The partners sign an MOU with Vietnam’s embassy trade office in Seoul
Representatives from Korea South-East Power and G-TOPS pose for a group photo after signing the MOU for the Korea-Vietnam Energy Cooperation Platform. (Photo courtesy of Korea South-East Power)
Korea South-East Power (KOEN) and G-TOPS announced that on May 12, they held a launch ceremony for the ‘Korea-Vietnam Industry, Trade, and Energy Cooperation Platform’ and signed a Memorandum of Understanding (MOU) with the Trade Office of the Embassy of Vietnam at the embassy in Seoul.
This agreement aims to establish a practical framework to promote the global market entry of domestic companies through close cooperation between Korea and Vietnam in the industrial and energy sectors.
The platform plans to supply packaged solutions, combining KOEN’s operational know-how with high-efficiency equipment and materials from domestic small and medium-sized enterprises (SMEs), to meet the demands of the Vietnamese market, which is pursuing carbon neutrality and the modernization of its power infrastructure. This is a strategic “Win-Win” model that simultaneously enhances the export competitiveness of Korean companies and achieves the modernization of Vietnam’s energy infrastructure. Furthermore, the plan includes expanding strategic partnerships, such as joint entry into third countries for companies from both nations, by leveraging G-TOPS’s global sales network.
This achievement was built upon an inter-governmental cooperation agreement reached this past April, designed to strengthen investment linkages between the two countries in the industrial and energy sectors. Notably, based on the relationship of trust built with the Vietnamese government through the activities of an equipment and materials trade delegation during the government visit, KOEN and G-TOPS proceeded with swift working-level discussions. This led to the tangible result of establishing a formal cooperative framework with the Trade Office in just one month.
G-TOPS, the platform’s core implementing body, is Korea’s first trading company specializing in power generation equipment and materials, jointly established by KOEN and 13 SMEs. It plans to focus its market development capabilities, accumulated since its founding in 2012, on building local partnerships and identifying investment opportunities in Vietnam.
Cho Young-hyuk, Acting President of Korea South-East Power, stated, “I hope that this Korea-Vietnam energy cooperation platform goes beyond simple technological exchange to become a firm cornerstone that drives the industrial and economic development of both Korea and Vietnam.”
Jung Min-hee
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