SEOUL, July 01 (AJU PRESS) - Korean recycling specialist Dowon has forged a partnership with Vietnamese logistics giant Phu Thai on Monday to set up a joint venture in Viet Nam.
The signing ceremony took place at a hotel in central Seoul with representatives from the two companies. Phu Thai officials also accompanied the Vietnamese Prime Minister Pham Minh Chinh who arrived in Seoul over the weekend for his four-day visit to Korea.
According to Dowon, the new joint venture will leverage Dowon's recycling expertise and Phu Thai's infrastructure in Viet Nam to expand operations in the Southeast Asian country's environmental business sectors, focusing on sustainable development.
Viet Nam adopted an environmental policy called "Extended Producer Responsibility" (EPR) last year and regulates manufacturers of plastics, electronics, vehicles, and motorcycles to take responsibility for the recycling of their products.
Dowon sees the policy will become a huge opportunity for its new joint venture. "This agreement is the fruition of the cooperation efforts between the two countries," a Dowon staffer told Aju Press.
