Vietnam to pick foreign partner for second nuclear power plant in Q3

Vietnam is set to choose a foreign partner in the third quarter for the development of its second nuclear power plant, the Ninh Thuan 2 facility, as it seeks to bolster its energy generation capacity to fuel its rapidly expanding economy. The Ministry of Industry and Trade announced on July 3 that nuclear power is expected to be integrated into the country's energy mix by 2035.

The Ninh Thuan 2 plant is planned to have a capacity of up to 3.2 gigawatts. It will be developed in partnership with Vietnam's state energy firm, Petrovietnam. The ministry indicated that cooperation is possible with South Korea's Korea Electric Power Corp. (KEPCO), citing positive initial discussions. This move comes after Japan withdrew from the project in December, citing a too-tight timeframe.

Key conditions for the foreign partner include a commitment to transfer at least 30 percent of its nuclear power technologies to Vietnam. Additionally, the partner must arrange a special loan with an annual interest rate below 3 percent and undertake the training of staff for the project. These stipulations underscore Vietnam's strategic goals of not only securing energy but also advancing its technological capabilities in the nuclear sector.

Vietnam has already selected Russia's state nuclear energy corporation Rosatom to develop its first nuclear power plant, Ninh Thuan 1. An inter-governmental agreement for that project was signed between Vietnam and Russia in March. The pursuit of nuclear energy reflects Vietnam's ambitious economic development plans and its efforts to diversify its energy sources to meet growing demand.

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cooperation was possible between Petrovietnam and South Korea’s Korea Electric Power Corp.