Korea Consortium and Trung Nam Group sign MoU on energy cooperation

11:07 | 14/12/2020 Companies

On December 11, 2020, in Hanoi, Korea Consortium and Trung Nam Group, signed a Memorandum of Understanding (MoU) in the energy sector. Accordingly, the Korea Consortium will support the Trung Nam Group in developing energy projects in Vietnam.

korea consortium and trung nam group sign mou on energy cooperation

Mr. Shin Byungchul (left) - Senior Vice President, Hanwha Energy Corporation, General Director of Hanwha Energy Corporation Vietnam (Representative of Korea Consortium) and Mr. Nguyen Tam Tien - General Director of Trung Nam Group - at the MoU signing Ceremony

Korea Consortium was established in December 2019, consisting of the Republic of Korea's leading energy companies including Hanwha Energy, KOGAS, and KOSPO.

Hanwha Energy is a subsidiary of Hanwha Group which is one of the biggest conglomerates in the Republic of Korea doing business in energy, petrochemical & materials, aerospace & mechanics, finance, insurance, service & leisure, construction, and others.

KOGAS (Korea Gas Corporation) is the biggest gas importer, owns and operates the largest gas terminals and storages in the world.

KOSPO (Korea Southern Power Co. Ltd) is a generation corporation which owns and operates the largest gas power plant in the Republic of Korea.

Korea Consortium is very interested in investment opportunities in Vietnam, developing strategic partnerships with Vietnamese enterprises with the desire to bring the best Korean resources including high-tech equipment, experience, finance and willingness to provide technology transfer to Vietnamese partners in the cooperation process of energy projects.

Trung Nam is a reputable corporation with experience and capacity in the energy sector. It has carried out many energy projects, most recently Thuan Nam – the largest solar power plant in Southeast Asia with installed capacity of 450 MW, and the 500KV Vinh Tan - Thuan Nam transmission line in Ninh Thuan Province. Trung Nam Group is developing many large wind and solar power projects nationwide.

The signing of an MoU between Korea Consortium and Trung Nam Group will contribute to the implementation of Politburo Resolution 55/NQ-TW on the orientation of Vietnam's national energy development strategy until 2030, with a vision to 2045, contributing to the realization of the goal of increasing bilateral trade between Vietnam and the Republic of Korea to US$100 billion by 2023.