Vietnam signs deals with Russia for local nuclear power plant, stable LNG supply
They mark the South-east Asian country’s efforts to diversify its energy mix
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
[HO CHI MINH CITY] Vietnam and Russia have reached agreements to deepen energy cooperation, including plans to develop a nuclear power plant and a preliminary arrangement on liquefied natural gas (LNG) supply.
The deals were announced on Monday (Mar 23) during Vietnam Prime Minister Pham Minh Chinh’s official visit to Moscow, where he held talks with his Russian counterpart Mikhail Mishustin and met representatives of major Russian companies.
Russia’s state-owned nuclear firm Rosatom is expected to be involved in the nuclear plant construction project, called Ninh Thuan 1, in Vietnam’s south-central province of Khanh Hoa.
The intergovernmental agreement outlines the key terms and scope of cooperation, including plans to build two Russian-designed VVER-1200 reactor units with a combined installed capacity of 2,400 megawatts.
Units 1 and 2 of Rosatom’s Leningrad-2 Nuclear Power Plant in Russia have been chosen as the reference project.
Vietnam’s power consumption has been expanding rapidly, driven by its position as a regional manufacturing hub and ambitions for strong economic growth at double-digit rates in the coming years.
Navigate Asia in
a new global order
Get the insights delivered to your inbox.
Nuclear energy is being reconsidered as a stable, low-emissions source that can complement renewable generation.
Vietnam aims to bring its first nuclear power plants online by as early as 2030. Since reviving its Ninh Thuan nuclear power project in November 2024, the government has stepped up engagement with foreign technology providers, designated state firms as lead investors, and introduced special policies to accelerate implementation.
More options
In parallel, the two countries also stepped up discussions on LNG cooperation, opening the door for more fuel imports from Russia in the future.
During the state visit, Chinh met the leaders of Novatek and encouraged the Russian gas giant to engage in large-scale LNG infrastructure development projects in Vietnam, as well as provide a stable LNG supply to the South-east Asian country.
Novatek chief executive officer Leonid Mikhelson told Russian state TV on Monday that the company has signed a preliminary contract with a Vietnamese buyer and is ready to begin deliveries.
Vietnam began importing LNG in 2023, with early supplies coming from Indonesia, Malaysia, Qatar and Russia.
The country has been accelerating investment in LNG infrastructure, including import terminals and gas-fired power plants, to provide flexible backup for solar and wind power.
The arrangement could support Vietnam’s broader strategy to diversify its energy mix and mitigate volatility in global fuel markets, while ensuring sufficient feedstock for new gas projects.
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Copyright SPH Media. All rights reserved.
