1. On the occasion of the 2021 P4G Summit (May 30~31), Ambassador of the Republic of Korea to the Socialist Republic of Viet Nam Park Noh-wan and Minister of Natural Resources and Environment of the Socialist Republic of Viet Nam Tran Hong Ha signed the Framework Agreement for Cooperation on Climate Change between the Government of the Republic of Korea and the Government of the Socialist Republic of Viet Nam at the Ministry of Natural Resources and Environment in Hanoi at 15:00, May 31, 2021.

° The Republic of Korea initiated discussions on this Agreement between the two countries in May 2017 and both sides finally signed this Agreement after agreeing with the texts of the Agreement and completing their respective domestic procedures.

2. It is expected that this Agreement will lay a foundation for the bilateral cooperation for climate change response and contribute to enhancing cooperation with regard to the market mechanism* under the Paris Agreement, including use of greenhouse gas reduction outcomes, and climate science and technology.

* It is allowed to transfer greenhouse gas reduction outcomes internationally through voluntary cooperation between the countries (Article 6 of the Paris Agreement).

° According to this Agreement, the Ministry of Foreign Affairs will establish and operate a Joint Working Group on Climate Change Cooperation to facilitate and coordinate the implementation of the Agreement.