Vingroup and K-Sure sign MoU to accelerate business cooperation

HANOI, VIETNAM - Media OutReach - 5 July 2023 - Vingroup has signed a Memorandum of Understanding (MoU) with Korea Trade Insurance Corporation (K-Sure) within the Vietnam-Korea Economic Forum 2023 framework. The partnership's objective is to enhance economic growth, foster trade collaboration, and boost the export competitiveness of both nations.

As per the Memorandum of Understanding, Vingroup and K-Sure will collaborate on Vingroup's projects with Korean partners, trade insurance programs aimed at expanding into new markets, and exploring potential joint venture opportunities.

K-Sure will offer guarantee programs and support to Korean suppliers, construction, and engineering firms. This support aims to enable the seamless provision of products and services to Vingroup and its subsidiaries, including electric vehicle components, energy storage systems (such as batteries and other parts), construction equipment, construction management services, and the supply of components and parts.

In addition, K-Sure's guarantee allows Korean investors to invest or form joint ventures with Vingroup or its subsidiaries, creating potential long-term business opportunities.

Vingroup and K-Sure will also explore the possibility of joint participation in projects and market development opportunities through K-Sure's export and guarantee programs.

Speaking at the MOU presentation ceremony, Mr. Nguyen Viet Quang, Vice Chairman, and Chief Executive Officer of Vingroup, said: "We are thrilled to sign an MOU with K-Sure during the official visit of the President of the Republic of Korea to Vietnam. Vingroup and K-Sure's partnership will enhance trade and investment – two important focuses for our countries – accelerating commercial operations and expanding international production and export markets."

Mr. Lee Inho - General Director of K-Sure, said: "Southeast Asia has significant growth potential, as well as an abundance of labor and resources. We are delighted to have a strategic partnership with Vingroup, one of the leading private conglomerates in the region, to strengthen 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."

Korea Trade Insurance Corporation (K-Sure) was established in July 1992 upon the Trade Insurance Act to promote trade and overseas investment of Korean enterprises with the mission to boost national competitiveness. The cooperation with K-Sure affirms Vingroup's efforts in continuously connecting with leading agencies and enterprises to jointly invest and develop our competencies in smart, innovative, and sustainable consumer products and services.

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About Vingroup

Established in 1993, Vingroup is one of the leading private conglomerates in the region and currently focuses on three main areas: Technology and Industry, Services, and Social Enterprise. Find out more about Vingroup at: https://www.vingroup.net/en

About Korea Trade Insurance Corporation

Korea Trade Insurance Corporation (K-Sure) was established in July 1992 upon the Trade Insurance Act to promote trade and overseas investment of Korean enterprises with the mission to boost national competitiveness. Find out more about K-Sure at: https://www.ksure.or.kr/rh-en/cntnts/i-615/web.do