Vingroup signed an MoU on July 4 with the Korea Trade Insurance Corporation (K-Sure) on the sidelines of the Vietnam-Korea Economic Forum 2023, to enhance economic growth, foster trade cooperation, and boost the export competitiveness of both nations.
“We are thrilled to sign an MoU with K-Sure during the official visit by the President of the Republic of Korea to Vietnam,” Mr. Nguyen Viet Quang, Vice Chairman and CEO of Vingroup, said at the MoU presentation ceremony. “Vingroup and K-Sure’s partnership will enhance trade and investment - two important focuses of our countries - accelerating commercial operations and expanding international production and export markets.”
“Southeast Asia has significant growth potential and an abundance of labor and resources,” said Mr. Lee Inho, General Director of K-Sure. “We are delighted to have a strategic partnership with Vingroup, one of the leading private conglomerates in the region, to strengthen South Korea’s vital sectors and increase exports. We also expect to support Vingroup’s global market development and expansion, particularly in the green mobility revolution that both parties are pursuing.”
Vingroup and K-Sure will cooperate on various initiatives, including the former’s projects with South Korean partners, trade insurance programs to expand into new markets, and exploring potential joint venture opportunities.
K-Sure will provide guarantee programs and support to South Korean suppliers and construction and engineering firms. This assistance aims to facilitate the smooth provision of products and services to Vingroup and its subsidiaries. Such products and services include electric vehicle components, energy storage systems such as batteries and other parts, construction equipment, construction management services, and the supply of components and parts.
K-Sure’s guarantee enables South Korean investors to invest in Vingroup or its subsidiaries or to form joint ventures, opening up potential long-term business opportunities.
The two will also examine the feasibility of jointly participating in projects and exploring market development opportunities through K-Sure’s export and guarantee programs.
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