SK Innovation is going to establish a second global social company following Yachaywashi, which was established to help the Peruvian farmers become independent.
SK Innovation signed MOUs with Tra Vinh Province, Tra Binh University, UNEP (United Nations Environment Program), DreamSharing on Nov. 22 local time.
SK Innovation is going to establish a social-problem-solving enterprise in Vietnam to secure funds needed to restore the Mangrove forest.
Organizations that participated in MOUs will develop business models for establishing social businesses by January of next year and establish an entity that will push them forward within the first quarter.
The mangrove forest restoration project is a national project of the Vietnamese government and plans to expand the participation agency to meet the actual time of establishment, considering the public interest in solving the social problems in Vietnam.
SK Innovation is also planning to develop a new business model related to mangrove.
It has also started developing a business to manage motorcycles, which is becoming a major social issue in Vietnam.
"The Maengrove Forest Restoration Project is a program that responds to climate change due to global warming," said Lim Soo-gil, Head of public relations office at SK Innovation. "The expansion will improve the quality of people's lives, including creating jobs for the Vietnamese community and solving environmental problems."