MoIT has a working session with Korean partners on nuclear power cooperation

Accompanying the Minister of Industry and Trade were leaders of various units under the Ministry of Industry and Trade, including the Asia-Africa Market Department, the Electricity and Renewable Energy Authority, the Ministry’s Office, the Office of the Intersectoral Steering Committee on International Economic Integration, the Institute of Mechanical Research, the Electric Power University, the Vietnam National Energy Industry Group (PVN), and the Vietnam Electricity (EVN).

During the meeting, Minister Nguyễn Hồng Diên provided the South Korean business delegation with information regarding Vietnam’s economic development needs and energy consumption in the coming period.

Minister Nguyen Hong Dien worked with KEPCO, KEPKO E&C, KEPCO Nuclear Fuel, and Doosan Enerbility on nuclear power cooperation between Vietnam and Korea.

Vietnam has set a target for annual economic growth to reach double digits from now until 2030. As a result, the power sector must also achieve a corresponding growth rate.

According to the revised Power Development Plan VIII (expected to be approved in February), the total power system capacity will range from 235,000 to 240,000 MW—three times the current capacity and 1.5 times the capacity outlined in the previously approved Power Development Plan VIII.

To accomplish this, Vietnam must prioritize the development of renewable energy sources and new, clean energy sources such as natural gas, liquefied natural gas (LNG), and nuclear power, as well as advancing electricity transmission and storage technologies.

The total investment required for power generation and transmission development is expected to be around $18–20 billion annually until 2030 and will increase to $22–25 billion annually after 2030. While this challenges the Vietnamese government, it also creates significant opportunities for foreign investors, including major South Korean enterprises.

With Vietnam’s legal framework now in place—such as the National Assembly’s resolution on special mechanisms and policies for the Ninh Thuan nuclear power project, the revised Electricity Law (amended in November 2024), and the decrees and circulars guiding its implementation, which were approved in February 2025—the Minister of Industry and Trade urged major South Korean energy enterprises to explore investment opportunities in Vietnam’s energy sector, including nuclear power.

Representatives of the South Korean business delegation expressed their gratitude to Minister Nguyễn Hồng Diên for sharing insights into Vietnam’s energy demand and development plans. They viewed this as an opportunity to strengthen and expand their investments in Vietnam. South Korean enterprises also affirmed their willingness to cooperate and transfer technology to Vietnamese companies in the energy sector.

The Vietnamese Minister of Industry and Trade and the South Korean Minister of Trade, Industry, and Energy signed a Memorandum of Understanding (MoU) on cooperation in the fields of energy (including nuclear power), industry, and trade.

After the meeting, Minister of Industry and Trade Nguyen Hong Dien affirmed that the Vietnamese government and the Ministry of Industry and Trade will always create the most favorable conditions, by the law, for foreign enterprises, including South Korean companies, to invest in Vietnam. He emphasized that the success of foreign businesses is also the common success of Vietnam./.