By Diplomacy Journal Lee Kap-soo

Following the Korea-Vietnam Summit, companies and organizations from both countries signed 52 Memoranda of Understanding (MOUs) to expand cooperation in industries, energy, and other sectors.

The Ministry of Trade, Industry and Energy announced on August 12 that it held the "Korea-Vietnam Business Forum" at the Lotte Hotel in Jung-gu, Seoul. The forum was attended by approximately 500 government officials, organizations, and businesspeople, including Vietnamese Party Secretary General To Lâm and Prime Minister Kim Min-seok.

At the forum, 52 MOUs were signed between organizations and companies from both countries, promising to expand cooperation in various sectors, including industrial cooperation, energy, food, and tourism.

In the area of industrial cooperation, a total of 28 MOUs were signed, covering everything from traditional manufacturing to future industries, such as shipbuilding, aviation, artificial intelligence (AI), finance, and port logistics.

In the energy sector, a total of 11 MOUs were signed, covering areas such as clean energy and power grid stabilization, three on high-speed rail, and ten on food and tourism.

Six Korean and Vietnamese companies presented on specific topics, including digital, advanced industries, and energy, to explore cooperation.

The Ministry of Trade, Industry and Energy announced that it plans to closely support economic cooperation platforms, such as the Joint Committee on Industry and Free Trade Agreements (FTAs), to ensure smooth implementation and achievement of cooperation between private companies in both countries.