The event took place on July 1 in Seoul (South Korea), witnessed by Prime Minister Pham Minh Chinh and leaders of the two countries.

Green Fuel Conversion

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; develop low carbon emission reduction projects, including green hydrogen production projects. In the signed content, the two parties will also cooperate to implement projects related to carbon credits; cooperate in 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 fields.

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

Previously, on April 15, the People's Committee of Quang Tri province issued a document agreeing in principle to allow the T&T - SK E&S joint venture to research, survey, and prepare documents to convert the Quang Tri Thermal Power Plant project to the Quang Tri LNG project.

The People's Committee of Quang Tri province has just 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 province 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.

Mr. Vo Van Hung - Chairman of Quang Tri Provincial People's Committee said that the province will create favorable conditions for the consortium of T&T Group and SK E&S in the process of researching, surveying, and preparing investment proposal documents for projects in the above fields in accordance with the provisions of Vietnamese law.

Developing sustainable green energy projects in Quang Tri

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 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, IT, mechanics, etc.

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

At the forum, Korean and Vietnamese enterprises both raised the issue of the need for the business communities of the two countries 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 to support Vietnam's clean energy transition, towards the Netzero goal 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," he said.

SK E&S is an energy company under SK Group - the second largest private conglomerate in Korea, currently owning an ecosystem of 304 subsidiaries and development 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, participate in the next-generation energy business in the hydrogen industry and establish a green portfolio including renewable energy, energy solutions and environmentally friendly LNG. It is 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 on cooperation in developing an LNG terminal and gas-fired power plant.

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.

Minh Ngoc