Ministry of Trade Industry and Resources

The Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) announced that Korea Electric Power Corporation (KEPCO) and the Vietnam National Industry- Energy Group (Petrovietnam, PVN) signed an MOU on potential cooperation in new nuclear power development on April 22, 2026, during President Lee Jae Myung’s state visit to Vietnam. The agreement was exchanged at a ceremony witnessed by the two leaders.

The MOU creates a basis for the entry of Korean-designed nuclear power plants into Vietnam. The two companies began formal nuclear cooperation in August 2025, when they signed an MOU on workforce development in the nuclear sector during General Secretary To Lam’s visit to Korea. The latest agreement expands that cooperation to new-build nuclear projects.

Going forward, KEPCO and PVN will work together on the nuclear supply chain and project viability analysis for the Ninh Thuan 2 nuclear power project.

Ahead of the summit, Minister JK Kim held an official meeting with Vietnam’s newly appointed Minister of Industry and Trade Le Manh Hung. They discussed cooperation on the Ninh Thuan 2 nuclear power project and agreed to stay closely coordinated on resource security and to build a cooperation framework for supply chains for rare earths and other critical minerals. At a separate roundtable earlier that morning with Korean nuclear and energy companies operating in Vietnam, companies raised two main issues: improving the institutional framework for LNG project financing and securing rare earth supplies. Minister Kim asked for Vietnam’s interest and cooperation in addressing those concerns. He also requested support to allow more Korean companies to participate in the construction of Vietnam’s crude oil storage facilities.

The two sides also agreed to hold the 15th Korea–Vietnam Joint Committee on Industry and the 9th Joint Committee on the Korea–Vietnam FTA in Seoul in the first half of 2026.

MOTIR and Vietnam’s Ministry of Industry and Trade are scheduled to sign an MOU on export control cooperation in Hanoi on April 23, 2026. Vietnam introduced an export licensing regime for strategic items in October 2025, which has been of particular interest to Korean companies operating there. The MOU will establish a regular communication channel between the two countries’ export control authorities and facilitate prior information-sharing on new control measures. This is expected to reduce uncertainty for Korean companies in Vietnam and help stabilize supply chains in advanced industries.

MOTIR will continue to strengthen economic ties with Vietnam, Korea’s third-largest partner in trade and investment and a key manufacturing base for Korean exports, while supporting business activity in both countries.