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Korea Herald
4 days ago
- Business
- Korea Herald
KEPCO signs MOU with Vietnam's PVN to foster workforce for nuclear power industry
The state-run Korea Electric Power Corp. said Wednesday it has signed an initial agreement with Vietnamese energy firm Petrovietnam to foster a workforce for Vietnam's nuclear power industry, as Seoul and Hanoi seek to expand industrial ties. Under a memorandum of understanding signed earlier this week, KEPCO will work to expand its foothold in Vietnam, which aims to operate four nuclear reactors by 2035, according to company officials. KEPCO noted this marks the first time PVN, the operator of Vietnam's Ninh Thuan 2 nuclear power plant, has signed an MOU with a foreign entity for cooperation in the nuclear energy sector. The MOU was signed following a summit between South Korean President Lee Jae Myung and Vietnam's top leader To Lam in Seoul. At the summit, the two leaders agreed to expand the countries' Comprehensive Strategic Partnership in trade, security, technology and other areas while pledging efforts to boost their bilateral trade volume to $150 billion by 2030. "With its world-class nuclear power project capabilities, KEPCO is the ideal partner for Vietnam to swiftly move forward with its nuclear power projects," KEPCO's President Kim Dong-cheol said, adding that his company will place top priority on nuclear cooperation with Vietnam.
Time of India
6 days ago
- Business
- Time of India
South Korea, Vietnam to join hands for energy, nuclear power cooperation
Seoul: South Korea and Vietnam will work to expand bilateral cooperation in the energy industry, including renewable energy and nuclear power, as the two countries aim to bolster ties in trade, security and other sectors, Seoul officials said Monday. The countries' industry ministries signed a memorandum of understanding (MOU) to develop joint projects in the renewable energy sector, such as solar power, wind power and energy storage systems, according to Seoul's Ministry of Trade, Industry and Energy. Seoul's state-run Korea Electric Power Corp . and Vietnam's state-owned energy firm Petrovietnam (PVN) also signed an MOU to foster a workforce for the nuclear power industry in the Southeast Asian nation, which plans to build four nuclear reactors by 2035. The MOUs were signed following a summit between South Korean President Lee Jae Myung and Vietnam's top leader To Lam in Seoul. At the summit, the two leaders agreed to deepen their countries' Comprehensive Strategic Partnership established three years ago, covering areas such as trade, security, science and technology, and people-to-people exchanges, while vowing to step up efforts to boost their bilateral trade volume to $150 billion by 2030. Ahead of the summit, Korean Industry Minister Kim Jung-kwan also held a bilateral meeting with his Vietnamese counterpart, Nguyen Hong Dien, and agreed to expand supply chain cooperation, according to Kim's office. Under the agreement, Seoul will launch a five-year official development assistance (ODA) programme to establish a critical mineral supply chain technology cooperation center in Vietnam, Yonhap news agency reported. The Korean government will invest a combined 16.6 billion won ($12 million) to procure equipment for smelting critical minerals in Vietnam, provide technical guidance and support human resource development. Vietnam currently holds the world's sixth-largest rare earth reserve, the third-largest reserve of bauxite, the fourth-largest tungsten reserve and the seventh-largest graphite reserve. --IANS int/jk
Korea Herald
08-08-2025
- Business
- Korea Herald
Seoul shares open lower on foreign selling amid tariff concerns
Seoul shares opened lower Friday after a mixed close on Wall Street as foreigners offloaded local stocks amid lingering uncertainties over US import tariffs. The benchmark Korea Composite Stock Price Index fell 4.76 points, or 0.15 percent, to 3,222.92 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average dropped 0.51 percent to 43,968.64, while the tech-heavy Nasdaq Composite rose 0.35 percent to 21,242.70. In Seoul, steel and energy stocks led the declines. Leading steelmaker POSCO Holdings fell 0.5 percent, and major battery maker LG Energy Solution lost 1.62 percent. State-run utility firm Korea Electric Power Corp. dropped 3.21 percent, and leading refiner SK Innovation shed 0.92 percent. Hyundai Motor dipped 0.24 percent, and LG Chem plunged 4.79 percent. Among gainers, market bellwether Samsung Electronics rose 0.57 percent, and chip giant SK hynix climbed 0.95 percent. Samsung shares extended gains for a second straight session following news reports that the company will manufacture Apple Inc.'s next-generation processor at its foundry in Austin, Texas. The local currency was trading at 1,381.05 won against the greenback at 9:15 a.m., up 0.15 won from the previous session. (Yonhap)
