Vietnamese Minister of Industry and Trade Nguyen Hong Dien meets with RoK business leaders to boost energy cooperation between the two countries
As part of his recent working visit to the RoK, Minister of Industry and Trade Nguyen Hong Dien met with senior executives from major RoK corporations, including KEPCO, Doosan Energy, POSCO E&C, and LS Eco Energy with a view to stepping up energy cooperation between the two nations.
During the meeting, Minister Nguyen Hong Dien highlighted Vietnam’s ambition to sustain annual economic growth in the double digits until 2030, which necessitates a corresponding expansion of the power sector.
According to the revised Power Development Plan VIII (expected to be approved in February), Vietnam’s total installed power capacity is projected to reach 235,000–240,000 MW by 2030, three times its current capacity and 1.5 times higher than the previously approved plan.
With only five years to scale up energy production, accelerate the energy transition, and meet its 2050 carbon neutrality target, Vietnam is focused on developing renewable energy sources and new, clean energy options such as natural gas, liquefied natural gas (LNG), and nuclear power, alongside investments in energy storage and transmission technology.
The estimated investment required for power generation and transmission is US$18-20 billion per year until 2030, increasing to US$22-25 billion annually thereafter. While this poses a challenge for the Vietnamese government, it also presents a major opportunity for foreign investors, particularly RoK enterprises.
Minister Nguyen Hong Dien emphasized that Vietnam has been actively fine-tuning its legal framework to attract investment in the energy sector. The National Assembly has passed a resolution outlining special mechanisms and policies for the Ninh Thuan nuclear power project, while the amended Electricity Law (adopted in November 2024) and its accompanying decrees and circulars were approved in February 2025. These regulatory advancements provide a strong foundation for foreign investors, including RoK businesses, to engage in Vietnam’s energy sector.
Representatives from RoK enterprises expressed their appreciation for the insights shared by Minister Nguyen Hong Dien on Vietnam’s energy demand and development strategy. They viewed this as an opportunity to expand their investments and reaffirmed their willingness to collaborate with Vietnamese partners and transfer technology in the energy sector.
Concluding the meeting, Minister Nguyen Hong Dien reiterated that the Vietnamese government and the Ministry of Industry and Trade pledge to offer the most favorable conditions under the law for foreign investors, including those from the RoK. He stated that the success of Korean enterprises in Vietnam would also contribute to the country’s overall development.
