Vietnam is accelerating its push into nuclear energy, with the government aiming to complete the long-delayed Ninh Thuan nuclear power plant by 2030, Bloomberg reports.
This move comes as the country seeks to diversify its power sources and address growing electricity demands crucial for its ambitious economic growth targets.
Prime Minister Pham Minh Chinh has directed the Ministry of Industry and Trade to produce a detailed plan by February 28th to ensure the plant becomes operational. This directive emphasizes the urgency with which Vietnam is approaching the project, aiming to secure a reliable power supply that can support an anticipated 15-18% annual growth in electricity demand.
The government’s renewed focus on nuclear energy marks a significant shift after a halt on its atomic energy program in 2016 due to cost and safety concerns. The decision to resume the program was signaled in November of last year and is now being actively pursued.
This renewed ambition follows a recent non-binding agreement on nuclear energy signed between Vietnam and Russia during a visit by Russian Prime Minister Mikhail Mishustin to Hanoi on Tuesday. The deal saw Russian state nuclear energy company Rosatom and Vietnam’s state-owned power utility EVN sign a memorandum of understanding, as reported by Russian news agency Tass.
The development of a reliable power supply is vital for Vietnam’s status as a growing manufacturing powerhouse, where economic expansion is increasingly dependent on consistent energy access. The country experienced significant power outages in 2023, caused by a combination of extreme heat and malfunctions at coal-fired power plants. These blackouts forced numerous factories to limit their operational hours, highlighting the pressing need for stable electricity production.
Furthermore, the National Assembly’s Economic Committee emphasized in 2022 the necessity of considering nuclear power to enable the country to achieve its net zero emissions goal by 2050. This long-term environmental objective is a key driver in Vietnam’s strategic push to develop cleaner energy sources.