Korea Herald
18-07-2025
- Business
- Korea Herald
Seoul shares end lower on retail selling amid tariff worries
Seoul shares closed lower Friday as investors remained cautious over US President Donald Trump's latest tariff threat. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index fell 4.22 points, or 0.13 percent, to close at 3,188.07. The main index rose 0.39 percent for the week. Trade volume was moderate at 389.98 million shares worth 11.84 trillion won ($8.5 billion). Decliners outnumbered gainers 589 to 303. The KOSPI reversed earlier gains after opening higher, tracking overnight gains on Wall Street. The Dow Jones Industrial Average rose 0.52 percent and the tech-heavy Nasdaq composite climbed 0.75 percent. Individuals sold a net 340.72 billion won worth of stocks, offsetting stock purchases by institutions and foreigners of 61.85 billion won and 187.72 billion won, respectively. Trump recently notified key US trading partners of new tariff rates set to take effect Aug. 1 unless they offer sweetened terms in ongoing negotiations. Investors are awaiting second-quarter earnings results from major companies in the coming weeks for clues on the market's direction, while keeping an eye on further developments in US trade policy, analysts said. In Seoul, large-cap stocks were mixed. Leading shipbuilder HD Hyundai fell 2.18 percent to 134,800 won, and state-run utility firm Korea Electric Power Corp. declined 0.68 percent to 36,250 won. National flag carrier Korean Air dropped 0.95 percent to 25,950 won, and No. 1 shipping firm HMM shed 0.99 percent to 25,000 won. Among gainers, top carmaker Hyundai Motor rose 0.24 percent to 210,500 won and market behemoth Samsung Electronics climbed 0.6 percent to 67,100 won. Leading steelmaker Posco Holdings gained 1.14 percent to 311,000 won, and leading battery firm LG Energy Solution rose 1.74 percent to 322,500 won. The local currency was quoted at 1,393.00 won against the greenback at 3:30 p.m., down 0.4 won from the previous session. (Yonhap)
Straits Times
26-06-2025
- Business
- Straits Times
South Korea nuclear watchdog approves first dismantlement of nuclear power plant
FILE PHOTO: The Kori No. 1 reactor (R) and No. 2 reactor of state-run utility Korea Electric Power Corp (KEPCO) are seen in Ulsan, about 410 km (255 miles) southeast of Seoul, September 3, 2013. Picture taken September 3, 2013. REUTERS/Lee Jae-Won/File Photo SEOUL - South Korea's Nuclear Safety and Security Commission approved on Thursday the first dismantlement of a nuclear power plant in the country, the Kori-1, which was permanently shut down in 2017 after 39 years of operation, it said in a statement. The panel authorised a plan by the nuclear operator Korea Hydro and Nuclear Power (KHNP) to take down the plant at a cost of 1.1 trillion won ($810 million) over 12 years that would include the handling of approximately 170,000 tonnes of nuclear waste, it said. The decision marks the first such operation by the country, the world's fifth-largest producer of nuclear energy according to the International Atomic Energy Agency and a major global builder of atomic power plants, to decommission a nuclear plant. The nuclear safety commission said it concluded the plan submitted by KHNP met the technical requirements under the country's nuclear safety management laws. Experts have said the dismantlement operation could help South Korea enter the global nuclear decommissioning market, which is now dominated by the United States with countries such as Japan and Germany having also entered the race. South Korea generated 31.7% of its electric power from nuclear power stations in 2024, according to government data. It now operates 26 power plants and the Kori-1 power plant was the first to be commissioned for commercial operation in 1978. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
