Vietnam government proposes the state as sole investor in nuclear power

By Tri Duc
Mon, October 21, 2024 | 6:27 pm GMT+7

The Vietnamese government has proposed that the State is the sole investor in nuclear power development, under its draft amended law on electricity.

According to the draft, compiled by the Ministry of Industry and Trade and presented by its Minister Nguyen Hong Dien to the National Assembly on Monday, the Prime Minister will regulate special mechanisms on investments, construction and operations of nuclear power plants.

The move aims to ensure the national energy security, in line with the country’s power development plan VIII (PDP VIII), Minister Dien clarified.

The government proposed the State is the sole investor of such projects as they are important and related to national security, he added.

Minister of Industry and Trade Nguyen Hong Dien. Photo courtesy of Cong Thuong (Industry & Trade) newspaper.

Minister of Industry and Trade Nguyen Hong Dien. Photo courtesy of Cong Thuong (Industry & Trade) newspaper.

Nuclear power projects must utilize modern and proven technology to ensure the highest security standards, according to the draft law.

The draft also stipulates the State as the sole investor in multi-purpose hydropower plants.

Commenting on the draft law, the National Assembly’s Committee on Science, Technology, and Environment stated that the draft term of the Prime Minister setting special mechanisms for nuclear power projects is not suitable in terms of authority, given the Laws on Government Organization and Promulgation of Legal Documents.

According to Le Quang Huy, Chairman of the committee, there are opinions that it is necessary to review and clarify regulations on areas where the State is the sole investor. "It's necessary to create mechanisms to attract investors, as well as to increase feasibility of projects and efficiency of State management," he noted.

The National Assembly is set to conduct an approval vote for the draft law at the ongoing meeting.

Vietnam currently has no nuclear power project. In September, the Ministry of Industry and Trade was tasked with studying development of nuclear power as a baseload source.

The ministry must comprehensively review the sources of energy stipulated in the national power development plan VIII (PDP VIII) to ensure energy security and annual power supply growth of 12-15%, given economic growth projections of over 7% per year.

Vietnam’s latest national power development plan VIII (PDP VIII) does not include nuclear power, but the country is considering small modular reactors (SMRs), including floating reactors, with a capacity of 300 MW each.

Comments (0)
  • Read More
Vietnam spends $1.8 bln on coal imports in Q1, mainly for power plants

Vietnam spends $1.8 bln on coal imports in Q1, mainly for power plants

Vietnam spent more than $1.8 billion importing 17.27 million tons of coal in Q1, primarily to fuel thermal power plants, according to the General Department of Customs.

Economy - Mon, May 5, 2025 | 10:24 pm GMT+7

Vietnam’s utility major REE records 27% net profit growth in Q1 on power segment surge

Vietnam’s utility major REE records 27% net profit growth in Q1 on power segment surge

Private utility firm REE Corporation posted strong profit growth in Q1, primarily driven by a significant improvement in its power segment compared to the same period last year.

Companies - Mon, May 5, 2025 | 10:00 pm GMT+7

Vietnam to hold first round of trade talks with US on Wednesday

Vietnam to hold first round of trade talks with US on Wednesday

Vietnam will hold its first round of negotiations with the U.S. on bilateral trade Wednesday, Prime Minister Pham Minh Chinh said at the ongoing session of the country's parliament.

Economy - Mon, May 5, 2025 | 4:40 pm GMT+7

Nestlé Vietnam announces new investment in flagship coffee plant

Nestlé Vietnam announces new investment in flagship coffee plant

Nestlé will make an additional investment of $75 million to expand its Nestlé Tri An plant in the southern Vietnam province of Dong Nai, bringing its total investment in the facility over 2024-2025 to $175 million.

Companies - Mon, May 5, 2025 | 4:35 pm GMT+7

Vietnam legislature’s ongoing session to mark 'historic breakthrough in institutional reform'

Vietnam legislature’s ongoing session to mark 'historic breakthrough in institutional reform'

The National Assembly's session which opened on Monday morning will make a critical step forward in institutional reform, paving the way for a new era of modernization, digital transformation, green growth, and sustainable development, said the parliament's Chairman Tran Thanh Man.

Politics - Mon, May 5, 2025 | 3:53 pm GMT+7

Business confidence in Vietnam drops to 44-month low over US tariff concerns: S&P Global

Business confidence in Vietnam drops to 44-month low over US tariff concerns: S&P Global

Business confidence in Vietnam dropped sharply in April to the lowest since August 2021, as manufacturers were concerned about the impact of U.S. tariffs on production in the months ahead, according to S&P Global.

