More Cooperation Agreed With Vietnam On Rare Earths, Supply Chains, Renewable Energy

South Korea and Vietnam have signed several agreements to bolster cooperation in strategic industries, finance and other areas, reports the Yonhap news agency (Seoul).

On Monday, South Korean President Yoon Suk-yeol and his Vietnamese counterpart, Nguyen Xuan Phuc, met in Seoul to mark the 30th anniversary of diplomatic relations.

Subsequently, South Korean Industry Minister Lee Chang-yang and his Vietnamese counterpart, Nguyen Hong Dien, signed three memorandums of understanding.

One agreement calls for strengthening cooperation in exploring and developing important minerals, strengthening supply chains and promoting investment in the field.

Vietnam is a major supplier of rare earth elements and tungsten, while South Korea has advanced technologies for mining and refining such minerals, the South Korean Industry Ministry said.

Another deal builds on an existing MoU on electric power generation, boosting cooperation in developing ammonia, wind power and other renewable energy sources.

The final pact expands on the Vietnam-Britain Free Trade Agreement regarding the origin of clothing produced with Korean textiles.

Separately, South Korean Finance Minister Choo Kyung-ho and Vietnamese Investment Minster Nguyen Chi Dung signed a framework agreement on bilateral financial cooperation for “high-value” projects, including a high-speed railway and metro to be funded by South Korea.