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Korea and Vietnam Cooperate in Parts and Materials

Korea and Vietnam will accelerate bilateral economic cooperation in the parts and materials industry. Trade between the two countries reached USD 21.7 billion last year, and parts and materials trade accounted for USD 9.4 billion.

According to a memorandum of understanding (MOU) for economic development signed between Korea and Vietnam in May of 2011, the parts and materials industry was selected as a key agenda item for cooperation and Korea and Vietnam have held a pilot project since last year.

According to the Ministry of Trade, Industry and Energy (MOTIE) yesterday, the countries will promote joint research and development (R&D) in Korea-Vietnam parts and materials projects, which will begin this year.

As a first step, R&D for 30 advanced technologies in the textiles, automobiles, machinery and electronics industries will be supported from the second half of the year.

Parts and materials developed from joint R&D projects will be purchased by Korean companies in Vietnam to ensure an early market. The number of projects will be expanded to 100.

The two countries will also cooperate to foster experts. Korea will provide customized programs of basic and advanced programs for about 160 Vietnamese officials, researchers and company CEOs annually. Korea will also share its experience through visits to companies and field trips.

Choi Tae-hyun, Director General for Materials and Components Industries of MOTIE, noted that parts and materials trade between Korea and Vietnam is growing by 23 percent annually and accounts for 43 percent of total trade. He stressed that cooperation in the parts and materials industry will substantially contribute to the economic development of both countries.

Source Text

Source: Newsis (July 28, 2013)

** This article was translated from the Korean.

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