Hanoi: Vietnam and the Republic of Korea (RoK) have agreed to expand cooperation in key minerals, energy security, industrial technology, and other promising sectors. The RoK is set to support Vietnam in building its first underground oil storage facility. This agreement was reached at the 15th meeting of the Vietnam-RoK Joint Committee on Trade, Industry and Energy Cooperation and the ninth meeting of the Vietnam-RoK Free Trade Agreement (FTA) Committee, held in Seoul on August 26. The meetings were co-chaired by Vietnamese Minister of Industry and Trade Le Manh Hung and RoK Minister of Trade, Industry and Energy Kim Jung Kwan.

According to Vietnam News Agency, the collaboration aims to enhance energy security and industrial development, strengthening the economic ties between the two countries. The focus on key minerals and industrial technology reflects a strategic approach to harnessing both nations' strengths, driving mutual growth and development. The support for Vietnam's first underground oil storage facility marks a significant step in bolstering the country's energy infrastructure.

The meetings underscore the commitment of both Vietnam and the RoK to deepen their economic relationship, leveraging shared interests and complementary capabilities. As these initiatives move forward, they are expected to have a lasting impact on the regional economy, fostering innovation and sustainable development in both nations.