Korean firms encouraged to invest more in Vietnam’s energy sector

Vice Chairwoman of the National Assembly Nguyen Thi Thanh (R) hosts a reception in Hanoi on April 15 for visiting Chairman and CEO of the Korea Electric Power Corporation (KEPCO) Kim Dong Cheol . Photo: National Assembly Portal)

Thanh highlighted that after more than 30 years of diplomatic relations, especially since Vietnam and the RoK upgraded their ties to a comprehensive strategic partnership in 2022, their relations have entered their most dynamic and fruitful phase. She noted this as a strong foundation for enterprises from both countries to pursue long-term, stable cooperation.

The RoK is currently one of Vietnam’s largest foreign investors, with Korean businesses actively involved in almost every area of the energy sector, from power generation and renewable energy to nuclear power and oil and gas exploration, she said.

The NA Vice Chairwoman praised KEPCO’s ongoing contributions to Vietnam’s energy landscape and encouraged the company to continue its role as a major investor, supporting the country’s technological advancement and energy development.

She encouraged KEPCO to maintain close collaboration with Vietnam Electricity (EVN) and effectively implement their existing memorandum of understanding, while continuing to work closely with Vietnamese ministries, sectors and localities on new investment projects in line with Vietnam’s National Green Growth Strategy 2021–2030, with a vision to 2050.

Thanh revealed that Vietnam has officially resumed preparations for the Ninh Thuan nuclear power project, describing it as a timely and strategic decision given the country’s rapidly increasing energy demand. She noted that this move aligns with global energy transition trends and called on KEPCO to expand its involvement in clean energy development, including solar, wind, and nuclear power.

Welcoming Kim’s proposals, she said that the Vietnamese NA is preparing to amend the Law on Economical and Efficient Use of Energy, aiming to strengthen the legal framework and introduce incentives to boost energy efficiency. These updates, she said, will help Vietnam attract and mobilise international resources to support energy-saving solutions and the development of a sustainable energy market, she added.

In addition, the NA is reviewing the Law on Atomic Energy to ensure it provides a robust and comprehensive legal foundation for the development of nuclear energy in Vietnam.

The NA Vice Chairman affirmed that the legislature always supports and is ready to create favourable legal and policy environment for all enterprises, both domestic and international, including those from the RoK, to invest and do business successfully and sustainably in Vietnam.

Thanking the Vice Chairwoman for her time and warm welcome, KEPCO Chairman Kim Dong Cheol noted that Vietnam’s electricity demand continues to grow rapidly by an estimated 12-14% annually. Ensuring a stable and clean energy supply, he said, is therefore essential to support Vietnam’s socio-economic development.

He welcomed the Vietnamese Government’s decision to revisit energy policy and resume the Ninh Thuan nuclear power project, calling it timely and forward-thinking.

Briefing the host on KEPCO’s experience, technological capabilities, and achievements in the energy sector, Kim expressed his interest in continuing the close partnership between the RoK and Vietnam, particularly in nuclear energy and new technologies. He affirmed KEPCO’s commitment to supporting the safe and successful development of Vietnam’s nuclear power sector, contributing to the country’s long-term energy security and modern infrastructure./.