S. Korea seeks Vietnam's support for corporate participation in power plant projects
S. Korea seeks Vietnam's support for corporate participation in power plant projects
South Korea's industry minister on Tuesday asked for Vietnam's support to ensure that Korean companies can participate in gas-fueled power plant projects in the Southeast Asian country, his office said.
Lee Chang-yang, minister of trade, industry and energy, made the request during a meeting with his Vietnamese counterpart, Nguyen Hong Dien, who is in Seoul for a four-day visit as part of an 18-member delegation.
Under a long-term national power plan, the Vietnamese government is pushing for gas-fired power plant projects as part of efforts to achieve a net-zero goal by 2050 and to improve its energy self-sufficiency.
Lee also stressed the need to expand bilateral trade and investment and to boost cooperation on supply chains to better respond to fast-changing international trade circumstances.
"The two sides agreed to strengthen ties in terms of regional trade and the establishment of a new trade order through the Regional Comprehensive Economic Partnership (RCEP) and the Indo-Pacific Economic Framework (IPEF)," the ministry said in a release.
The mega trade pact of the RCEP has 15 members, including South Korea, China, Japan and the 10 ASEAN nations.
South Korea and Vietnam also participated in the U.S.-led IPEF, which involves 14 nations.
Vietnam is South Korea's No. 1 trading partner among the ASEAN nations, with the bilateral trade volume standing at US$80.7 billion in 2021, South Korea's government data showed.
ASEAN comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Thailand, Singapore and Vietnam.
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Prime Minister Han Duck-soo (R) speaks with Vo Van Thuong, a permanent member of the Secretariat of the Central Committee of the Communist Party of Vietnam, on Aug. 2, 2022, in this photo provided by the Prime Minister's Office. (Yonhap)
