South Korea and Vietnam Discuss Reviving Nuclear Power Plans

In Wednesday's talks, Lam, who serves as general secretary of the Communist Party, "welcomed" Korean companies' participation in Vietnam's energy transition, including the potential construction of a nuclear power plant, National Security Adviser Wi Sung-lac told reporters.

Vietnam had previously shelved its plan in 2016 to build its first nuclear power plant in the southeastern province of Ninh Thuan due to financing constraints, but is now considering adding nuclear power to its energy grid to meet growing electricity demand, reports Yonhap news agency.

Asked whether the summit addressed the Ninh Thuan project, Wi said, "Discussions remain at an early stage, focusing on the feasibility and related risks."

On the sidelines of the summit, the state-run Korea Electric Power Corporation and Vietnam National Industry-Energy Group signed two memorandums of understanding on joint feasibility studies and financing for potential nuclear power development projects.

Kim Yong-beom, presidential chief of staff for policy, said the success of Vietnam's potential nuclear power programme will largely depend on South Korea's ability to provide relevant financing packages to meet Hanoi's needs.

"With its sizable population and strong growth, Vietnam needs energy, but arranging the financing is something we should take on," Kim said, noting the government will explore financing solutions in consultations with the state-run Korea Electric Power Corp, as well as policy lenders and commercial banks.

Critical mineral supply chains were also identified as an area of cooperation, Wi said, noting Seoul and Hanoi will broaden the scope of cooperation by establishing a technology cooperation centre for critical mineral supply chains.

Lee and Lam also exchanged views on regional security and global issues, including the ongoing conflict between the United States and Iran, according to the official.

"The two leaders agreed to bolster joint efforts for peace and prosperity in the international community," Wi said. "They also shared the understanding that peaceful coexistence on the Korean Peninsula serves the interests of the international community."

- IANS