Vietnam's Prime Minister Pham Minh Chinh reaffirms nuclear plant goal by 2030. (Photo: VietNam Government Portal)
The Vietnamese government has pledged to begin utilizing nuclear power by 2030 at the earliest, appointing the Vietnam Electricity Corporation (EVN) and the Vietnam Oil and Gas Group (PetroVietnam) as investors for the country’s first large-scale nuclear power plants. The government is also in discussions with five countries, including Russia, about potential cooperation.
PM asks to speed up nuclear power plant construction
To prevent power shortages from hindering foreign investment, the National Assembly approved the restart of two nuclear power plants in Ninh Thuan Province by the end of 2024. During a meeting on Feb. 4, Prime Minister Pham Minh Chinh urged faster processing of the project, stressing the importance of meeting the 2030 deadline.
Prime Minister also reiterated several legal adjustments, including submitting drafts on anti-corruption and other misconduct regulations by Feb. 15 and completing revisions to the National Power Development Plan (PDP8) by Feb. 28 to officially incorporate nuclear power into the national energy structure. The total installed capacity for the two nuclear power plants is expected to exceed 4,000 MW.
The Vietnamese government plans to initially utilize the 2025 contingency fund to finance the nuclear plants’ construction while exploring additional funding sources. An official statement noted that talks with international partners about the plant construction plans will begin as early as this month, with potential partners including Russia, Japan, South Korea, France, and the United States.
The Dalat Nuclear Research Institute in Vietnam, which houses the country’s only nuclear reactor. (Photo: Wikimedia Commons)
Vietnam lacks experience in nuclear power
As energy demand is projected to grow by over 9% from 2025 to 2030, the country seeks assistance from advanced nuclear nations. Japan and France have recently expressed willingness to collaborate, and Russia has already signed agreements to enhance Vietnam’s nuclear development.
As Vietnam’s economy and industries continue to grow, the demand for electricity is on the rise. MB Securities Joint Stock Company (MBS) forecasts that energy demand will increase by over 9% from 2025 to 2030. However, Vietnam has little experience with nuclear energy and will need assistance from advanced countries. Both Japan and France have recently expressed willingness to collaborate, and Russia has already signed agreements to help strengthen Vietnam's nuclear energy development.
However, nuclear power plant construction is no easy task. Even with the Vietnamese government’s five-year timeline, the pace is still faster than China’s, known for its swift construction of nuclear facilities. Concerns remain regarding the local energy infrastructure's efficiency and widespread bureaucratic challenges, which could lead to delays, testing the leadership’s resolve in energy transition.
Source: Vietnam+, Reuters, Vietnam News, Diplomat(1), (2)
