Participants at the meeting (Source: MoIT)

Vietnamese Minister of Industry and Trade Nguyen Hong Dien had a meeting with the Republic of Korea (RoK)’s Minister of Trade, Industry and Energy Ahn Duk-geun in Seoul on February 25, during which the two sides discussed ways to bolster bilateral cooperation in the fields of trade and industry.

In their statements, both sides highlighted cooperation in energy, particularly renewable energy and nuclear power. They had extensive discussions on various issues, ranging from management experience to methods of providing human resources, financial support, and technology transfer.

On the occasion, Dien also introduced Vietnam’s new policies to Korean partners. The minister noted that with the goal of achieving double-digit economic growth by 2030, Vietnam plans to reach 150 GW in electricity production by 2030. The Vietnamese energy market is expected to be very dynamic, and Vietnam is keen to welcome foreign investors, including those from the RoK. The country also welcomes comprehensive strategic partners with rich experience and knowledge in nuclear power.

On the sidelines of his meeting with Ahn, Dien also had discussions with several large Korean energy corporations, such as KEPCO, Doosan Energy, POSCO E&C, and LS Eco Energy. Beyond electricity and energy, the Korean partners showed a strong interest in cooperation on the exploitation of rare earth in Vietnam. Vietnam is estimated to have rare earth reserves of around 22 million tonnes, accounting for more than 18% of the global reserves, making it the second-largest holder of rare earth worldwide.

Lee Sang-ho, CEO of LS Eco Energy, said that to stabilise and secure the supply chain, LS Eco Energy will intensify its activities related to permanent magnets. In addition to focusing on cooperation in rare earth mining, LS Eco Energy also plans to expand its cooperation with Vietnam in the development of energy infrastructure, including participation in nuclear power projects./.