Vietnamese conglomerate Vingroup and Korea Trade Insurance Corporation (K-Sure) have signed a Memorandum of Understanding (MoU) to cooperate on several projects to strengthen trade relations and investment opportunities between the two giant corporations.

Delegates attend the signing ceremony. Photo: Vingroup

The signing ceremony of the MoU was held during the Vietnam-Korea Economic Forum 2023.

Under the MoU, K-Sure will support South Korean suppliers and construction and engineering firms by offering guarantee programs to enable the seamless provision of products and services to Vingroup and its subsidiaries. 

This support will include products and services such as electric vehicle components, energy storage systems, construction equipment, construction management services, and the supply of components and parts.

K-Sure’s guarantee will allow Korean investors to invest or form joint ventures with Vingroup or its subsidiaries, creating potential long-term business opportunities. At the same time, the two companies will explore joint participation in projects and market development opportunities through K-Sure’s export and guarantee programs.

Speaking at the ceremony, Vice Chairman and CEO of Vingroup Nguyen Viet Quang said: "The partnership between Vingroup and K-Sure will foster trade and investment - two key focus areas for our countries - by accelerating business operations and expanding international production and export markets."

Meanwhile, K-Sure General Director Lee Inho said that the cooperation with Vingroup will strengthen Korea's sectors and increase exports, especially in the green mobility revolution both parties are pursuing. In a broader move, Southeast Asia has significant growth potential and abundant labor and resources, he added. 

The partnership with the Vietnamese group is part of the conglomerate's efforts to continuously connect with leading agencies and companies to jointly invest and develop competencies in smart, innovative and sustainable consumer products and services.