MOU Signed with Tra Vinh Province: "Efforts to Preserve the Ecosystem"
Restoring Forests Equivalent to 420 Soccer Fields by 2030
SK Innovation is launching a mangrove forest restoration project in Vietnam, known as the "lungs of Asia."
On July 7, SK Innovation announced that it had signed a Memorandum of Understanding (MOU) with the government of Tra Vinh Province in Vietnam and the local social enterprise MangLub for the restoration of mangrove forests. MangLub is a local Vietnamese corporation established in 2019 by SK Innovation in partnership with the social cooperative Dream Sharing, and it is the first social enterprise in Tra Vinh Province.
SK Innovation announced on the 7th that it signed a Memorandum of Understanding (MOU) with the government of Tra Vinh Province, Vietnam, and the local social enterprise MangLub for mangrove forest restoration. The photo shows SK Innovation affiliates planting mangrove seedlings in the Tra Vinh Province area of Vietnam. Photo by SK Innovation
Under the agreement, SK Innovation plans to create approximately 300 hectares of mangrove forest?equivalent to 420 soccer fields?in the Tra Vinh Province area by 2030. SK Innovation, which has been carrying out forest restoration projects for seven consecutive years since 2018, explained that this MOU was signed to secure land for future expansion of the initiative.
Mangroves absorb five times more carbon than tropical rainforests and serve as habitats for a wide variety of species. They also have high ecological value as natural breakwaters that prevent coastal erosion and soil loss. SK Innovation intends to involve local residents in the planting and maintenance of seedlings, thereby contributing to the revitalization of the local economy.
In reality, mangrove forests distributed along the coasts of Southeast Asia were once called the "lungs of Asia" due to their ecological value. However, more than half have disappeared over the past 50 years as a result of tourism development and the expansion of aquaculture. This has led to serious environmental issues such as climate change and rising sea levels, which have raised concerns in the international community.
In addition to this project, SK Innovation has planted approximately 910,000 mangrove trees across a total area of 236 hectares in countries including Vietnam, Malaysia, Myanmar, and Fiji. Employees of SK Innovation affiliates have directly participated in volunteer tree-planting activities, and the project’s budget of about 2 billion won was raised through the "1% Happiness Sharing Fund," which is funded by employees voluntarily donating 1% of their salaries.
Kim Wookyung, Head of Public Relations at SK Innovation, said, "Vietnam is one of SK Innovation's core business regions, and we will continue to create not only economic value but also social value through ecosystem restoration and mutual growth with local communities."
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