Collaborations in technology continue with South Korea's involvement
Vietnam and South Korea have agreed to deepen their collaboration in a wide range of sectors, as evidenced by the exchange of 10 cooperation documents during a state visit. The agreements cover areas such as defence, security, economy, trade, labour, and culture.
In the economic sphere, both countries have committed to enhancing cooperation in areas such as gas-fired power generation, fuel conversion in coal-fired power plants, energy transition, and the co-firing of hydrogen and green ammonia in thermal power plants. They also agreed to expand the electricity grid and develop smart grid systems.
The bilateral relationship is a key pillar of the partnership, and Vietnam is committed to supporting South Korean enterprises in developing diversified and high-value supply chains. Vietnam encourages Vietnamese businesses to participate more deeply in these global supply networks.
In the first seven months of this year, the Vietnam-South Korea trade turnover reached an impressive $50 billion, up from $46.5 billion in the same period last year. Vietnamese exports to South Korea were $16.3 billion, up 11.8% on-year, while South Korean exports to Vietnam were $33.7 billion, up 5.3% as compared to the corresponding period last year.
The countries have also agreed to strengthen collaboration in areas of science, technology, innovation, and digital transformation. They have agreed to cooperate on joint research, training, and human resource exchanges in strategic technology sectors such as AI, semiconductors, biotechnology, materials science, and energy. The capacity and role of the Vietnam-Korea Institute of Science and Technology will be enhanced.
Several major South Korean companies, including Samsung Electronics, have announced planned investments in Vietnam. These investments focus on high-tech specialized industrial zones, digital sectors, infrastructure development, renewable energy, smart cities, and global value chains. Agreements on cooperation in nuclear and renewable energy, infrastructure projects such as high-speed rail, and science and technology were also reached.
The South Korean side expressed a desire for capable South Korean companies to participate in strategic infrastructure projects in Vietnam. The countries have also committed to operating existing cooperation mechanisms effectively, including the Ministerial-level Joint Committee on Science and Technology.
In recent years, Vietnam has implemented a series of major and transformative policies and measures aimed at streamlining and restructuring the political apparatus, prioritising development of sci-tech and innovation, reforming administrative procedures and the legal system, and boosting private sector growth.
Both sides have also committed to exploring opportunities for government-business cooperation in the use of critical minerals and to intensifying efforts to attract investment aimed at building critical mineral supply chains. They aim to complete a bilateral trade goal of $150 billion by 2030 in a balance and sustainable manner.
In conclusion, the exchange of cooperation documents marks a significant step forward in the Vietnam-South Korea relationship. The agreements in various sectors will undoubtedly strengthen the ties between the two countries and foster mutual growth and development.
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