Vietnam held talks with South Korea’s KEPCO as it seeks foreign partner for second nuclear plant
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- Vietnam's Ministry of Industry and Trade said on July 3 it will select a foreign partner in the third quarter to co-develop the Ninh Thuan 2 nuclear power plant with state energy firm Petrovietnam, targeting a capacity of up to 3.2 gigawatts.
- South Korea's Korea Electric Power Corporation (KEPCO) is in discussions with Petrovietnam, with the ministry citing 'positive initial discussions' as a basis for potential cooperation.
- The foreign partner would be required to transfer at least 30% of its nuclear power technologies to Vietnam, arrange a special loan with an annual interest rate below 3%, and train staff for the project.
- Japan withdrew from the Ninh Thuan 2 project in December, citing a timeline that was too tight to meet.
- Russia's Rosatom was already selected for Vietnam's first nuclear plant, Ninh Thuan 1, with an inter-governmental agreement signed in March.
- Vietnam's nuclear push is part of a broader effort to boost power generation capacity by 2035 to support its fast-growing manufacturing economy.
Why it matters: Vietnam's nuclear buildout is shaping up as a three-way contest for influence in Southeast Asia's energy market: Russia locked in Ninh Thuan 1 in March, Japan's December exit left a gap, and KEPCO's 30% tech-transfer plus sub-3% loan package is Vietnam's opening bid to court Seoul. A Q3 partner selection locks in which foreign vendor — and which financing terms — anchor Vietnam's path to its 2035 capacity target.
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