“This memorandum of understanding was prepared to translate the commitment to nuclear power cooperation agreed upon at the Korea-Vietnam summit held last August into tangible results,” the Export-Import Bank of Korea (Korea Eximbank) said.
The main contents of the MoU include reviewing financial support measures for new nuclear power plant projects in Vietnam, supporting the establishment of financial models to ensure financial feasibility, and forming a working group for nuclear power plant financial support. Both sides agreed to establish a regular information exchange system to proactively prepare customised support measures that meet Vietnam’s financial needs.
“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 Korea Eximbank President Hwang Ki-yon. “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) added “as nuclear power projects are large-scale strategic projects where national capabilities are concentrated, the role of policy financing is of the utmost importance” and they would provide all necessary support “to expand the overseas territory of the ‘K-nuclear’ ecosystem, taking this cooperation as an opportunity”.
“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,” said Le Ngoc Son, Chairman of state-owned national oil, gas and energy industry corporation Petrovietnam (PVN).
The MoU was one of 12 cooperation agreements signed between South Korea and Vietnam on 22 April following a meeting between South Korean President Lee Jae-myung and Vietnamese President To Lam in Hanoi. Korea Electric Power Corporation (Kepco) also signed an MoU with PVN on research and cooperation in nuclear power plant development.
Plans for the Ninh Thuan nuclear power plant in Vietnam were postponed in 2016 because of “economic conditions”. However, the government has since revived its nuclear energy ambitions – citing energy security, development and net zero targets – and has been exploring the possibilities of small modular reactors. The National Assembly approved the government’s proposal to restart the Ninh Thuan nuclear power project at its 8th working session in November 2024.
Vietnam’s proposed Ninh Thuan nuclear power project consists of two plants, with each plant comprising two reactors. The Ninh Thuan 1 plant is located in Phuoc Dinh commune, Thuan Nam district. The Ninh Thuan 2 plant is located in Vinh Hai commune, Ninh Hai district.
In February last year, Vietnam’s prime minister set a target to complete the construction of two nuclear power plants in Ninh Thuan province by the end of 2030.
In March this year, an intergovernmental agreement was signed between Vietnam and Russia on cooperation in the construction of the Ninh Thuan 1 plant, to feature two VVER‑1200 reactors.
