Update: 13:37 | 03/05/2018
The Republic of Korea (RoK) launched a consultative body composed of government and company officials to push major development projects in Vietnam and the United Arab Emirates (UAE) following President Moon Jae-in's visits to the two nations, the RoK’s trade ministry said on May 2.
RoK President Moon Jae-in and his spouse visit Vietnam in March. (Photo: VNA).
The consultative body is part of follow-up measures after Moon discussed various bilateral cooperation projects and development assistance during his visits to the UAE and Vietnam in March.
High ranking officials of the state-owned energy and construction firms, as well as other Korean investors and trade promotion agencies, held the first meeting to review the upcoming projects in Vietnam and the UAE.
The Korean Ministry of Trade, Industry and Energy said it will classify 25 major projects into three categories: engineering, procurement and construction; oilfield exploration; and build–operate–transfer to provide specific support.
A view at Samsung factory in Vietnam.
Vietnam has also emerged as a major export market as a growing number of Korean companies have established factories and increased investment in the Southeast Asian nation.
It is expected to announce plans to build new coal-fired power plants to meet its growing energy needs, which have been covered by the state-run Korea Electric Power Corp. and other construction companies.
In 2017, Vietnam is the RoK’s fourth-largest trading partner, while the RoK is Vietnam's second largest.