister Pham Minh Chinh and leaders of the two governments, SK E&S Company, Quang Tri Provincial People's Committee and T&T Group signed a memorandum of understanding on cooperation in investment, trade, energy transition and green growth.

SK E&S, Quang Tri province and T&T Group signed a memorandum of understanding on cooperation in energy conversion and green growth.

Accordingly, the parties will cooperate to promote the conversion of the Quang Tri thermal power project from using coal fuel to using more environmentally friendly LNG fuel; cooperate to develop low carbon emission reduction projects, including green hydrogen production projects; cooperate to implement projects related to carbon credits; cooperate to research to establish a central LNG warehouse (LNG Hub) and promote investment research or support Quang Tri province to call for investment in other potential and sustainable development areas in Quang Tri province. Previously, on April 15, the People's Committee of Quang Tri province issued a document agreeing in principle to the T&T - SK E&S Investor Consortium to research, survey, and prepare documents to convert the Quang Tri Thermal Power Plant project to the Quang Tri LNG project. Most recently, the People's Committee of Quang Tri province has submitted a document to the Prime Minister and the Ministry of Industry and Trade requesting consideration and approval of the conversion of coal fuel to LNG of the Quang Tri Thermal Power Plant in the Southeast Economic Zone, Quang Tri province and updating it in the Plan for implementing the Power Plan VIII. At the same time, the People's Committee of Quang Tri province also agreed to select the Report on fuel conversion of the Quang Tri Thermal Power Plant project to the Quang Tri LNG project proposed by the T&T Group - SK E&S Joint Venture to submit. Within the framework of the Vietnam - Korea Business Forum, SK Group and the People's Committee of Quang Tri province also exchanged a memorandum of understanding on cooperation on energy solution packages. In addition, ministries, branches, localities and enterprises of the two countries have also exchanged many cooperation agreements with Korean corporations in the fields of investment, trade, energy conversion, biotechnology, industrial park construction, semiconductor technology, medicine, aviation, logistics, information technology, mechanics, etc. According to Mr. Vo Van Hung, Chairman of the People's Committee of Quang Tri province, Quang Tri province is committed to creating favorable conditions for the consortium of T&T Group and SK E&S in the process of researching, surveying and preparing documents to propose investment policies for projects in the above fields in accordance with the provisions of Vietnamese law.

The Vietnam - Korea Business Forum was attended by leaders of ministries, sectors, localities and Vietnamese - Korean enterprises (Photo: VGP/Nhat Bac).

South Korea currently holds the No. 1 position in direct investment in Vietnam (total accumulated capital to date reaching 87 billion USD with nearly 10,000 projects); No. 2 in development cooperation and tourism; and No. 3 in labor and trade cooperation (reaching 76 billion USD in 2023). South Korea is Vietnam's 3rd largest export market (after China and the United States) and Vietnam's 2nd largest import market (after China). The two countries aim to increase bilateral trade turnover to 100 billion USD in the coming time and 150 billion USD by 2030. Speaking at the Vietnam - Korea Business Forum, Prime Minister Pham Minh Chinh said that Vietnam always encourages Korean enterprises to expand investment cooperation in areas that Korea has strengths in and Vietnam has high demand for attracting and prioritizing such as high technology, electronics, semiconductors, artificial intelligence (AI), infrastructure construction, renewable energy, new energy (hydrogen), biotechnology, innovation, high-quality human resource training, cultural industry... At the Forum, Korean and Vietnamese enterprises raised the issue that the business communities of the two countries need to promote economic, trade and investment cooperation, especially large-scale investment projects in key areas; closely coordinate, promote all available potentials and advantages, and strengthen global supply chains and production chains. Mr. Yoo Youngwook, Deputy General Director of SK E&S Company (under SK Group) said that in order to support Vietnam's clean energy transition, towards the goal of Netzero by 2050, SK E&S is focusing on building and developing a sustainable energy ecosystem. SK E&S is planning to cooperate with T&T Group to develop sustainable green energy projects in Quang Tri province. SK E&S is an energy company under SK Group (the second largest private corporation in Korea, currently owning an ecosystem of 304 subsidiaries and branches operating in many fields such as chemicals, semiconductors, telecommunications and biotechnology...). SK E&S is the first private company in Korea to build a complete LNG value chain and participate in the next-generation energy business in the hydrogen industry and establish a green investment portfolio including renewable energy, energy solutions and environmentally friendly LNG. SK E&S was also the first private company in Korea to directly import LNG in 2006. Previously, in June 2023, SK E&S and T&T Energy (a member of T&T Group) signed a memorandum of understanding to jointly develop an LNG terminal and gas-fired power plant.