Economy - Mon, May 5, 2025 | 3:24 pm GMT+7

Ford distributor City Auto chairman’s wife plans $5 mln buy to become major shareholder

Ford distributor City Auto chairman’s wife plans $5 mln buy to become major shareholder

Ngo Thi Hanh, wife of Ford distributor City Auto (HoSE: CTF) chairman Tran Ngoc Dan, has registered to buy 6 million CTF shares to increase her ownership to 6.4%, according to the Ho Chi Minh Stock Exchange (HoSE).

Companies - Mon, May 5, 2025 | 11:41 am GMT+7

HCMC street retail spaces vacant despite rent cuts

HCMC street retail spaces vacant despite rent cuts

Street retail spaces in Ho Chi Minh City, Vietnam's economic hub, continue to face persistent vacancies, as they struggle to compete with modern retail spaces that offer a wider array of goods and services.

Real Estate - Mon, May 5, 2025 | 11:14 am GMT+7

State-controlled giant Vietnam Rubber Group reports strong Q1 profit on high latex prices

State-controlled giant Vietnam Rubber Group reports strong Q1 profit on high latex prices

Vietnam Rubber Group-JSC reported a net profit of VND1,184 billion ($45.5 million) in Q1/2025, 2.5 times higher than Q1/2024, which was largely driven by sustained high rubber latex prices amid rising global demand and tight supply.

Companies - Mon, May 5, 2025 | 8:22 am GMT+7

KRX trading system to go live on Monday: A 'pivotal milestone' for Vietnam's market status upgrade

KRX trading system to go live on Monday: A 'pivotal milestone' for Vietnam's market status upgrade

The official launch of the new KRX trading system on May 5, after more than a decade of preparations, will mark a pivotal turning point for Vietnam’s stock market status upgrade, said Nguyen Duy Hung, chairman of leading broker Saigon Securities Inc. (SSI).

Finance - Sun, May 4, 2025 | 10:02 pm GMT+7

Vietnam distributor of Chinese EVs reports big profit growth in Q1

Vietnam distributor of Chinese EVs reports big profit growth in Q1

Vietnam’s TMT Motors Corporation (HoSE: TMT), the distributor of Chinese electric vehicle brand Wuling, reported VND33.76 billion ($1.3 million) in Q1 after-tax profit, about 125 times higher than Q1/2024.

Companies - Sun, May 4, 2025 | 7:38 pm GMT+7

Vietnamese EV maker VinFast signs loans worth $190 mln for Indonesia plant

Vietnamese EV maker VinFast signs loans worth $190 mln for Indonesia plant

VinFast, the electric vehicle arm of Vietnam's leading private conglomerate Vingroup, has secured a long-term syndicated loan agreement worth IDR1.85 trillion ($110 million) and an $80 million accordion facility from two Indonesian banks to finance the construction of its plant in Indonesia.

Companies - Sun, May 4, 2025 | 12:55 pm GMT+7

Vietnam's logistics major Transimex targets 20% profit growth in 2025

Vietnam's logistics major Transimex targets 20% profit growth in 2025

Transimex, a top logistics firm in Vietnam, targets net profit of over VND204 billion ($7.8 million) for 2025, up 20% year-on-year, on revenue of over VND3.36 trillion ($129.2 million), up 1%.

Companies - Sun, May 4, 2025 | 12:23 pm GMT+7

Vietnam's retail giant Petrolimex seeks foreign partnership in green energy technologies

Vietnam's retail giant Petrolimex seeks foreign partnership in green energy technologies

Vietnam's biggest gasoline retailer Petrolimex has started selling biofuels and is actively seeking opportunities to partner with international players to invest in green energy technologies. Chau Anh reports.

Companies - Sun, May 4, 2025 | 9:37 am GMT+7

Vietnam's major tire maker Danang Rubber to be supplier of EV maker VinFast

Vietnam's major tire maker Danang Rubber to be supplier of EV maker VinFast

Danang Rubber JSC (DRC), a subsidiary of Vietnam’s state-owned chemical giant Vinachem, will develop a dedicated line of electric vehicle (EV) tires while rolling out products to support its new partnership with the country's leading EV manufacturer VinFast.

Companies - Sun, May 4, 2025 | 8:00 am GMT+7

Vietnam’s VN-Index world’s second-worst performer in Apr amid US tariff turmoil

Vietnam’s VN-Index world’s second-worst performer in Apr amid US tariff turmoil

Vietnam’s benchmark VN-Index dropped by more than 80 points, or 6.2%, in April, ranking as the second-worst performing stock index globally, according to data compiled by IndexQ.

Finance - Sat, May 3, 2025 | 6:48 pm GMT+7