South Korea seeks to support participation in Vietnam's $22bn nuclear project

nuclear power plant Ninh Thuan 2 energy cooperation South Korea-Vietnam relations power plant construction

South Korean Minister of Trade, Industry and Energy Kim Jung-kwan met with Vietnamese Minister of Science and Technology Bui Hai Quan to discuss expanding cooperation in the nuclear power sector, specifically regarding the Ninh Thuan 2 nuclear power project. The meeting focused on supporting South Korean companies' participation in the project through technical exchanges and workforce training.

Vietnam aims to construct up to 6.4GW of nuclear power capacity between 2030 and 2035. The Ninh Thuan 2 project is a key component of this plan, with a total estimated cost of approximately $22 billion. While Russia holds preferential negotiation rights for the Ninh Thuan 1 project, South Korea is positioning itself for the Ninh Thuan 2 project following Japan's withdrawal from the bid due to disagreements over construction timelines.

In addition to nuclear energy, the ministers discussed expanding bilateral cooperation in high-tech industries, including semiconductors and artificial intelligence. Previous cooperation has already been established through a memorandum of understanding between Korea Electric Power Corporation (KEPCO) and Petrovietnam (PVN) regarding nuclear workforce development.