Executive News Lead
On Wednesday, April 22, 2026, South Korean President Lee Jae Myung and Vietnamese President and General Secretary of the Communist Party To Lam convened in Hanoi to formalize a major expansion of bilateral ties. The summit, held during President Lee’s four-day state visit, centered on deepening strategic cooperation in energy, infrastructure, and supply chain security in response to increasing global market instability. A pivotal outcome of the meeting was the exchange of 12 Memorandums of Understanding (MoUs) and strategic frameworks, signaling the definitive revival of Vietnam’s nuclear energy program and the solidification of South Korea as a primary technology and development partner.
Detailed Scope of Bilateral Agreements
The 12 agreements signed during the summit establish a broad regulatory and commercial architecture across multiple sectors.
| Sector | Key Purpose of Agreement | Signatory Agencies |
| Security | Cooperation in security protection and personnel safety. | Vietnam Ministry of Public Security & RoK Presidential Security Service |
| Digital Cooperation | Policy sharing and joint projects in AI, 6G, and digital transformation. | Vietnam Ministry of Science and Technology & RoK Ministry of Science and ICT |
| Science & Technology | Framework Master Plan for innovation and VKIST follow-up support. | Vietnam Ministry of Science and Technology & RoK Ministry of Science and ICT |
| Intellectual Property | Institutional strengthening and IP protection frameworks. | Vietnam Ministry of Science and Technology & Korean Intellectual Property Office |
| Power Infrastructure | Technical cooperation on electrical grids and energy security. | Vietnam Ministry of Industry and Trade & RoK Ministry of Climate, Energy and Environment |
| Water Resources | Security and collaborative management of water resource systems. | Vietnam Ministry of Agriculture and Environment & RoK Ministry of Climate, Energy and Environment |
| Animal Quarantine | Establishing hygiene standards for agricultural and livestock trade. | Vietnam Ministry of Agriculture and Environment & RoK Ministry of Agriculture, Food and Rural Affairs |
| Culture (2026–2030) | Multi-year framework for cultural exchange and promotion. | Vietnam Ministry of Culture, Sports and Tourism (Both) |
| Underwater Heritage | Preservation and management of underwater cultural sites. | Vietnam Ministry of Culture, Sports and Tourism & Korea Heritage Service |
| Medical Safety | Regulatory cooperation for food, drugs, and medical devices. | Vietnam Ministry of Health & RoK Ministry of Food and Drug Safety |
| Nuclear Development | Research on feasibility and development of nuclear power plants. | Petrovietnam (PVN) & Korea Electric Power Corp (KEPCO) |
| Nuclear Finance | Review of financial support and information exchange for NPP projects. | PVN, KEPCO, Export-Import Bank of Korea (KEXIM), and Korea Trade Insurance Corp (KSURE) |
Focus on Nuclear Energy: Technical and Financial Memorandums
To facilitate South Korea’s entry into the Vietnamese nuclear market, two specific MoUs were established between Petrovietnam (PVN) and “Team Korea” entities. These agreements are designed to move projects toward financial close by addressing high-capital risks and technical requirements.
- Development Research MoU: Signed by KEPCO and PVN, this agreement focuses on “Studying the Possibility of Cooperation for Nuclear Power Plant Development.” It establishes the foundation for South Korean firms to secure project rights for new units.
- Financial Framework MoU: A quadrilateral agreement between PVN, KEPCO, KEXIM, and KSURE. This establishes a preemptive “customized support system” to meet Vietnam’s large-scale financing needs through export credit agency (ECA) underwriting.
Primary Objectives:
- Joint risk analysis of nuclear plant construction and infrastructure.
- Establishment of optimized construction schedules to ensure technical efficiency.
- The creation of a continuous information exchange system for project development.
- Reviewing the feasibility of specific financial packages and sovereign support mechanisms.
The Ninh Thuan No. 2 Project: Factual Status and Context
South Korea has emerged as the lead contender for the Ninh Thuan No. 2 project, an $8.7 billion (KRW 12.7 trillion) endeavor located in Ninh Thuan Province.
- Historical Context: Vietnam’s nuclear program was suspended in 2016 due to fiscal concerns but was officially reinstated in 2024 via Resolution 174/2024/QH15. The revival includes two sites: Ninh Thuan 1, which has been awarded to Russia, and Ninh Thuan 2.
- The South Korean Opportunity: Following Japan’s withdrawal from the Ninh Thuan 2 project in December 2025 due to timeline constraints, the Vietnamese government directed PVN to seek partners with advanced technology. For the Lee Jae Myung administration, this represents a potential first nuclear export success and a critical catalyst for the domestic nuclear industry, which remains largely restricted from European markets (excluding the Czech Republic) due to ongoing intellectual property disputes with Westinghouse.
- National Targets: The Revised Power Development Plan VIII (Decision 768/QD-TTg) targets 4,000–6,400 MW of nuclear capacity by 2030–2035, with a long-term vision of 14,000 MW by 2050.
Broader Infrastructure and Economic Cooperation
The summit confirmed several major commercial outcomes aimed at achieving a bilateral trade target of $150 billion by 2030.
- Railway Infrastructure: Hyundai Rotem is set to sign a 5.1 trillion KRW contract with Vietnam’s Tac Group for the export of unmanned electric trains. This is distinct from a separate $110 million deal involving rolling stock specifically for Ho Chi Minh City Metro Line 2.
- Urban and Civil Projects: South Korean firms are targeting the Dong Nam New City Development Zone 1 (740 million) and a **70 million** consulting project for the operations of the new Gia Binh airport.
- Agricultural Trade: Agreements were finalized to facilitate mutual exports of heat-treated poultry and livestock products.
Regulatory and Strategic Frameworks
The bilateral cooperation is underpinned by significant Vietnamese legislative shifts that align the country with international standards:
- Atomic Energy Law (Law No. 94/2025/QH15): Enacted on June 27, 2025, and effective January 1, 2026, this law designates nuclear power as a “national strategic priority” and a “green power source.” Crucially, it provides explicit support for Generation III+ reactors and Small Modular Reactors (SMRs) and introduces “special mechanisms” for financing that bypass standard PPP limitations.
- IAEA Integration: Vietnam’s receipt of IAEA Phase 2 INIR clearance in December 2025 serves as the international validation required for lenders and ECAs to begin formal underwriting for nuclear projects.
- Supply Chain Center: A joint “critical minerals supply chain center” is being established, supported by a $11.2 million (16.6 billion won) South Korean ODA project running through 2029. This center will combine Vietnam’s raw mineral resources with South Korean processing expertise.
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