Korea and Vietnam Exchange 12 MOUs Including Nuclear Power Development and Financial Cooperation... Challenge for Entry into Nuclear Power Market

Expanding Advanced Industry Cooperation to AI, Digital Technology, and Power Grids

Strengthening Practical Exchanges in Culture, Quarantine, and Food and Drug Safety

Exchange of the "Master Plan Framework for Science and Technology Innovation Cooperation"

During President Jae-myung Lee's state visit to Vietnam, South Korea and Vietnam exchanged 12 memorandums of understanding (MOUs) and cooperation documents, including agreements to explore possibilities for nuclear power plant development and financial cooperation. Through the "MOU on Cooperation in Animal Health and Quarantine," the two countries laid the groundwork for the stable export and diversification of Korean livestock products. Additionally, through the "MOU on Cooperation in Power Infrastructure," they agreed to jointly pursue research and development pilot projects for renewable energy, energy storage systems (ESS), and power grid modernization.

President Lee Jae-myung is speaking at an expanded summit with Vietnam Communist Party General Secretary and State President Vo Van Thuong at the Presidential Palace in Hanoi, Vietnam on the 22nd (local time). Photo by Yonhap News Agency

On April 22, local time, South Korea and Vietnam expanded their foundations for cooperation in a wide range of areas during the Korea-Vietnam summit held in Hanoi, Vietnam. These areas include security and protection, digital affairs, science and technology innovation, intellectual property, power infrastructure, water security, animal health and quarantine, culture, underwater cultural heritage, food, pharmaceutical, cosmetic and medical device safety, nuclear power plant development, and nuclear power plant project financial cooperation.

This exchange of documents is seen as evidence that Korea-Vietnam cooperation is broadening beyond traditional trade and investment to encompass strategic fields such as nuclear power, artificial intelligence, digital technology, power grids, climate response, quarantine, cultural heritage, and food and drug safety. In particular, the inclusion of nuclear power development and financial cooperation reviews is expected to serve as a catalyst for elevating bilateral economic cooperation to the next level, focusing on future-oriented industries and infrastructure.

In the nuclear power sector, Korea Electric Power Corporation (KEPCO) and Vietnam National Industrial Energy Group (PVN) signed an "MOU on Reviewing the Possibility of Cooperation in Nuclear Power Plant Development." The core of this agreement includes exploring new nuclear power plant construction, conducting joint risk analyses, and supporting the establishment of optimal construction timelines. The Korean government explained that this is significant as it establishes a foundation for Korean companies to secure new nuclear power plant projects in Vietnam.

Financial cooperation in the nuclear power sector will also be pursued. Export-Import Bank of Korea, Korea Trade Insurance Corporation, and Korea Electric Power Corporation signed an "MOU on Reviewing the Possibility of Financial Cooperation for Nuclear Power Plant Projects" with PVN. The parties agreed to establish an information exchange system for nuclear power projects and to examine the feasibility of financial support. The aim is to proactively establish a support system that meets Vietnam's large-scale financial needs and thereby lay the groundwork for entry into the Vietnamese nuclear power market in the future.

Cooperation in energy and climate response has also been strengthened. Through the "MOU on Cooperation in Power Infrastructure," the two countries agreed to promote joint research and development, personnel exchanges, and pilot projects for renewable energy, ESS, and the modernization and digitalization of power grids. The Korean government expects this to help establish a foundation for the expansion of renewable energy in Vietnam and to contribute to the local market entry of Korean companies.

A new "MOU on Water Security Cooperation" was also signed. The agreement focuses on strengthening collaboration in integrated water management, flood and drought response, water-energy convergence, and the application of smart technologies such as AI. This is interpreted as targeting both climate crisis response and the enhancement of digital-based water management capabilities.

Cooperation in artificial intelligence (AI), digital affairs, and advanced technology will also be expanded. Through the "MOU on Digital Cooperation," the two countries agreed to strengthen cooperation in AI, telecommunications, radio waves, cybersecurity, and digital transformation. The government expects this to pave the way for Korean AI companies to enter the Vietnamese market.

Additionally, the Ministry of Foreign Affairs and the Ministry of Science and ICT of Korea, along with the Ministry of Science and Technology of Vietnam, exchanged the "Master Plan Framework for Cooperation in Science and Technology Innovation." This framework includes promoting research projects in priority fields such as bio, energy, AI, and semiconductors, as well as fostering next-generation innovative personnel and expanding research exchanges. In the field of intellectual property, a separate MOU was prepared to address joint responses to counterfeit goods, the exchange of patent and trademark data, and sharing experiences in the use of AI technology.

The agricultural and livestock sector included an "MOU on Cooperation in Animal Health and Quarantine," with a focus on facilitating trade in livestock products, including heat-treated poultry, and exchanging quarantine information. The Korean government evaluated that, given the conclusion of export quarantine negotiations during this visit, the groundwork for the stable export and diversification of Korean livestock products has been established.

President Lee Jae-myung and Vo Van Thuong, Secretary General of the Communist Party of Vietnam and President, are reviewing the honor guard at the official welcoming ceremony held on the 22nd (local time) at the Presidential Palace in Hanoi. Photo by Yonhap News

The scope of cultural cooperation was also broadened. The two countries revised the "MOU on Cultural Cooperation for 2026-2030" to promote the cultivation of future talent in content industries, joint production of creative works related to cultural assets, and the strengthening of copyright cooperation. In the field of underwater cultural heritage, a new MOU was signed to enable joint excavations and investigations, exhibition and preservation cooperation, and participation in specialized personnel training programs. This is considered significant as it is the first time the Korean government has formalized cooperation with a foreign country for underwater heritage investigations.

In the field of food and drug safety, the Ministry of Food and Drug Safety and the Ministry of Health of Vietnam signed an MOU on the safety of food, pharmaceuticals, cosmetics, and medical devices. Key aspects include the exchange of information on laws, permits, and supply chains, customs clearance cooperation, and the development of innovation projects based on AI and digital technology. The government expects this to help ensure food and drug safety in both countries and to broaden the foundation for rapid approval of Korean pharmaceutical and bio industries.

Additionally, the Presidential Security Service and the Ministry of Public Security of Vietnam signed an MOU covering information exchange in the field of security and protection, training and capacity building for security personnel, and annual delegation exchanges. The intent is to establish a more stable cooperation system for security in line with the expansion of summit-level exchanges between the two countries.

This content was produced with the assistance of AI translation services.