During the meeting, Korean Minister of Trade, Industry and Energy Moon Sung-wook signed a memorandum of understanding with Vietnamese Minister of Industry and Trade Nguyen Hong Dien on the procurement of urea.
Under the deal, Korea will import up to 120,000 tonnes of urea from Vietnam annually over the next three years, starting in 2022. The local industry has recently suffered from a urea shortage. and urea water, a chemical solution used to power diesel vehicles. .
Supply from Vietnam will absorb much of the country’s collective and planned urea import volume from various countries, Korea’s Ministry of Industry said.
Minister Moon also asked his counterpart to support the participation of Korean companies in a Vietnamese energy development project. A group of local businesses are working to expand into the Southeast Asian country’s LNG power generation sector.
The Hai Lang, Ca Na, Long An and Hai Phong 2 LNG power generation projects represent $ 11.6 billion.
Moon, during a keynote address, stressed that Vietnam is Korea’s third largest trading partner. He said the two economies “have established close cooperative relations in terms of mutual investment and trade through the bilateral free trade agreement (which entered into force in December 2015) or other efforts at the both in the private and government sectors “.
Moon also called on his counterpart to support Korea’s planned entry into the Comprehensive and Progressive Agreement for Trans-Pacific Partnership. Vietnam is one of the 11 members of the CPTPP, a multilateral trade pact in the Asia-Pacific region.
The CPTPP, launched in December 2018, has been signed by 11 countries: Vietnam, Malaysia, Singapore, Brunei, Canada, Mexico, Peru, Chile, New Zealand, Australia and Japan.
By Kim Yon-se ([email protected])