SK Group, South Korea’s second-largest conglomerate, plans to develop small modular reactor (SMR) projects, along with other energy initiatives, to support Vietnam’s green energy transition and contribute to its sustainable economic development, according to SK Group chairman Chey Tae Won.

Chey made the statement during a meeting with Vietnamese Party General Secretary To Lam in Hanoi on Friday and reiterated the corporation's commitment to expanding its investments in Vietnam. 

The chairman, who also serves as the chairman of the Korea Chamber of Commerce and Industry, highlighted SK Group's expertise in the energy sector and its interest in collaborating on energy projects that support Vietnam's transition to sustainable and environmentally friendly energy sources.

One of SK Group's key focuses in Vietnam is the development of SMRs. These advanced nuclear reactors are smaller and more flexible than traditional nuclear plants, allowing for modular construction and factory assembly. 

SMRs offer various applications, including electricity generation, industrial process heat, and desalination, positioning them as a viable solution for Vietnam’s growing energy needs.

Besides, SK Group is also looking to invest in infrastructure projects related to liquefied natural gas (LNG), hydrogen energy, high-tech agriculture, logistics, and artificial intelligence (AI) data centers in the country.

SK Group currently operates around 200 subsidiaries with a combined market capitalization of nearly $200 billion, making it the second-largest conglomerate in South Korea, after Samsung, and one of the top 100 corporations globally, according to the Vietnam Government Portal. 

In 2023, the group recorded revenues exceeding $150 billion. In Vietnam, SK Group has already invested approximately $3.5 billion in various projects, including biodegradable materials production.

General Secretary To Lam acknowledged SK Group’s contributions to Vietnam’s economy and expressed appreciation for its continued interest in energy projects, which he stated are aligned with Vietnam’s socio-economic development priorities.

He suggested that the group cooperate closely with relevant agencies and localities in Vietnam to soon implement those projects, including SMRs, in the fastest, most practical and effective way.

The Party leader also expressed his satisfaction with the strong development of the Vietnam-South Korea relationship, emphasizing that the East Asian country remains one of Vietnam’s top investment and trade partners. 

Vietnam has recently renewed its focus on nuclear energy, restarting its Ninh Thuan nuclear power project in November 2024 after an eight-year hiatus.

The project, expected to be completed within five years, will include two facilities: Ninh Thuan 1 in Thuan Nam District and Ninh Thuan 2 in Ninh Hai District in south-central Ninh Thuan Province.

The country plans to develop small-scale nuclear power facilities nationwide as part of its revised Power Plan 8, recognizing the potential of SMRs in providing stable and clean energy.

Accordingly, the updated Power Plan 8 seeks to identify at least three more locations suitable for nuclear power plants by 2030, in addition to the two above sites in Ninh Thuan.

With Vietnam’s long coastline and growing energy demand, the integration of SMRs with renewable energy sources like wind and solar power presents an attractive strategy for achieving energy security and meeting international net-zero emission commitments, according to the Ministry of Industry and Trade.

Like us on Facebook or follow us on Twitter to get the latest news about Vietnam!