President Lee Myung-bak and visiting Vietnamese President Truong Tan Sang discussed during their summit talks Tuesday bilateral cooperation including a project to build nuclear power plants in Ninh Thuan, southwestern Vietnam.

Vietnam plans to build a 10-unit atomic power station in Ninh Thuan in 2014. Korea is seeking to build the fifth and sixth units.

“The two sides closely observed Korea’s proposal on the use of Korean technology for nuclear power plant development in Vietnam, human resource training, technological transfer and related cooperation,” Lee and Sang said in a joint press statement issued after their meeting.

“The two sides also approved and welcomed an Overall Joint Proposed Plan on atomic power plant construction in Vietnam, and agreed to use it as a prototype for further cooperation.”

The OJPP is about joint research on the conditions for building a Korean atomic power plant model APR1400 in Vietnam, a Cheong Wa Dae official said.

Hanoi has also asked Seoul to continue cooperation for Vietnam’s economic and social development, welcoming Korean companies’ increased investment in construction of transportation infrastructure, development of mineral resources and precision processing, according to the joint statement.

Lee and Sang welcomed the results of the first strategic dialogue between their vice ministers of foreign affairs and security, as well as the launch of vice ministerial talks on defense policy. 

The two leaders also agreed to make joint efforts to reach $20 billion in two-way trade earlier than the previous target of 2015 and a trade balance. The annual bilateral trade volume marked $13 billion last year, $9.7 billion of which was Korea’s exports to Vietnam.

To celebrate the 20th anniversary of diplomatic ties with Vietnam next year, Korea agreed to consider supporting the establishment of a high school for scientific talent in Hanoi and improvement of training for judicial officers. Korea will also review Vietnam’s proposal to develop roads in Lo Te-Rach Soi and Tan Van-Nhan Trach.

Sang is scheduled to tour Korean industrial facilities and meet with Korean business leaders during his three-day state visit through Thursday. It is the first visit to Korea by a Vietnamese president in 10 years.

Russia’s Rosatom State Nuclear Energy Corporation is expected to sign a contract to build the first and second units. Japan has announced a plan to provide $1.18 billion in public loans to Vietnam after a consortium of Japanese companies including Mitsubishi was chosen as the preferred bidder for the construction of the third and fourth units.

The Ministry of Knowledge Economy and Korean companies have been seeking to win orders for nuclear power plants in emerging markets such as Vietnam, Turkey, Egypt, Malaysia and South Africa. Vietnam and Turkey recently agreed to push for working-level negotiations through summit talks with Korea.

Turkish Prime Minister Recep Tayyip Erdogan requested for Korean companies’ participation in construction of atomic power plants in Turkey during his summit talks with Lee in Cannes, France, on the sidelines of the G20 summit last week. Lee agreed to negotiate for the deal, of which a Japanese consortium has already been selected as the preferred bidder.

By Kim So-hyun (sophie@heraldcorp.com)