SEOUL, South Korea – Viet Nam’s state energy company Petrovietnam and South Korea’s Korea Electric Power Corp (KEPCO) have agreed to intensify cooperation on nuclear power development, as Hanoi seeks to diversify its energy mix, strengthen long-term energy security and build technological capacity in a sector expected to play a growing role in meeting rising electricity demand.
The agreement was reached during a meeting in Seoul on September 8 between Petrovietnam Chief Executive Le Manh Cuong and KEPCO Chairman and Chief Executive Kim Dong-cheol, with the two sides discussing implementation of cooperation agreements on nuclear power research and development.
The talks come as Viet Nam speeds up efforts to return to nuclear power. Petrovietnam said the country was taking strong moves to set the conditions required to launch nuclear projects. Reuters reported that the two businesses had agreed to accelerate talks on one of Vietnam’s first two nuclear power facilities. Details of the technical and financial agreements are not yet known.
Under cooperation agreements signed in April, Petrovietnam and KEPCO agreed to study the development of nuclear power plants, while a separate arrangement brought together Petrovietnam, KEPCO, the Korea Export-Import Bank (KEXIM) and Korea Trade Insurance Corp (KSURE) to examine project financing.
The latest discussions focused on technology, investment and financing options, with both sides agreeing to continue research and coordination and to seek support from relevant authorities in Viet Nam and South Korea.
For Viet Nam, cooperation with KEPCO could provide access to South Korean experience in nuclear project development, engineering and project management, while helping develop domestic expertise and supporting the formation of a skilled nuclear workforce. KEPCO has shared its experience from the Barakah nuclear power project in the United Arab Emirates, highlighting the importance of long-term partnerships, institutional trust and execution capacity in large-scale nuclear projects.
The cooperation also has broader economic implications. Nuclear power could provide a stable, low-carbon source of electricity to support industrial expansion and growing demand from energy-intensive sectors, while closer cooperation with South Korean companies could create opportunities for technology transfer, engineering services, equipment supply, investment and workforce development.
Petrovietnam and KEPCO said the combination of Viet Nam’s commitment to nuclear development and KEPCO’s experience and capabilities could provide a foundation for deeper energy cooperation between the two countries, contributing to Viet Nam’s energy security and sustainable development.
