The Governments of Vietnam and Russia have signed an agreement to advance the construction of a nuclear power plant. It establishes the legal framework for the development of the Ninh Thuan 1 nuclear power project in southern Vietnam.
Under the deal, Rosatom will construct two nuclear reactors with a combined capacity of 2,400 MW. The project is expected to play a key role in reducing Vietnam’s dependence on imported fossil fuels and enhancing energy independence.
The agreement comes amid rising energy pressures linked to global supply disruptions, which have significantly increased fuel prices in Vietnam. The country has been seeking to diversify its energy mix, including reviving its nuclear programme, which was previously suspended in 2016 due to economic and safety concerns.
In addition to the nuclear deal, both countries signed agreements to expand cooperation in oil and gas exploration, production, and trade. Russian energy firm Novatek also confirmed it has signed a preliminary agreement to supply liquefied natural gas (LNG) to Vietnam, with deliveries expected to begin in the near term.