Industry ministry expands strategic cooperation with Vietnam on minerals and energy

The Ministry of Trade, Industry and Energy said Wednesday it will deepen strategic cooperation with Vietnam in advanced industries, focusing on critical mineral supply chains and energy security following high-level talks in Seoul.

Minister Kim Jeong-kwan hosted his Vietnamese counterpart Le Manh Hung for the 15th Korea-Vietnam Industrial Cooperation Committee and the ninth FTA Joint Committee at the Lotte Hotel in Seoul, where the two nations agreed to expedite administrative procedures for the groundbreaking of the Korea-Vietnam Critical Mineral Supply Chain Technology Center. They also pledged to resolve investment hurdles such as licensing for rare earth metal plants and strengthen collaboration on securing stable supplies of key minerals for Korean companies operating in Vietnam.

In the energy sector, both sides committed to long-term resource supply chain cooperation, including joint crude oil stockpiling and emergency response mechanisms. During the event, the Korea National Oil Corporation signed a memorandum of understanding with Petrovietnam Oil Stockpile Ltd. (PVOS) to provide technical consulting and operational support for Vietnam's first underground oil storage facility.

Minister Kim noted that bilateral trade has grown at an annual average of about 10 percent since the free trade agreement took effect in December 2015. He projected that total trade volume would surpass $100 billion for the first time by the end of this year, building on the $64.6 billion recorded from January to June.