VN, S Korea signs energy agreements

Deputy Prime Minister Hoang Trung Hai yesterday received a South Korean business delegation led by Deputy Minister of Economy and Knowledge Park Young June, seeking investment opportunities in Viet Nam.

Hai welcomed the RoK delegation to Viet Nam and highly appreciated the outcome of the meeting between the delegation and the Ministry of Industry and Trade, the Viet Nam Oil and Gas Group, Viet Nam National Coal and Mineral Industries Group and co-operation agreements signed at the Viet Nam-South Korea Business Forum held yesterday.

Park Young June expressed his pleasure at the development of multifaceted co-operation between the two countries over the past time.

As ASEAN Chair, Viet Nam had made important contributions to help South Korea boost relations with other South East Asian countries, he said.

Agreeing with Hai on the potential for bilateral co-operation in developing support industries, Park Young June said that Viet Nam’s strength was its abundant human resources, which acted as an incentive for large South Korean enterprises to invest in the sector.

The deputy minister expressed his wish that the governments would create favourable conditions for their enterprises to undertake research and promote investment in energy, minerals, transport which are potential sectors for co-operation

Energy and minerals

Also yesterday, Viet Nam and South Korea signed four memorandum of co-operation in energy and minerals.

The deals included principles on a joint venture for the construction of the US$4.5 billion 2,400 MW capacity Nam Dinh thermo-power plant, a framework agreement on co-operation in exploiting the Bao Dai coal mine and improvements in the Vietnamese mining environment.

Other agreements include the expansion of co-operation in exploration and exploitation of oil and gas in Viet Nam and abroad, and research and studies into rare minerals in the central province of Nghe An.

The MoUs were signed at the annual meeting held by the Sub-committee for Viet Nam-South Korea Co-operation in Energy and Minerals for the two sides to share their plans and electricity, coal, petroleum and mineral development policies.

Since 2003, the two sides have discussed nuclear energy development in Viet Nam.

Park Young June who co-chaired this year’s event, said the two countries should better utilise their advantages in areas beyond energy and minerals, such as trade, technology and construction. — VNS