Russia and Vietnam signed an intergovernmental agreement Monday to build Vietnam’s first nuclear power plant, formalizing a partnership that Hanoi is pursuing as soaring energy costs weigh on its export-dependent economy.
Rosatom Director General Alexey Likhachev and Tran Van Son, Minister and Head of the Office of the Government of Vietnam, signed the agreement in Moscow during an official visit by Vietnamese Prime Minister Pham Minh Chinh. Russian Prime Minister Mikhail Mishustin also attended the ceremony.
The deal covers the construction of two VVER-1200 pressurized water reactors at the Ninh Thuan 1 Nuclear Power Plant in central Vietnam, with a combined installed capacity of 2,400 megawatts. Russia’s Leningrad NPP-2 units serve as the reference design. Vietnam aims to bring the first reactor online before the end of 2031 and a second between 2036 and 2040.
“We see it as the foundation for a long-term industrial partnership that will strengthen Vietnam’s energy independence and open up new opportunities for economic growth,” Likhachev said.
Mishustin said construction of the plant “will give a strong impetus to development of cooperation in adjacent areas — high technologies, fundamental and applied research.”
Vietnam first approved the Ninh Thuan project in 2009, selecting Rosatom and Japan Atomic Power Company to build two separate stations. The National Assembly cancelled the plan in 2016 over cost and safety concerns. Lawmakers voted to revive the nuclear program in December 2024.
The signing comes as energy costs in Vietnam have surged following the outbreak of the US-Israel war against Iran in late February. Prices for 95-octane petrol and diesel have climbed 50% and 70% respectively, compounding pressure on Vietnam’s industrial base.
Russia and Vietnam also signed a separate agreement on oil and gas production in both countries, Mishustin announced, without providing details.
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