Posco seeks rare earth, nuclear power cooperation with Vietnam

Posco International, under South Korean chaebol Posco, eyes making further investments in Vietnam, including rare earth processing and nuclear power technology-infrastructure-materials.

Posco International president and CEO Kye-In Lee made the suggestions at a recent working session with Vietnamese Minister of Industry and Trade Nguyen Hong Dien, the ministry said Wednesday.

The Vietnamese delegation also featured officials from state-owned energy giants Electricity Vietnam (EVN) and Petrovietnam (PVN).

Posco is capable of refining and processing rare earth minerals and seeks to collaborate with Vietnamese businesses in this sector, the executive said.

Regarding nuclear power, Posco noted it is willing to cooperate and transfer technology to Vietnam in designing and building small modular reactors (SMR).

The executive said Posco also seeks to cooperate in the deployment of Quynh Lap LNG-fired power plant in the central province of Nghe An.

Backing Posco’s proposal, Minister Dien said Vietnam aims to attract investments in the sectors of Posco’s strengths such as the country’s recent restart of Ninh Thuan nuclear power project.

For rare earth, Dien clarified Vietnam does not permit export of raw materials without processing, and Posco should partner up with Vietnamese firms to exploit and process rare earth.

Vietnam will support foreign businesses, including South Korean ones, Dien emphasized, while lauding Posco’s investment of $1.2 billion so far in Vietnam.