The Mayor of South Korea’s Daegu city, Mr. Hong Joon Pyo, visited the central city of Da Nang on March 16, where he signed an MoU with the Trungnam Group, one of Vietnam’s largest energy corporations, to promote the development of renewable energy and technology industries.

With a plan to promote business links and relationships between the two countries in the fields of energy and information technology, etc., the signing of the MoU opens up new opportunities for South Korean businesses to explore and invest in Da Nang and with the Trungnam Group.

The Trungnam Group is a leading investor in Vietnam in the fields of renewable energy, infrastructure, construction, real estate, and information technology. It has implemented a range of large-scale projects throughout the country, in Ninh Thuan, Dak Lak, and Tra Vinh provinces, with more than 1.6 GW of electricity contributed to the power grid. It is the only private enterprise in Vietnam to participate in the process of electricity transmission, with a 500 kV substation and 500 kV and 220 kV power lines connected to the national power grid, accompanying the Vietnamese Government in the process of reaching net-zero carbon emissions.

Daegu city expects that the signing of the MoU will open up more exchanges between the city and Da Nang. As of the end of 2022, Vietnam was Daegu’s third-largest export market, worth $454 million, with main export items including fabric, industrial equipment, and auto parts.