During South Korean President Lee Jae-myung’s four-day state visit to Vietnam a summit between Lee and Vietnam’s General Secretary To Lam was followed by the signing of 12 co-operation agreements, including two related to nuclear energy.

A memorandum of understanding (MOU) was signed between the Vietnam National Industry-Energy Group (PVN – PetroVietnam) and the Korea Electric Power Corporation (Kepco). Another MOU was signed on nuclear power plant project financial cooperation between PVN, Kepco, the Export-Import Bank of Korea, and the Korea Trade Insurance Corporation.

During the summit talks, Lam “welcomed” Korean companies’ participation in Vietnam’s energy transition, including the potential construction of a nuclear power plant and called for close communication and cooperation between the two countries, National Security Adviser Wi Sung-lac told reporters.

Vietnam had previously shelved its plan in 2016 to build its first two NPPs in the southeastern province of Ninh Thuan due to financing constraints, but has now reinstated the project to meet growing electricity demand. The first NPP in Ninh Thuan was to be built by Russia’s Rosatom and the second by Japan, which subsequently pulled out of the project. Russia has reaffirmed its commitment to Ninh Thuan 1, which is to have two VVER-1200 reactors. Vietnam is looking for suppliers for the second plant, with South Korea a possible contender.

Asked about the possibility of South Korea winning the bid for Ninh Thuan 2, Wi said Seoul and Hanoi were currently focused on “exploring cooperation at an early stage”. He added: “At this point, I believe the two sides are examining the overall project, including feasibility, risks and the possibility of financial cooperation,” referring to the two MOUs.

Eximbank Korea’s four-way MOU seeks to deepen financing cooperation for nuclear projects, while supporting Seoul’s push to expand exports of Korean nuclear technology, with a view to Ninh Thuan 2.

The memorandum builds on commitments made at the previous Korea-Vietnam summit in August 2025 and provides a framework for turning broader pledges on nuclear cooperation into more concrete economic outcomes. During the signing ceremony, Lee and Lam attended alongside Eximbank Korea Chairman and CEO Hwang Ki-yon and PVN Chairman Le Ngoc Son.

“The multilateral memorandum marks a meaningful starting point for extending Eximbank’s accumulated financing expertise into Vietnam’s nuclear power sector,” Hwang said. “The bank would continue strengthening its role as a trusted financial partner to help Korean companies establish themselves as key players in Vietnam’s nuclear power market.”

The agreement covers potential financing measures for Vietnam’s planned nuclear projects and efforts to advance financial models aimed at improving project viability, while also establishing a standing communication channel among the four parties to coordinate future nuclear-related financing.

“This MOU marks an important starting point for the expansion of the Export-Import Bank of Korea’s financial expertise into the Vietnamese nuclear power sector,” said Hwang. “We will continue to strengthen our role as a ‘reliable financial partner’ so that our companies can establish themselves as key players in the Vietnamese nuclear power market.”

Jang Young-jin, President of the Korea Trade Insurance Corporation (K-Sure) stressed the importance of financing for large-scale strategic projects where national capabilities are concentrated noting that K-Sure would provide all necessary support “to expand the overseas territory of the ‘K-nuclear’ ecosystem, taking this cooperation as an opportunity”.

PVN’s Le Ngoc Son noted: “The proven technological capabilities of Korean companies and the Export-Import Bank of Korea’s willingness to provide financial support will be a major driving force in leading Vietnam’s energy transition and economic growth.”

Eximbank has designated Vietnam as a strategic market and has long provided financing support across sectors including infrastructure and energy. In particular, it has built ties with PVN through work on major projects in Vietnam spanning power generation and refining.

The following day, 73 business deals were signed between South Korean and Vietnamese companies at the Korea-Vietnam Business Forum which attracted some 500 leading business leaders.

In a speech at the Business Forum, Lee reiterated that South Korea and Vietnam should “lay the foundations for unshakable supply chain and energy cooperation”. He added “Securing stable access to resources and energy is the only way to guarantee the sustainability of economic growth.”

Vietnamese Prime Minister Le Minh, speaking at the forum, said he hoped South Korea and Vietnam would “jointly build an advanced technology ecosystem”. He also called for the two countries to “reorganise supply chains so they are flexible, robust and high in value,” adding that cooperation should go beyond simply improving access and instead focus on enhancing technological benefits and added value.

During the forum, Doosan Enerbility signed agreements with PVN subsidiaries PTSC and Petrocons, for cooperation on new nuclear power projects in Vietnam and for supply chain development. PVN is currently advancing the Ninh Thuan 2 NPP boosting expectations about Korea’s chances of winning the contract, based on the Korean-designed APR1400 reactor.

Doosan Enerbility Chairman Park Ji-won is widely regarded in the industry as the “global evangelist for K-nuclear power”. He was central to the company’s overall management since the Barakah project in the United Arab Emirates (UAE) in 2009 and was a key player in the successful Czech NPP bid.

“The cooperation between our two countries, built through concerted public-private efforts to participate in Vietnam’s new nuclear projects, will lead to meaningful outcomes,” Park said, adding, “We will do our best to ensure that Team Korea, which has already proven its competitiveness in the UAE and Czech Republic, can also achieve results in Vietnam.”

During a closed-door meeting with business leaders, Daewoo Engineering & Construction also expressed hope that its construction capabilities and know-how could be brought to bear on large-scale infrastructure projects including NPPs. Daewoo E&C Presidential Chief of Staff for Policy Kim Yong-beom told a press briefing following the meeting that the two countries should “advance to a new stage in which they build the future together on the basis of a stable relationship”.

He drew attention to a notable shift in momentum behind the nuclear agreements signed after the summit, referring to the two MOUs on exploring options for new nuclear power plant construction in Vietnam South Korean financial support. “This time, the MOUs were concluded at the request of the Vietnamese side,” he noted. By contrast, the memorandum the two sides signed during To Lam’s visit to South Korea in August 2025 on cooperation in training nuclear power personnel, had been pursued at Seoul’s request.

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