Korea Electric Power Technology (KEPCO E&C, CEO Kim Tae-gyun) is accelerating its entry into the Vietnamese offshore wind market. On April 23, the company signed a Joint Development Agreement (JDA) for a new 115MW nearshore offshore wind project in Hanoi, Vietnam, with Minh Thach Group, a local renewable energy investment firm.
The signing ceremony took place at the "Korea-Vietnam Business Forum," attended by President Lee Jae-myung, senior government officials from the Ministry of Trade, Industry and Energy, and approximately 250 corporate representatives. During the forum, around 70 MOUs were signed between companies from both countries on the themes of energy transition and sustainable development, further highlighting the momentum for economic cooperation.
This JDA is a follow-up to the offshore wind development cooperation MOU signed by both companies in November last year, and is significant in that it has secured the practical execution capability for the project. In particular, by combining KEPCO E&C's superior engineering capabilities with Minh Thach's local development expertise, the agreement concretizes the scope of cooperation, roles, and development-stage rights for the new 115MW nearshore offshore wind project. Through this, both companies have established a systematic partnership and created a foundation for successful project execution while minimizing business risks.
Meanwhile, KEPCO E&C successfully completed the "Jeju Hallim Offshore Wind Project (100MW)" in March last year — a project of similar scale to this nearshore offshore wind development — proving its capability to perform the entire process from project development to EPC and commissioning. Based on this domestic project success, KEPCO E&C plans to formally enter the Vietnamese market and expand its global renewable energy business portfolio.
"This agreement goes beyond a simple cooperation stage and is highly meaningful in that it has laid out a concrete foundation for actual project execution," said KEPCO E&C President Kim Tae-gyun. "We will contribute to Vietnam's carbon neutrality through the successful development of offshore wind projects and play a leading role in the global offshore wind market."
Source: 환경일보 (Korea Environment Daily) | Apr 27, 2025
