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    S. Korea seeks Vietnam's support for corporate participation in power plant projects


    August 2, 2022 - Global Data Point

     

      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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