A reliable electricity supply is essential for generating the necessary impetus for Vietnam's long-term economic development, according to Korea Chamber of Commerce in Vietnam (KoCham).

The organisation is aware that the Ministry of Industry and Trade of Vietnam is still preparing its Power Development Plan VIII for the 2021-2030 period, which will see the implementation of power supply in accordance with a medium- and long-term strategy.

KoCham's representatives at the Vietnam Business Forum 2022 on February 21 said that Vietnam will accelerate the construction of new and renewable energy projects, including solar power, in the near future. South Korean firms support the direction in which the government is taking its electricity policy.

The growth of renewable energy requires not only an expansion of the electricity transmission network but also the development of a base source that can assure steady and continuous power output. In this context, a reexamination of Vietnam's nuclear power projects is necessary for the medium- and long-term visions.

“South Korea has a lot of experience and know-how in nuclear power production and exports abroad, so the country is well placed to cooperate with the Vietnamese government to aim for a stable power supply in the future,” KoCham said.

Vietnam had planned to construct two nuclear power plants in the central province of Ninh Thuan at a cost of several billion dollars in 2009, but the idea was rejected by the National Assembly in 2016 due to concerns about the expense of the project.