Seoul: South Korea and Vietnam have announced plans to enhance their partnership in the energy sector, with a focus on renewable energy and nuclear power, as part of broader efforts to increase cooperation in trade, security, and other fields.
According to Yonhap News Agency, the industry ministries of both countries have signed a memorandum of understanding (MOU) to collaborate on joint projects in renewable energy sectors, including solar power, wind power, and energy storage systems. This agreement was facilitated by Seoul’s Ministry of Trade, Industry and Energy.
In addition, Korea Electric Power Corp., a state-run entity from South Korea, and Petrovietnam (PVN), Vietnam’s state-owned energy firm, have signed an MOU to develop a workforce for Vietnam’s growing nuclear power industry. Vietnam plans to construct four nuclear reactors by 2035 as part of its energy expansion strategy.
These agreements were formalized following a summit between South Korean President Lee Jae Myung and Vietnam’s top leader To Lam in Seoul. During the summit, both leaders committed to strengthening their Comprehensive Strategic Partnership, which was established three years ago. The partnership encompasses various domains, including trade, security, science and technology, and cultural exchanges. Additionally, they vowed to work towards increasing their bilateral trade volume to US$150 billion by 2030.
Prior to the summit, Korean Industry Minister Kim Jung-kwan and Vietnamese counterpart Nguyen Hong Dien met and agreed to enhance supply chain cooperation. According to Kim’s office, South Korea will initiate a five-year official development assistance (ODA) program aimed at establishing a critical mineral supply chain technology cooperation center in Vietnam.
To support this initiative, the Korean government plans to invest 16.6 billion won (US$12 million) in procuring equipment for smelting critical minerals in Vietnam, as well as providing technical guidance and supporting human resource development. Vietnam is recognized for its significant reserves of rare earth elements, bauxite, tungsten, and graphite, contributing to its strategic importance in the global mineral supply chain.