Trade minister meets Vietnamese counterpart to strengthen bid for Ninh Thuan 2 project

Minister of Trade, Industry and Energy Kim Jung-kwan speaks at a meeting. [Yonhap]
Minister of Trade, Industry and Energy Kim Jung-kwan speaks at a meeting. [Yonhap]

South Korea is mounting a full-court press to win a nuclear power plant contract in Vietnam worth 32 trillion won ($23.5 billion).

The Ministry of Trade, Industry and Energy said Minister Kim Jung-kwan met Wednesday with Vietnamese Minister of Science and Technology Bui Hai Cuong at the Korea Technology Center in Gangnam-gu, Seoul, to discuss expanding economic cooperation between the two countries and explore collaboration in advanced industries including nuclear energy.

Korea Electric Power Corporation and other South Korean firms have been pursuing the contract for Vietnam's Ninh Thuan Unit 2 nuclear power plant. Wednesday's meeting was arranged to strengthen government-to-government communication as Vietnam moves to select a partner country for the project and to support South Korean companies' participation.

Vietnam is pursuing the construction of up to 6.4 gigawatts of nuclear capacity between 2030 and 2035, comprising the Ninh Thuan 1 and Ninh Thuan 2 projects, each involving two reactors. The total project cost is $22 billion. Russia holds preferential negotiating rights for the Ninh Thuan 1 project.

South Korea's chances for Ninh Thuan 2 improved after Japan withdrew from the bidding. Japan dropped out after failing to bridge differences with the Vietnamese government over the project's completion timeline. Korea Electric Power Corporation believes it has sufficient capacity to meet the construction schedule Vietnam requires, unlike Japan.

The state utility has been actively pursuing the Ninh Thuan 2 contract since last year. It hosted a Korea-Vietnam nuclear energy partnership workshop in April last year and in August signed an MOU with PetroVietnam (PVN), the Vietnamese state energy company overseeing the Ninh Thuan 2 project, to develop a nuclear workforce.

Minister Cuong oversees nuclear research and development, workforce training and nuclear safety regulation, and also serves as a member of the national evaluation committee that reviews preliminary feasibility study results for nuclear projects.

At the meeting, Minister Kim said cooperation in advanced industries such as semiconductors and AI is essential to strengthening trade and investment ties between the two countries.

He added that nuclear power plant construction cooperation between the two countries is needed to ensure a stable, large-scale electricity supply in Vietnam.

Kim introduced South Korea's experience cooperating with nuclear power plant client countries and discussed areas of mutual interest, including technology exchange and workforce development.

The two sides also shared updates on the progress of the Ninh Thuan 2 project, its upcoming procedures and trends in cooperation with other countries.

"We will continue to communicate closely with the Vietnamese side and provide government-level support for winning the nuclear power plant contract, so that South Korean companies' participation in the Ninh Thuan 2 project can contribute to the economic development of both countries," Kim said.


oskymoon@heraldcorp.com