SEOUL – South Korea and Vietnam have agreed to significantly expand their cooperation in the fields of industry, supply chains, and energy, following a bilateral summit held in Seoul on August 11, 2025. The agreements, formalized during the summit, are set to strengthen the strategic partnership between the two nations, focusing on clean energy transition and securing critical resources.

The summit, which included a meeting between President Lee Jae-myung of South Korea and General Secretary Tô Lâm of Vietnam’s Communist Party, served as the platform for the signing of several key Memoranda of Understanding (MOUs).

A central agreement is the “MOU on Cooperation for Promoting Renewable Energy,” signed by South Korea’s Minister of Trade, Industry and Energy, Kim Jeong-gwan, and Vietnam’s Minister of Industry and Trade, Nguyen Hong Dien. This MOU lays the groundwork for the two countries to jointly discover and pursue private and public sector projects in promising renewable energy fields, including solar power, wind power, and Energy Storage Systems (ESS). Additionally, South Korea has committed to providing active support to resolve challenges faced by South Korean companies investing in Vietnam’s renewable energy sector.

Complementing this, another significant agreement was signed between the Korea Electric Power Corporation (KEPCO) and Vietnam’s National Power Transmission Corporation (PVN). The “MOU on Nuclear Power Personnel Training Cooperation” is designed to foster a skilled workforce in the field of South Korean-style nuclear power. This initiative will not only enhance understanding of South Korean nuclear technology but also strengthen the foundation for future collaboration in the construction of nuclear power plants.

This collaboration aligns with Vietnam's recently revised 8th National Power Development Plan, which aims to introduce new nuclear power plants and expand renewable energy capacity. Vietnam’s targets include operating four nuclear power units by 2035 and increasing the share of renewable energy from 55% in 2023 to 62% by 2030.

Beyond energy, the two nations also underscored their commitment to securing critical mineral supply chains. The “Minutes of Discussion on a Critical Minerals Supply Chain Technology Cooperation Center” was exchanged between the Korea Institute for Advancement of Technology (KIAT) and the Vietnamese Institute of Mining and Metallurgical Science and Technology. As a result, South Korea will embark on a five-year Official Development Assistance (ODA) project, valued at 16.6 billion won, to establish the "Vietnam Critical Minerals Supply Chain Technology Cooperation Center" starting in the second half of 2025.

This project will involve supplying equipment, providing technical guidance, and training personnel for the beneficiation and smelting of critical minerals within Vietnam. Vietnam is a resource-rich country with significant reserves of key minerals, ranking 6th globally in rare earth elements, 3rd in bauxite, 4th in tungsten, 7th in graphite, and 9th in tin, according to the U.S. Geological Survey.

Through the ODA project, South Korea will provide comprehensive support, including the construction of the center, equipment installation, technical cooperation for high-value processing of rare earths and nickel, and the operation of a business consultative body.

Both governments have expressed their commitment to actively supporting private sector activities to ensure that these MOUs lead to tangible projects and further cement the economic partnership between South Korea and Vietnam. The series of agreements signals a new era of cooperation, driven by a shared vision for sustainable economic growth and energy security.