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

During President Lee Jae-myung's state visit to Vietnam, South Korea and Vietnam exchanged 12 memoranda of understanding (MOUs) and cooperation documents, including an agreement to explore the possibility of cooperation in nuclear power plant development and project financing. The two countries established a foundation for stable exports and diversification of Korean livestock products through the "MOU on Cooperation in Animal Health and Quarantine," and agreed to carry out joint research and development pilot projects for renewable energy, energy storage systems (ESS), and power grid modernization through the "MOU on Cooperation in Power Infrastructure."

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

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On April 22 (local time), taking the Korea-Vietnam summit in Hanoi as an opportunity, the two countries expanded their cooperation base across a wide range of sectors including security and safety, digital, science and technology innovation, intellectual property, power infrastructure, water security, animal health and quarantine, culture, underwater cultural heritage, safety of food, pharmaceuticals, cosmetics and medical devices, nuclear power development, and financial cooperation for nuclear power projects.

This exchange of documents is seen as evidence that Korea-Vietnam cooperation is expanding beyond traditional trade and investment to cover strategic sectors such as nuclear power, AI, digital, power grids, climate response, quarantine, cultural heritage, and food and drug safety. In particular, with the inclusion of nuclear power development and the review of financial cooperation, there is an expectation that economic cooperation between the two countries will advance to a new level focused on future-oriented industries and infrastructure.

In the field of nuclear power, Korea Electric Power Corporation (KEPCO) and Vietnam Oil and Gas Group (PVN) signed an "MOU on Reviewing the Possibility of Cooperation in Nuclear Power Development," focusing on exploring plans for new nuclear power plant construction, joint risk analysis, and supporting the establishment of optimal project timelines. The government explained that this aims to establish a foundation for Korean companies to secure new nuclear power projects in Vietnam.

Cooperation on nuclear power project financing 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 Projects" with PVN to establish an information exchange system and examine the feasibility of financial support for nuclear power projects. The goal is to proactively build a support system tailored to Vietnam's large-scale financial needs, thereby laying the groundwork for entry into the nuclear power market in the future.

Cooperation in the fields of energy and climate response has also been strengthened. The two countries agreed, through the "MOU on Cooperation in Power Infrastructure," to promote research and development, joint research, personnel exchanges, and pilot projects for renewable energy, ESS, and modernization and digitalization of power grids. The government expects that this will not only provide a foundation for expanding renewable energy in Vietnam but also contribute to the entry of Korean companies into the local market.

A new "MOU on Water Security Cooperation" was also signed. The agreement focuses on strengthening cooperation 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 enhancement of digital-based water management capabilities.

Cooperation in artificial intelligence (AI), digital, and advanced technologies will also be expanded. The two countries will strengthen cooperation in AI, telecommunications, radio waves, cybersecurity, and digital transformation through the "MOU on Digital Cooperation." The government expects this to support the entry of Korean AI companies into the Vietnamese market.

In addition, the Ministry of Foreign Affairs, the Ministry of Science and ICT, and Vietnam's Ministry of Science and Technology exchanged the "Master Plan Framework for Science and Technology Innovation Cooperation." The plan includes promoting research projects in key areas such as bio, energy, AI, and semiconductors, as well as expanding the cultivation of next-generation innovative talent and research exchanges. In the field of intellectual property, a separate MOU was prepared to jointly respond to counterfeit goods, exchange patent and trademark data, and share experience in utilizing AI technologies.

In the agricultural and livestock sector, the "MOU on Cooperation in Animal Health and Quarantine" was included, focusing on promoting trade in livestock products including heat-treated poultry and the exchange of quarantine information. The government assessed that, on the occasion of this visit to Vietnam, the conclusion of the export quarantine negotiations has laid the foundation for stable exports and diversification of Korean livestock products.

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

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The scope of cultural cooperation has also been expanded. The two countries have revised the "MOU on Cultural Cooperation for 2026-2030" to foster future talent in content, jointly produce creative works related to cultural assets, and strengthen cooperation on copyright. A new MOU was also signed in the field of underwater cultural heritage, including joint excavations, cooperation in exhibition and preservation, and participation in professional training programs. It is considered significant as the first official case of the Korean government formalizing underwater heritage investigation cooperation with a foreign country.

In the field of food and drug safety, the Ministry of Food and Drug Safety of Korea and Vietnam's Ministry of Health signed an MOU on cooperation in the safety of food, pharmaceuticals, cosmetics, and medical devices. The main areas are the exchange of information on laws, permits, and supply chains, cooperation on customs clearance, and development of AI- and digital-based innovation projects. The government expects this will not only enhance food and drug safety in both countries but also expand the foundation for rapid approval in Korea's pharmaceutical and biotech industries.

Additionally, the Presidential Security Service and Vietnam's Ministry of Public Security signed an MOU covering information exchange in security and safety, training and capacity building for security personnel, and annual delegation exchanges. The intent is to establish a more stable security cooperation system in line with expanding exchanges between the leaders of both countries.

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