Korea Takes on Vietnam's Nuclear Power Market... Signs 12 MOUs on Infrastructure and Finance

Summit Talks and State Banquet Held
Back-to-Back Meetings with Vietnam’s No. 2 and No. 3 Leaders on the 23rd
Attending the Korea-Vietnam Business Forum

During his state visit to Vietnam, President Lee Jae-myung held a summit with Vo Van Thuong, General Secretary of the Communist Party and State President of Vietnam, on the 22nd. The two leaders agreed to expand trade and investment cooperation with the goal of reaching a trade volume of USD 150 billion (approximately KRW 222 trillion) by 2030. Areas of cooperation include energy, infrastructure such as railways and new airports, semiconductors, artificial intelligence (AI), biotechnology, food, and pharmaceuticals. Notably, the two leaders also agreed to cooperate on stabilizing supply chains, which have become unstable due to the recent situation in the Middle East.

Hwang Ki-yeon, President of the Export-Import Bank of Korea, and Le Ngoc Son, Chairman of the Vietnam National Petroleum and Gas Group (PVN), posed for a commemorative photo on the 22nd (local time) at the Presidential Palace in Hanoi after exchanging a memorandum of understanding (MOU) to explore financial cooperation possibilities for a nuclear power project, in the presence of President Lee Jae-myung and Communist Party Secretary General cum State President Vo Lam. Photo by Yonhap News Agency

In a joint press statement immediately following the summit, President Lee emphasized, "Korea is the optimal partner for realizing Vietnam's vision of becoming a high-income advanced country by 2045, and we are pursuing comprehensive cooperation covering everything from hardware sectors such as logistics, transportation, energy, and infrastructure to future industries such as science and technology, intellectual property, and the creative industries."

President Lee also announced, "Tomorrow (the 23rd), a contract for the export of Korean railway vehicles for the Ho Chi Minh City urban railway will be signed." The export volume for this project is valued at USD 110 million, with Hyundai Rotem reportedly in negotiations for the contract. In addition, the government hopes that Korean companies will win contracts for projects such as Zone 1 of the Dong Nam New City development and consulting for the operation of Gia Binh New Airport. President Lee also expressed support for Korean business participation, stating, "I hope that cooperation between the two countries will further expand in large-scale transportation and logistics infrastructure projects being promoted by Vietnam."

On the occasion of the summit, 12 Memorandums of Understanding (MOUs) and cooperation documents were also exchanged. The most significant achievements were in the nuclear power sector, with two MOUs signed. Korea Electric Power Corporation and the Vietnam National Oil and Gas Group (PVN) signed an MOU on "exploring the potential for cooperation in nuclear power development." The two institutions plan to jointly review new nuclear power plant construction plans, conduct joint analysis of construction risks, and explore ways to optimize the construction timeline. A separate MOU was also signed involving the Export-Import Bank of Korea, Korea Trade Insurance Corporation, and Korea Electric Power Corporation, on "exploring the potential for financial cooperation on nuclear power plant projects." The two MOUs are seen as establishing a strong foundation for the projects, as they simultaneously address technical and financial aspects.

Meanwhile, on the 23rd (local time), President Lee is scheduled to meet consecutively with the Vietnamese Prime Minister and the National Assembly Chairman. On the third day of his state visit, he will meet with Prime Minister Le Minh Hung in the morning, followed by a luncheon meeting with National Assembly Chairman Tran Thanh Man. Prime Minister Le Minh Hung is ranked second in Vietnam's power hierarchy, while National Assembly Chairman Tran Thanh Man is ranked third. President Lee plans to discuss strengthening economic cooperation and resolving difficulties faced by Korean businesses with the Prime Minister, and to address revitalizing Korea-Vietnam parliamentary exchanges and improving the living environment for overseas Koreans with the National Assembly Chairman.

Additionally, President Lee will attend the Korea-Vietnam Business Forum in the afternoon to encourage business exchange and increased investment between the two countries. Numerous MOUs between Korean and Vietnamese companies are also expected to be signed at the event. Notable attendees are expected to include Choi Taewon, Chairman of the Korean Chamber of Commerce and Industry (and Chairman of SK Group), Lee Jay-yong, Chairman of Samsung Electronics, Koo Kwang-mo, Chairman of LG Group, and Park Ji-won, Chairman of Doosan Enerbility.

Lee Eok-won, Chairman of the Financial Services Commission (right), is conversing with Lee Jae-yong, Chairman of Samsung Electronics (from left), Shin Dong-bin, Chairman of Lotte Group, and Choi Tae-won, Chairman of SK Group, at the state banquet welcoming President Lee Jae-myung held at the guesthouse in Hanoi, Vietnam on the 22nd (local time). Photo by Yonhap News

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