KoreaSK E&S, Quang Tri province, and T&T Group have been awarded a memorandum of understanding on investment, trade, energy conversion, and green growth. This agreement was established within the framework of the Vietnam – Korea business forum held on July 1 in Seoul, witnessed by Prime Minister Pham Minh Chinh and leaders of both countries. The collaboration aims to promote the conversion of the Quang Tri thermal power project from using coal to more environmentally friendly LNG fuel, as well as develop low carbon emission reduction projects, including green hydrogen production projects.
In the signed agreement, the two parties will also work together on projects related to carbon credits, research to establish a central LNG warehouse (LNG Hub), and support Quang Tri province in attracting investment in potential and sustainable development areas. The People’s Committee of Quang Tri province had previously issued a document agreeing to the policy for the joint venture investor T&T – SK E&S to research, survey, and prepare documents for converting the Quang Tri Thermal Power Plant project to a new LNG project.
Chairman of the People’s Committee of Quang Tri province, Vo Van Hung, has pledged to create favorable conditions for the T&T Group – SK E&S joint venture during the research and preparation process for proposed investment projects. As part of the Vietnam – Korea Business Forum, SK Group and Quang Tri Provincial People’s Committee have also signed a memorandum of understanding on cooperation regarding energy solution packages. The forum witnessed exchanges of cooperation agreements between ministries, branches, localities, and businesses of both countries in various sectors.
SK E&S, a subsidiary of SK Group, is focusing on building a sustainable energy ecology and aims to collaborate with T&T Group in developing sustainable green energy projects in Quang Tri province. The joint venture had previously signed a memorandum of understanding on developing an LNG port and gas power plant. South Korea is a significant investor in Vietnam and both countries aim to increase their bilateral trade turnover in the coming years.