KoreaSK E&S, Quang Tri province and T&T Group awarded a memorandum of understanding on investment, trade, energy conversion and green growth within the framework of the Vietnam – Korea business forum.
The event took place on July 1, in the capital Seoul, witnessed by Prime Minister Pham Minh Chinh and leaders of the two countries.
Accordingly, the parties will cooperate to promote the conversion of the Quang Tri thermal power project from using coal to 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, research to establish a central LNG warehouse (LNG Hub) and promote investment research, support Quang Tri province to call for investment in other potential and sustainable development areas.
Representatives of T&T Group and SK E&S at the signing ceremony, witnessed by government leaders of the two countries. Image: T&T Group
Previously, on April 15, the People’s Committee of Quang Tri province issued a document agreeing to the policy for the joint venture investor T&T – SK E&S to research, survey, and prepare documents to convert the Quang Tri Thermal Power Plant project to a new project. Quang Tri LNG project. The province has also just submitted a document to the Prime Minister and the Ministry of Industry and Trade to consider and approve the conversion of coal fuel to LNG of Quang Tri Thermal Power Plant, and update the implementation plan of Power Planning VIII.
At the same time, this province also agreed to select the Fuel Conversion Report of the Quang Tri Thermal Power Plant project to the Quang Tri LNG project, proposed by the joint venture investors T&T Group and SK E&S for submission. according to.
Chairman of the People’s Committee of Quang Tri province Vo Van Hung said that he will create favorable conditions for the T&T Group – SK E&S joint venture in the process of researching, surveying, and preparing documents to propose investment policies for projects in the above fields.
Within the framework of the Vietnam – Korea Business Forum, SK Group and Quang Tri Provincial People’s Committee also awarded a memorandum of understanding on cooperation on energy solution packages. In addition, ministries, branches, localities, and businesses of the two countries also exchanged many cooperation agreements with Korean corporations in the fields of investment, trade, energy conversion, and biotechnology. education, industrial park construction, semiconductor technology, medicine and pharmacy, aviation, logistics, information technology, mechanical engineering…
At the Forum, Korean and Vietnamese businesses both raised the issue that the two countries’ business communities need to promote economic, trade and investment cooperation, especially large-scale investment projects in these fields. key; Closely coordinate, promote all available potentials and advantages, strengthen the global supply chain and production chain.
Mr. Yoo Youngwook, Deputy General Director of SK E&S Company, said that to support Vietnam’s clean energy transition process, aiming for Net Zero by 2050, SK E&S is focusing on building and developing the system. sustainable energy ecology. “SK E&S is planning to cooperate in investment 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, with an ecosystem of 304 subsidiaries and affiliates operating in various fields. SK E&S is the first private company in Korea to build a complete LNG value chain, engage in new energy business in the hydrogen industry, and establish a green portfolio of renewable energy, energy solutions, and eco-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 port and gas power plant.
South Korea currently holds the No. 1 position in direct investment in Vietnam, with a total accumulated capital of 87 billion USD to date with nearly 10,000 projects. This country also ranks 2nd in development cooperation, tourism and 3rd in labor and trade cooperation (reaching 76 billion USD in 2023). South Korea is also Vietnam’s 3rd largest export market (after China and the US), and Vietnam’s 2nd largest import market (after China).
The two countries are aiming to increase bilateral trade turnover to 100 billion USD in the near future and 150 billion USD in 2030.