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 that a foreign partner for the Ninh Thuan 2 nuclear plant will be selected in the third quarter, with capacity of up to 3.2 gigawatts to be jointly developed with state energy firm Petrovietnam.
- South Korea's Korea Electric Power Corporation (KEPCO) is a potential partner after positive initial discussions with Petrovietnam, and would be required to transfer at least 30% of its nuclear power technologies to Vietnam.
- The chosen foreign partner must also arrange a special loan with an annual interest rate below 3% and train staff for the project, the ministry said.
- Japan dropped out of the Ninh Thuan 2 project in December, citing a timeline that was too tight.
- Russia's Rosatom was already selected for Vietnam's first nuclear plant, Ninh Thuan 1, with an inter-governmental agreement signed between Hanoi and Moscow in March.
- Nuclear power is expected to be part Vietnam's power generation mix by 2035 as the manufacturing hub seeks to keep pace with surging electricity demand.
Why it matters: Vietnam is offering a generous package — 30% technology transfer and sub-3% financing — to lure a foreign builder for Ninh Thuan 2 by Q3, and with Japan out of the running on timing and Russia already locked into the first plant, KEPCO is South Korea's clearest opening to plant a nuclear foothold in Southeast Asia before Rosatom corners the market.
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