SK Innovation (096770.KS) is expanding its mangrove forest restoration project in Vietnam. The company plans to extend the project, previously carried out in Vinh Long Province, to Can Tho City and create a forest four times the size of Seoul Forest by 2030.
SK Innovation said on the 14th that it signed a memorandum of understanding with the Can Tho City government and MangLub, a local social enterprise, on the 13th to restore mangrove forests.
Under the MOU, SK Innovation will secure land for mangrove planting in Can Tho City and build a cooperative framework to manage and protect the plantation together with the local community. The company plans to create 200 hectares of mangrove forest in Vietnam between this year and 2030, four times the size of Seoul Forest, which covers 50 hectares.
Local residents will take part directly in every stage of the project. The initiative aims to support local job creation and will include environmental education for residents and students on the value and importance of mangroves. The goal is to pursue both ecosystem restoration and sustainable growth for the local community.
The effects of ecosystem restoration will be measured scientifically using SK Innovation's life cycle assessment (LCA) capabilities. The company plans to analyze the biodiversity footprint of the planting areas and use the findings to systematically manage restoration outcomes.
Mangroves are salt-tolerant plants that grow along tropical and subtropical coastlines. They absorb and store carbon at high rates and provide habitats for a wide range of species. They also serve as natural breakwaters that prevent coastal erosion and soil loss, giving them high ecological value.
SK Innovation began its mangrove restoration project in Vietnam's Vinh Long Province in 2018 and has since expanded the effort to Myanmar, Malaysia and Fiji. The company has planted a total of 1.14 million seedlings since the project started, covering a cumulative 294 hectares, or six times the size of Seoul Forest.
"We will go beyond simple afforestation by expanding youth employment through a local social enterprise, encouraging community participation and running education programs to raise environmental awareness, contributing to the sustainable growth of the local community," said Kim Woo-kyung, head of public relations at SK Innovation.