Vietnam

Russia, Vietnam Sign Deal for First Nuclear Plant

Will Vietnam's Russia nuclear deal be a path to energy independence or another costly infrastructure failure?

Published MAR 24

Russia, Vietnam Sign Deal for First Nuclear Plant

Story

Above: Russian Prime Minister Mikhail Mishustin (center) and Vietnamese Prime Minister Pham Minh Chinh (left) in Moscow on March 23. Image credit: Alexander Miridonov/AFP/Getty Images

The Facts

Russia and Vietnam sealed an intergovernmental agreement in Moscow on Monday to cooperate on the construction of the Ninh Thuan 1 Nuclear Power Plant, the first of its kind in the Southeast Asian country.
The Epoch Times
Independent
The deal was signed by Alexey Likhachev, the director of Russia's nuclear state corporation Rosatom, and Tran Van Son, the head of the Vietnamese Government Office, in a ceremony witnessed by Vietnamese Prime Minister Pham Minh Chinh and his Russian counterpart Mikhail Mishustin.
Rosatom
Anadolu Agency
Vietnam's Ministry of Industry and Trade
Under the terms of the arrangement, the plant will feature two Russian-designed VVER-1200 reactor units with a combined installed capacity of 2,400 MW, modeled on units at Russia's Leningrad Nuclear Power Plant-2.
Vietnam's Ministry of Industry and Trade
Rosatom
The development follows the Vietnamese government's approval of its nuclear energy strategy the previous week, which envisions building two nuclear power plants in Khanh Hoa province by 2035, alongside at least one small modular reactor. By 2050, Vietnam expects nuclear energy to account for 6-8% of its total electricity output.
Socialist Republic of Viet Nam Government News
The Ninh Thuan 1 is included in the initiative, but was originally shelved in 2016 due to costs and safety concerns. In November 2024, however, Chinh restarted the project to secure the country's power supply and meet its rising energy demand, which Vietnam projects will grow to 1,200 billion kWh by 2045.
Socialist Republic of Viet Nam Government News
ABC News
Socialist Republic of Viet Nam Government News
The nuclear deal was one of multiple energy pacts between the two countries on Monday, with Russia and Vietnam signing an oil and gas agreement amid disruptions to global supplies. Novatek separately confirmed a contract to supply an unnamed Vietnamese buyer with liquefied natural gas.
The Diplomat
The Moscow Times
TASS

Sources Split

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The Spin

Narrative A

This nuclear agreement between Russia and Vietnam is a significant milestone for Vietnam, steering the nation toward genuine energy independence. By bringing Russian expertise on board, Vietnam can now construct the reliable and clean source of power its fast-growing economy desperately needs — securing both its energy security and its future prosperity in the process.

Vietnam's Ministry of Industry and Trade

Rosatom

Narrative B

Signing a nuclear deal is the easy part — delivering it is where Vietnam has a troubled track record. Bureaucratic paralysis, widespread corruption and persistent public investment delays have derailed major infrastructure projects in the past and are likely to do so again. Without serious governance reform, Ninh Thuan 1 risks becoming another costly, delayed megaproject that drains resources Vietnam can ill afford to waste.

The Diplomat