Vietnam signs deal with Russia for its first nuclear power plant

The agreement was reached after talks between the two prime ministers in Moscow on Monday, as part of Chinh’s trip to Russia from March 22 to 25 at the invitation of Russian Prime Minister Mikhail Mishustin.

The two leaders described the agreement as an important step in bilateral cooperation on nuclear energy for peaceful purposes and expressed confidence that the project would become a new symbol of friendship between Vietnam and Russia.

Mishustin said the plant would provide strong momentum for broader cooperation in related areas, including high technology and both fundamental and applied research, according to the Vietnam Government Portal.

In November 2024, Vietnam’s law-making National Assembly approved the government’s proposal to revive the Ninh Thuan nuclear power projects after an eight-year suspension to help strengthen national energy security and meet new development needs.

The projects were originally approved by the National Assembly in 2009 before being suspended in 2016 over concerns about safety, costs, technological challenges, and changes in global energy trends.

They involve the construction of two plants, Ninh Thuan 1 and Ninh Thuan 2, with a combined capacity of 4,000 MW in the former Ninh Thuan Province, now part of Khanh Hoa Province in south-central Vietnam following a national administrative restructuring that took effect on July 1, 2025.

Before the intergovernmental agreement was signed, Vietnam had basically completed negotiations with Russia on cooperation to build the Ninh Thuan 1 plant, according to conclusions presented at a meeting chaired by Chinh in Hanoi in late January.

At an earlier meeting, Chinh designated Vietnam Electricity and PetroVietnam, both state-owned firms, as the investors in the Ninh Thuan 1 and Ninh Thuan 2 projects, respectively.

During their talks on Sunday, the two prime ministers also welcomed the signing of additional cooperation agreements between businesses from the two countries in the energy, oil and gas, and transport sectors.

They agreed to effectively implement the free trade agreement between Vietnam and the Eurasian Economic Union, of which Russia is a member, further open their markets to each other’s goods, and promote bilateral investment.