Vietnam is set to re-enter the nuclear power arena, with the government commencing negotiations with international partners following the designation of key investors for its first two nuclear power plants.
On February 4, Prime Minister Phạm Minh Chính announced the Electricity of Vietnam (EVN) and the National Oil and Gas Group (Petrovietnam) will spearhead the development of the Ninh Thuận nuclear power plants, marking a significant shift back to nuclear energy as part of Vietnam's broader energy strategy.
The government is aiming to meet electricity demand and shift toward cleaner energy solutions, particularly as the country pursues economic growth rates of over 8% for 2025 and significant increases during the following years. The Vietnamese economy is booming, and with it, the demand for electricity is projected to rise by 12% to 16% annually.
According to VGP News, the Prime Minister has mandated EVN and Petrovietnam to finalize negotiations with foreign partners this February, with candidates including Russia, Japan, South Korea, France, and the United States. There are also plans for backup partners to foresee any contingencies.
Located in Ninh Thuận province, the Ninh Thuận 1 plant will be based in Phước Dinh, with Ninh Thuận 2 situated in Vĩnh Hải. The Vietnamese government is pushing for the completion of Ninh Thuận 1 by December 31, 2030, with significant political backing for the nuclear initiative.
Nuclear power had previously been sidelined after Japan's Fukushima disaster prompted safety concerns and budget constraints. Initial plans for these facilities were approved back in 2009 but were shelved by 2016. The recent policy shift is part of the outcomes from the Central Committee of the Communist Party's consultation meeting on November 25, where the push to restart nuclear plans gained momentum.
During the second meeting of the Nuclear Power Plant Construction Steering Committee, Prime Minister Chính emphasized the national significance of the nuclear project, stating, "The nuclear power plant is a national key project and is sensitive; significant efforts and attention are needed" (as reported by VGP News). His comments reflect the importance the administration places on both completing the projects and ensuring they are developed safely and responsibly.
While the revival of nuclear plans marks progress, the government is adjusting its broader energy strategy as electricity generation from natural gas and offshore wind power will also be curtailed. Plans previously aimed at installing 6 GW of offshore wind energy by 2030 now see this target deferred to 2035. This adjustment is attributed largely to limitations on domestic gas supply and lower than expected imports of liquefied natural gas (LNG).
The revised Power Plan 8 suggests Vietnam will compensate for the lesser contributions from gas and wind power by ramping up electricity generation from coal, hydropower, and other renewable sources like solar and land-based wind projects. By 2030, the country's total electricity generation capacity is projected to reach 175 GW, up from earlier targets.
To avoid power shortages like those experienced during extreme heat over the summer of 2023, the government has announced plans to increase coal imports and expand coal-fired power generation initiatives as part of its immediate response to rising energy needs.
With the twin nuclear plants expected to be operational by 2035, Vietnam aims to meet both present energy demands and future aspirations for more sustainable energy generation. It is envisaged these reactors will contribute approximately 5 GW to the national grid by mid-century.
This ambition positions Vietnam as it strives to cement its role as a production hub within Southeast Asia, meeting not only domestic electrical demands but also supporting international corporate partners and manufacturers who are drawn by the country's competitive environment.