South Korea and Vietnam agreed to pursue joint crude oil stockpiling and to deepen cooperation in energy and advanced industries, including nuclear power and renewables.
The Ministry of Trade, Industry and Energy said Trade Minister Kim Jung-kwan and Vietnamese Minister of Industry and Trade Le Manh Hung held the 15th Korea-Vietnam Industrial Joint Committee and the 9th Korea-Vietnam Free Trade Agreement Joint Committee at the Lotte Hotel in Seoul on the 26th, where the two sides discussed ways to strengthen real-economy cooperation.
At the meeting, the two countries discussed specific measures to reach $150 billion in two-way trade by 2030. They agreed in particular to pursue longer-term cooperation on resource supply chains, including joint crude oil stockpiling and an emergency response mechanism. The two sides also agreed to break ground as early as possible on a technology center for critical mineral supply chains. They plan to step up cooperation to conclude quarantine negotiations simultaneously on items each hopes to export — Vietnamese lychees and passion fruit, and Korean satsuma mandarins and kiwis.
"Korea is also paying attention to Vietnam's policy of diversifying its energy mix, including the new nuclear power plants and renewable energy the government is pursuing," Kim said. "Korea is ready to become Vietnam's most reliable energy partner."
