On September 30, Minister of Trade, Industry and Energy Kim Jeong-gwan met with Vietnamese Minister of Science and Technology Bui Hai Quan in Seoul.
The key topics of the meeting were the progress of Vietnam’s Ninh Thuan 2 nuclear power plant project and ways for Korean companies to participate.
However, the discussions were intergovernmental cooperation aimed at broadening the basis for participation, not confirmation that an order had been won.
3-Line Summary
1. The Korean government is supporting participation in Ninh Thuan 2
2. The target start of operations is 2035
3. Cooperation discussions and contract awards must be viewed separately
Ninh Thuan 2 Discussed at the September 30 Meeting in Seoul
According to the Ministry of Trade, Industry and Energy, Minister Kim Jeong-gwan met with Minister Bui Hai Quan at the Korea Technology Center in Seoul to discuss expanding cooperation in advanced industries, including nuclear power plant construction. Minister Quan is responsible for Vietnam’s nuclear research and development, workforce training, and nuclear safety regulations, and is a member of the National Evaluation Council, which reviews the results of preliminary feasibility studies for nuclear power plant projects.
The two sides discussed areas of mutual interest, including exchanges of nuclear power technology and workforce training, and shared the progress and future procedures for the Ninh Thuan 2 nuclear power plant project. The Korean government stated that it would strengthen communication with the Vietnamese government and expand the basis for domestic nuclear power companies to participate in projects.
Minister Kim said the government would continue providing support to win contracts so that Korean companies’ participation in the Ninh Thuan 2 project could contribute to the economic development of both countries. This reflects the government’s position that it will support participation in the project; it is not an announcement that a Korean company has won the contract.
The Significance of the Estimated 15 Trillion–18 Trillion Won Scale and the 2035 Target
The Korea Economic Daily reported that the Ninh Thuan 2 project is estimated to be worth approximately 15 trillion–18 trillion won. The Ninh Thuan area nuclear power project has been introduced as a large-scale nuclear power plant construction project with a total capacity of 4–6.4 gigawatts.
According to reports, Russia is responsible for Unit 1, which aims to begin operations in 2030, while Unit 2, for which South Korea is pursuing participation, aims to begin operations in 2035. In April, Korea Electric Power Corporation signed a memorandum of understanding on cooperation in nuclear power development with PVN, Vietnam’s state-owned National Industry and Energy Group, and began a joint analysis of plans and risk factors for constructing new nuclear power plants. A memorandum of understanding on financial cooperation was also signed, with the participation of the Export-Import Bank of Korea, the Korea Trade Insurance Corporation, and KEPCO.
In nuclear power projects, technology and financing are matters that must be considered together. This is also why the Korean government and companies are preparing to cooperate in these two areas.
Tight Schedule and Local Procedures Remain Variables
The 2035 target for Ninh Thuan 2 could place a burden on parties considering participation in the project. The Korea Economic Daily reported that the schedule is tight, noting that design, site preparation, construction, and commissioning typically take more than 10 years.
Local licensing regulations and administrative procedures, as well as the burden of construction costs, have also been cited as conditions that must be examined during the project. The possibility of competition with China or Russia has also been reported. It is more accurate to view this meeting as a stage of cooperation intended to increase the possibility of South Korean participation in a project where these conditions remain unresolved.
References
Tags #Vietnam #NinhThuan2 #VietnamNuclearPower #NuclearPowerContracts #KoreanNuclearPower #MinistryOfTradeIndustryAndEnergy #KimJeong-gwan #NuclearCooperation #KoreaVietnamCooperation #PVN #NuclearPowerGeneration #EnergyCooperation