On March 16, the Mayor of Daegu City, Hong Joon Pyo, visited Da Nang City. On this occasion, the representative of Daegu City signed a memorandum of understanding (MoU) with Trungnam Group - one of the largest energy corporations in Viet Nam, to promote the development of renewable energy and technology industries.

With a plan to promote business connections and cooperation between the two countries in the fields of energy and information technology, the two sides signed the new agreement to open up new opportunities for Korean businesses to explore and invest in Da Nang City and Trungnam Group.

Trungnam Group is a leading investor in Viet Nam in renewable energy, infrastructure, construction, real estate, and information technology.

Trungnam Group has implemented many large-scale projects in localities throughout the country, such as Ninh Thuan, Dak Lak, and Tra Vinh, with more than 1.6GW of electricity contributing to the power grid.

It is the only private enterprise in Viet Nam to participate in transmitting electricity with a 500kV substation and 500kV and 220kV power lines connected to the national power system, accompanying the Vietnamese Government in the process of reducing carbon emissions.

Daegu City expects the MoU to open up more positive exchanges between Daegu City and Da Nang City. As of the end of 2022, Viet Nam is the 3rd largest export market for Daegu, with a value of US$454 million, including main export items such as fabric, industrial equipment, and auto parts. — VNS