EVN, Hyosung and KEPCO expand cooperation on new power projects in Vietnam

Amid deepening Vietnam–Korea economic and investment ties, further strengthened by the official visit of the Korean President to Vietnam from April 21–24, 2026, enhancing business connectivity and cooperation is key to advancing bilateral commitments.

Representatives of EVN and Hyosung sign the Memorandum of Understanding in the presence of delegates from both sides.

At the signing ceremony, EVN Chairman Dang Hoang An highlighted the strong partnership with Hyosung and welcomed the new MOU, building on the positive outcomes of the August 2025 agreement. The renewed commitment reflects mutual trust and a shared vision for the sustainable development of Vietnam’s power sector.

To meet economic growth targets, EVN is implementing a power generation and grid development program worth approximately USD 5 billion annually. Key priorities include developing smart grids, accelerating digital transformation toward a digital enterprise by 2030, expanding renewable energy, advancing energy transition, and increasing the localization of electrical equipment.

Under the MOU, the two sides identified three key pillars:

1. Deploy advanced grid asset management solutions to improve operational efficiency and system reliability.

2. Collaborate on research, transfer, and localization of STATCOM technology to enhance voltage stability and power quality.

3. Strengthen training and human resource development, particularly at Dong Anh Electrical Equipment Company, to support localization and the domestic power industry.

The MOU not only fosters technical cooperation but also demonstrates a long-term commitment to knowledge sharing and modernization of Vietnam’s power sector. EVN will facilitate effective implementation to ensure system security and sustainable development.

Hyosung CEO Woo Tae Hee emphasized that the agreement marks an important milestone, laying the foundation for expanded collaboration in grid management, system stability, technical capacity building, and technology transfer. He reaffirmed Hyosung’s commitment to leveraging its expertise and technology to enhance the reliability and efficiency of Vietnam’s power system.

Also on April 22, EVN CEO Nguyen Anh Tuan held a working session with KEPCO Executive Vice President Kim Tae Min.

EVN President & CEO Nguyen Anh Tuan, together with leaders of relevant departments, meets with the KEPCO delegation.

Both sides reviewed past cooperation and discussed future directions under a new MOU, focusing on advanced technologies for power plants, high-capacity transmission solutions, battery energy storage systems (BESS), financial structuring experience, and potential cooperation in nuclear power and energy transition.

EVN expressed interest in technologies supporting system operation and management, including BESS management, underground cable fault detection, and high-voltage direct current (HVDC) transmission.

EVN is currently studying energy storage development while consulting relevant authorities to establish regulatory frameworks. The utility seeks KEPCO’s continued experience sharing and potential investment in energy storage, supporting financing for new projects.

Both sides agreed to enhance technical exchanges and leverage existing cooperation to improve effectiveness going forward.

On the same day, EVN also met with representatives of Taihan Cable & Solution (Korea) to discuss potential cooperation in power equipment and infrastructure./.