Export-Import Bank of Korea (Korea Eximbank) has taken a significant step in backing Vietnam’s transition in the energy sector, positioning itself as a major financial supporter while also advancing Korea’s ambitions in the global nuclear power market. The state-run lender confirmed on 23rd April 2026 that it has entered into a four-party memorandum of understanding (MOU) in Hanoi, alongside Korea Trade Insurance Corporation, Korea Electric Power Corporation, and Vietnam National Industry-Energy Group. The agreement is designed to enhance nuclear energy cooperation and provide a structured framework for financing nuclear power projects in Vietnam, reinforcing long-term collaboration between the participating entities.
The development follows a renewed commitment between the two nations to deepen nuclear energy cooperation, which was reaffirmed eight months earlier during a bilateral summit in August 2025. That meeting took place during Vietnamese leader To Lam’s state visit to Korea. The signing ceremony in Hanoi brought together key stakeholders, including Hwang Ki-yeon, chairman and CEO of Korea Eximbank, and Le Ngoc Son, chairman of PVN, in the presence of Lee Jae Myung and his Vietnamese counterpart. PVN, widely known as Petrovietnam, plays a central role in Vietnam’s energy landscape, managing a diverse portfolio that spans oil and gas, renewable energy, and nuclear power initiatives.
Under the terms outlined in the MOU, the participating organizations will jointly examine financing pathways for upcoming nuclear power developments in Vietnam. This includes efforts to build robust financial models that ensure project sustainability, alongside the creation of a working-level consultative mechanism to coordinate implementation. The agreement underscores the strategic importance of nuclear energy cooperation in supporting Vietnam’s long-term energy security and infrastructure development, while also strengthening Korea’s export capabilities in the nuclear sector.
Korea Eximbank highlighted its ongoing engagement in Vietnam across multiple industries, particularly in energy and infrastructure, where it has established a strong track record of collaboration with PVN through joint ventures in power generation and refining.
Hwang Ki-yeon, chairman and CEO of Korea Eximbank, said, “This MOU marks an important starting point for extending our financial expertise into Vietnam’s nuclear sector. We will continue to strengthen our role as a reliable partner to help Korean companies establish a leading presence in the Southeast Asian nation’s nuclear power market.”
Reinforcing this outlook, PVN Chairman Le Ngoc Son added, “Backed by the proven technological capabilities of Korean firms and Korea Eximbank’s commitment to financing, this partnership will serve as a powerful driver of Vietnam’s energy transition and economic growth.”
