State giants EVN, PVN assigned to be nuclear power investors

Prime Minister Pham Minh Chinh has assigned state-owned groups Vietnam Electricity (EVN) and Petrovietnam (PVN) to be investors of Ninh Thuan 1 and 2 nuclear power plants respectively, requesting them to complete the project before December 31, 2030.

Chinh, head of the Steering Committee for Nuclear Power Plant Construction, announced the assignment on Tuesday while chairing the second meeting of the committee, after the first in mid January.

The Ninh Thuan nuclear power project includes two plants, with two turbines each. The Ninh Thuan 1 is located in Phuoc Dinh commune, Thuan Nam district, while the Ninh Thuan 2 in Vinh Hai commune, Ninh Hai district.

The Prime Minister stated that the project must be completed before December 31, 2030 to celebrate the 85th anniversary of the country's founding and the 100th anniversary of the Vietnam Communist Party's founding, and by December 31, 2031 at the latest.

At the meeting, the committee discussed specific plans to build the plants, including infrastructure development, immigration and resettlement, technology transfer, human resource training, capital sources, policy mechanisms, and problems that need to be resolved.

Currently, the Ministry of Industry and Trade is adjusting the Power Development Plan VIII to include the Ninh Thuan nuclear power project while making research on other nuclear power plant initiatives.

The Ministry of Science and Technology is proposing to amend the Atomic Energy Law, build a special national research program on nuclear technology and safety, and develop plans to train related human resources.

Proposals on mechanisms and policies for the project are scheduled to be lodged with the government before February 15, for submission to the National Assembly, the country's legislature, at its coming meeting, February 12-17.

Chinh requested EVN, PVN and other related agencies to negotiate with foreign partners in February, while paying attention to "having backup partners to be ready in all situations".

Scale, capacity, and total investment of the plants will be determined on the basis of negotiations with partners and updates in line with the new situation.

The Prime Minister emphasized that the most important thing in choosing contractors, either via appointment or bidding, is to ensure accountability and transparency.

He ordered the Ministry of Finance to allocate enough budget to complete the relocation of residents and ensure their new residence and livelihood within 2025.

Ninh Thuan province was requested to urgently seek private investment in civil exploitation of Thanh Son airport.

In 2005, Vietnam's Party Central Committee had greenlighted a plan to build two nuclear power plants in the south-central province of Ninh Thuan. Four years later, the parliament approved the plan with an initial investment of VND200 trillion ($7.9 billion at the current forex rate).

In November 2016, the parliament decided to halt the 4,000 MW project, citing safety, funding and technology reasons. In November 2024, it agreed to resume the nuclear power project in Ninh Thuan after an eight-year suspension.