South Korea and Vietnam agree deal on nuclear power development

South Korea and Vietnam agree deal on nuclear power development

Korea Electric Power Corporation and the Vietnam National Industry - Energy Group have signed an MoU on potential cooperation in new nuclear power development.

The agreement between Korea Electric Power Corporation (KEPCO) and Vietnam National Industry - Energy Group (Petrovietnam) was exchanged on April 22 during South Korean President Lee Jae Myung's state visit to Vietnam, under the witness of President Lee and General Secretary and President To Lam.

The MoU creates a basis for the entry of South Korean-designed nuclear power plants into Vietnam. The two companies began formal nuclear cooperation in August 2025, when they signed an MoU on workforce development in the nuclear sector during General Secretary To Lam’s visit to South Korea. The latest agreement expands that cooperation to new-build nuclear projects.

Going forward, KEPCO and Petrovietnam will work together on the nuclear supply chain and project viability analysis for the Ninh Thuan 2 nuclear power plant.

Ahead of the South Korea–Vietnam Summit on April 22, Minister of Trade, Industry, and Resources JK Kim held an official meeting with Vietnam’s newly appointed Minister of Industry and Trade Le Manh Hung. They discussed cooperation on the Ninh Thuan 2 nuclear power plant and agreed to stay closely coordinated on resource security and to build a cooperation framework for supply chains for rare earths and other critical minerals.

At a separate roundtable earlier that morning with South Korean nuclear and energy companies operating in Vietnam, companies raised two main issues – improving the institutional framework for liquefied natural gas venture financing and securing rare earth supplies.

Minister Kim asked for Vietnam’s interest and cooperation in addressing those concerns. He also requested support to allow more South Korean companies to participate in the construction of Vietnam’s crude oil storage facilities.

The two sides also agreed to hold the 15^th South Korea–Vietnam Joint Committee on Industry and the ninth Joint Committee on the South Korea–Vietnam free trade agreement in Seoul in the first half of 2026.

Looking ahead, the Ministry of Trade, Industry, and Resources will continue to strengthen economic ties with Vietnam, South Korea’s third-largest partner in trade and investment and a key manufacturing base for South Korean exports, while supporting business activity in both countries.

VIR