Vietnam Revives Nuclear Power Ambitions with Russian Partnership

Vietnam plans to sign a nuclear power agreement with Russia in August, marking the country's reentry into nuclear energy. With site clearance in Ninh Thuan to be completed this year, the initiative aims to bolster Vietnam's power capacity to support economic growth, with operation beginning by 2035.

Vietnam is set to enter a new era of power generation, as the government announces plans to sign an agreement with Russia to establish its first nuclear power plant. The deal, expected to be finalized in August, marks a significant step in Vietnam's efforts to support its rapidly expanding economy with sustainable energy solutions.

Ninh Thuan province is the proposed site for the plant, with construction groundwork slated for completion by the end of this year. This development follows the revival of Vietnam's nuclear ambitions, which were halted nearly ten years ago. The government anticipates that the nuclear facilities, with a projected capacity of 6.4 gigawatts, will be operational between 2030 and 2035.

Financial arrangements for the project are underway, with Vietnam's finance ministry, central bank, state energy firm Petrovietnam, and utility company EVN tasked with coordinating the necessary loans. This move underscores the country's commitment to diversifying its energy portfolio and securing a sustainable power supply for the future.

(With inputs from agencies.)