Vietnamese, Korean firms sign deal to provide drones to military

Vietnamese firm Global Steel Co., Ltd (GSC) and South Korean companies Finekowac Co., Ltd. and Jisung Tech Co., Ltd. have signed an agreement to provide target and hybrid drones and anti-drone systems to Vietnam's army.

The memorandum of understanding (MoU) is the first defense industry cooperation signed between Vietnam and South Korea after the visit of President Nguyen Xuan Phuc to South Korea last month, which featured discussion on collaboration in the defense industry.

South Korea's Finecowak specializes in developing and manufacturing drones, while Jisung Tech works in the field of defense. GSC is a professional trading company in importing and providing steel and stainless-steel products. The three also plan to expand their cooperation to the global market.

Jeong Woon-kyu, a representative of the South Korean side, emphasized that South Korean firms have set eyes on not only Vietnam but also other Asian markets.

Vietnam and South Korea upgraded their ties to a comprehensive strategic partnership on the occasion of the 30th anniversary of bilateral relations last month.

Vietnam’s President Nguyen Xuan Phuc and his South Korean counterpart Yoon Suk Yeol announced the upgrade during a press briefing in South Korea. The leaders reaffirmed the goal of raising bilateral trade to $100 billion by 2023 and working towards $150 billion by 2030 in a “balanced direction”.

South Korea is the largest foreign investor in Vietnam with 9,534 valid projects and total registered capital of $80.97 billion, according to Vietnam's Ministry of Planning and Investment.