Doosan’s Expansion into Vietnam’s SMR Market: Trends and Outlook

 


1. Background: Doosan and the Nuclear Power / SMR Business

Doosan Enerbility, an affiliate of the Doosan Group, is one of Korea’s major companies manufacturing reactor pressure vessels, steam generators, turbines, and other large-scale power generation equipment.

Amid the global energy transition and the drive toward carbon neutrality, SMRs, or Small Modular Reactors, are gaining attention as a future growth engine. Doosan is also seeking to expand its orders and business opportunities in this sector.

Doosan has already announced SMR-related cooperation and Memoranda of Understanding in the United States, Europe, and other regions, and appears to be actively considering expansion into Southeast Asia, including Vietnam.

In particular, nuclear power and SMR projects in Vietnam are being viewed as potential opportunities in connection with the Vietnamese government’s rapidly growing energy demand and its strategy to secure a stable electricity supply.

2. Recent Developments: Vietnam Business and Subsidiary Sale

1) Sale of the Vietnamese Subsidiary

  • Doosan Enerbility sold its stake in its Vietnamese subsidiary, Doosan Vina. The company had mainly produced power-generation boilers, petrochemical equipment, and port cranes.

  • The transaction was valued at approximately KRW 290 billion, with HD Korea Shipbuilding & Offshore Engineering as the buyer.

  • Doosan has stated that it plans to use proceeds from the sale to expand production facilities related to its SMR and gas turbine businesses.

2) Continued Commitment to the Vietnamese Market

  • Despite the sale of its local subsidiary, Doosan has indicated that it is not completely withdrawing from Vietnam’s energy market.

  • According to reports, Doosan continues to explore opportunities in Vietnam, including gas combined-cycle power projects and participation in nuclear power and SMR-related businesses.

3) Expectations for Expanded Nuclear Power and SMR Cooperation

  • Media reports have suggested that potential nuclear power and SMR cooperation between Korea and Vietnam is emerging as an important bilateral policy agenda.

  • Discussion of the possible introduction of an SMR unit has also contributed to renewed market interest in related companies.

3. Opportunities, Challenges, and Risks

CategoryPotential OpportunitiesRisks / Challenges
Market OpportunityRapid growth in Vietnam’s electricity demand and implementation of carbon-neutrality policiesNuclear power and SMR-related laws, regulations, and infrastructure in Vietnam are still developing
Technological CompetitivenessPotential to utilize Korea’s nuclear technology and SMR development capabilitiesIntensifying competition with SMR technology providers from countries such as the United States, Russia, and China
Financial and Investment BurdenAbility to utilize proceeds from asset sales and available financial resourcesLarge upfront investment requirements and risks associated with local financing
Regulation and LicensingPotential government-to-government cooperation and compliance with international nuclear regulatory standardsComplex licensing procedures involving safety approval, regulatory reviews, and nuclear non-proliferation measures
Political and Diplomatic RiskPotential benefits from strong Korea-Vietnam relationsPossible impact from changes in government, policy priorities, and the international political environment

4. Future Outlook and Strategic Recommendations

Technology Standardization & Development of Cooperation Models

SMRs rely heavily on design standardization and modularization to reduce costs.

For Doosan, securing standardized SMR models through cooperation with the Korean government, Korea Hydro & Nuclear Power (KHNP), and international partners will be important.

Localization Strategy

Establishing manufacturing and assembly capabilities through local entities or Vietnamese partners will be essential to improving cost competitiveness.

Diversification of Financing Models

A broad range of financing options will be required, including export credit guarantees, participation by multilateral development banks, and government-to-government financing arrangements.

Risk Management

During the early stages of an SMR project, the cost premium associated with a FOAK (First-of-a-Kind) project can be significant.

Therefore, securing repeated orders for multiple modules and transitioning toward NOAK (Nth-of-a-Kind) deployment will be important for improving cost efficiency and reducing project risks.

Policy and Regulatory Coordination

Early discussions with the Vietnamese government and relevant regulatory authorities, together with the establishment of a clear project roadmap, will be essential.

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#Doosan #DoosanEnerbility #SMR #SmallModularReactor #VietnamNuclearPower #VietnamSMR #DoosanVina #VietnamSubsidiarySale #HDKoreaShipbuilding #NuclearPowerOrders #NuclearPowerExport #EnergyBusiness #CarbonNeutrality #ElectricityDemand #SoutheastAsiaNuclearPower #KoreaVietnamCooperation #EnergySecurity #PowerGenerationTechnology #ReactorTechnology #ChinaNuclearPower #USSMR #RussiaNuclearPower #RegulatoryApproval #NuclearPowerPolicy #InternationalNuclearEnergy #NuclearNonProliferation #ModularNuclearReactor #SMRProjects #FOAK #NOAK #TechnologyStandardization #Modularization #ProjectRisk #ProjectFinancing #ExportFinance #GovernmentCooperation #EnergyTrends #PowerInfrastructure #NuclearIndustry #PowerPlantConstruction #CleanEnergy #FutureEnergy #GridIntegration #PowerPolicy #SoutheastAsiaEnergy #InternationalCooperation #NuclearPowerTrends #NuclearPowerMarket #EnergyInvestment

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