Korean giant considers investment in Vietnam’s energy
Minister of Industry and Trade Nguyen Hong Dien suggested that Korean enterprises consider the possibility of investment cooperation in Vietnam in the energy sector, serving the needs of economic development and domestic consumption.
During his working trip to Korea, Minister of Industry and Trade Nguyen Hong Dien had a working session with leaders of several Korean enterprises in the energy sector, including Korea Electric Power Corporation (KEPCO), KEPCO E&C, KEPCO Nuclear Fuel, Doosan Enerbility, Posco… to promote energy cooperation between Vietnam and Korea.
Informing the Korean business group about Vietnam’s economic development and energy use needs in the coming time, the Minister said: “Vietnam aims for double-digit growth from now until 2030, leading to a corresponding increase in energy use needs.”
According to the revised Draft Power Plan VIII, the total capacity of the power system will be from 235,000-240,000 MW, 3 times the current capacity and 1.5 times the capacity in the Power Plan VIII (approved).
Currently, Vietnam only has about 5 years left for the electricity industry to make investments to expand in scale, rapidly shift in structure, and ensure the goal of carbon neutrality by 2050.
“To achieve that, Vietnam needs to focus on developing renewable energy sources and new energy sources, clean energy such as natural gas, liquefied gas, nuclear power…, as well as developing electricity transmission and storage technology,” said Mr. Dien.
Total investment for power source and transmission development is expected to be around 18-20 billion USD/year by 2030, and will be 22-25 billion USD/year after 2030.
Minister Dien said that this goal is a challenge for the Vietnamese Government but at the same time an opportunity for foreign investors, including large Korean enterprises.
With Vietnam’s legal framework ready, such as the National Assembly’s Resolution on specific mechanisms and policies for the Ninh Thuan Nuclear Power Project , the revised Electricity Law in November 2024, and decrees and circulars guiding the implementation of the revised Electricity Law approved in February 2025, the Minister of Industry and Trade suggested that major Korean energy enterprises consider the possibility of investment cooperation in Vietnam in the energy sector, including nuclear power.
Korean businesses said they are ready to cooperate and transfer technology to Vietnamese businesses in the energy sector.
Mr. Lee Kye-In, Chairman and CEO of Posco International, said that with its strengths in designing, manufacturing, and constructing small-scale nuclear power plants (SMR), Posco is ready to cooperate in investing and transferring technology in Vietnam.
Up to this point, Posco ‘s accumulated investment capital in Vietnam has reached about 1.2 billion USD.
At the end of last year, at a working session with Quang Ninh province, a representative of the Korean YNC Company said that they were studying to invest in a grid-connected biomass energy project using gasification technology with a capacity of 40 MW, with a total estimated investment of 65 million USD in this locality.
BCG Energy (a member of Bamboo Capital Group) also previously signed a cooperation agreement with SK Ecoplant Company (part of SK Group – the third largest company in Korea) to develop more than 700 MW of renewable energy in Vietnam.
More than 700 MW of renewable energy that SK Ecoplant and BCG Energy will develop in Vietnam, including 300 MW of rooftop solar power, 200 MW of onshore wind power in northern provinces and about 100 MW of other potential projects
Korea has always been Vietnam’s number 1 investment partner among 146 countries and territories investing in Vietnam with a total registered investment capital of over 90 billion USD in nearly 10,000 projects. Korea’s investment focuses on important sectors of the economy, such as high technology, electronics, manufacturing industry, energy, automobiles , construction, real estate …
Baodautu.vn
