Team Korea Joins Bid for Ninh Thuan Nuclear Power Plant, Holds Back-to-Back Meetings with Vietnam's Industry and Trade Minister

Korea Electric Power Corporation (KEPCO) and Daewoo Engineering & Construction held a series of meetings in Seoul with Vietnam's Minister of Industry and Trade and discussed ways to expand cooperation between Korea and Vietnam in the energy and infrastructure sectors.
Vietnam had originally planned to build Ninh Thuan 1 and 2, a 4-6.4 GW nuclear power complex in Ninh Thuan Province, but suspended the project in 2016 because of financial difficulties. Recently, however, it has begun securing funding and laying the legal groundwork to meet surging power demand. Russia is effectively set to win Ninh Thuan 1, while Japan, the previous partner for Ninh Thuan 2, has reportedly signaled its withdrawal and is now handling follow-up work. A full-scale bidding race is expected to begin after the two sides complete those follow-up procedures around November. In Vietnam, cooperation with Korea, which has extensive experience in large-scale infrastructure projects, is widely seen as promising, although France and China are also emerging as dark horses.
According to local media on the 27th, KEPCO President Kim Dong-cheol met with Le Manh Hung, Vietnam's Minister of Industry and Trade, in Seoul the previous day for a business meeting during the minister's visit to Korea.
At the meeting, KEPCO said, "The total installed capacity of our overseas business portfolio currently stands at about 28,655 MW." It added, "In Vietnam, we are participating in the Nghi Son and Vung Ang power projects, each with a capacity of 1,200 MW." The company also stressed that it would continue expanding cooperation with Vietnamese energy companies.
In response, Hung said that cooperation in the economy, trade, investment and energy is playing an increasingly important role in the comprehensive strategic partnership between Korea and Vietnam. He noted that bilateral trade reached about $89.5 billion in 2025, and that cumulative trade through July 2026 also rose 41% year on year to about $70 billion, showing strong growth momentum.
Hung also praised KEPCO's capabilities in power grid development and operations, as well as its experience investing in power transmission infrastructure at home and abroad. He urged the company to use those strengths to seek suitable opportunities in Vietnam's power grid modernization, transmission technology, Energy Storage System (ESS) and clean energy sectors. He also called for broader cooperation in talent development, research and development (R&D) and technology transfer.
On the same day, Daewoo Engineering & Construction Chairman Jung Won-joo also met with Hung, Vietnam's Minister of Industry and Trade. Hung praised Daewoo Engineering & Construction for its experience in carrying out large-scale energy and construction projects, as well as its long-standing partnership with the Vietnamese market through a range of infrastructure and urban development projects.
Hung also encouraged the company to actively consider expanding cooperation in Vietnam in areas where it has strengths, including energy infrastructure, liquefied natural gas (LNG), renewable energy, advanced energy facilities and nuclear power generation. He also asked the company to strengthen ties with local Vietnamese firms, help train workers and increase the participation of local companies in the supply chain.
[email protected] Kim Jun-seok Reporter