Deputy Minister Nguyen Hoang Long holds talks with Republic of Korea Vice Minister on energy cooperation

During the meeting, both sides highly valued the strong momentum of the Vietnam - ROK Comprehensive Strategic Partnership and expressed confidence that two-way trade would reach a record USD 100 billion this year. Vice Minister Kang Kamchan affirmed that the ROK is currently the largest foreign direct investor in Vietnam and underscored the importance of ensuring a stable electricity supply to continue attracting Korean high-tech enterprises to expand their investments in the country.

Deputy Minister Nguyen Hoang Long speaks at the meeting.

Regarding the Ninh Thuan 2 Nuclear Power Project, Deputy Minister Nguyen Hoang Long outlined three key criteria that Vietnam will apply in selecting a project partner.

First, the partner must possess advanced nuclear technology that guarantees the highest standards of safety while committing to technology transfer and localization in Vietnam, with a localization rate ranging from 30% to 60%.

Second, on financing, Vietnam requires highly concessional credit packages featuring interest rates below 3% and extended grace periods appropriate to the project's long investment cycle.

Third, the partner must commit to comprehensive human resource development by providing advanced training programs and creating opportunities for Vietnamese engineers to undertake internships and participate directly in the operation of existing nuclear power plants.

Responding to these requirements, Vice Minister Kang Kamchan stated that the ROK is fully confident in its technological capabilities and expertise in workforce training. On financing, he said the Korean government is prepared to provide sovereign loans covering up to 85% of the project's total investment.

Vice Minister Kang Kamchan also proposed a trilateral cooperation model involving Vietnam, the ROK and the United Arab Emirates (UAE), combining the UAE’s financial strength and energy resources with the ROK’s world-class nuclear technology, as demonstrated by the successful Barakah Nuclear Power Plant project in the UAE.

Vice Minister Kang Kamchan affirms that the Republic of Korea is currently the largest foreign direct investor in Vietnam.

Deputy Minister Nguyen Hoang Long clarified that, although Vietnam has not yet officially selected a project partner, the positive outcomes of negotiations between the Korea Electric Power Corporation (KEPCO) and the Vietnam National Industry - Energy Group (Petrovietnam) provide an important basis for submission to the competent authorities for consideration. He emphasized that the official partner selection must be completed in the third quarter of 2026 to ensure the project remains on schedule for commercial operation by 2035.

Overview of the meeting.

Deputy Minister Nguyen Hoang Long further noted that, in order to accelerate project implementation, Vietnam’s National Assembly adopted Resolution No. 189/2025/QH15 on February 19, 2025, introducing several special mechanisms and policies for investment in the Ninh Thuan Nuclear Power Project. Under the resolution, the parties are permitted to negotiate and sign an Intergovernmental Agreement (IGA) in parallel with the process of revising the project's investment policy, even before adjustments to the total investment capital have been finalized. This special mechanism allows multiple procedures to be carried out simultaneously, thereby shortening the overall project implementation timeline.

Deputy Minister Nguyen Hoang Long and the Korean delegation.

Concluding the meeting, Deputy Minister Nguyen Hoang Long and Vice Minister Kang Kamchan reaffirmed the importance of maintaining candid and constructive dialogue to reach a common understanding on future cooperation arrangements. The meeting laid the groundwork for closer coordination between the two sides in pursuit of shared objectives of strengthening energy security and advancing high-tech industrial development in the years ahead.