Vietnam mulls opening door for private investment in small modular reactors

Vietnam’s Ministry of Industry and Trade has drafted a parliamentary resolution that, for the first time, would allow private companies to participate in the development of small modular nuclear reactors (SMRs).

The proposal, part of a broader plan to remove barriers to national energy development for the 2026-2030 period, would permit private firms to deploy SMRs in energy-intensive sectors such as steelmaking, petrochemicals, semiconductors, and data centers.

They would also be allowed to invest in research, development, and technology transfer partnerships related to the technology.

Meanwhile, state corporations and research institutions are encouraged to collaborate with private entities to jointly develop SMR components and operational expertise. Public institutions would take the lead in pilot research, application, and deployment, says the draft bill.

SMRs are advanced reactors with a capacity of up to 300 megawatts per unit, roughly one-third that of traditional large-scale nuclear plants. Compact and modular in design, they can be factory-built and transported to installation sites, offering faster deployment and lower on-site construction complexity.

According to the draft, SMRs could reduce both construction costs and timelines, with build periods of 24 to 36 months. Produced in controlled factory environments, SMR modules can be shipped and assembled on-site, ensuring consistent quality and competitive costs compared with large, custom-built reactors.

Emerging interest from international partners

On February 14, during a meeting with Vietnam’s General Secretary To Lam, Chey Tae-won, chairman of South Korea’s SK Group and the Korea Chamber of Commerce and Industry (KCCI), expressed interest in partnering with Vietnam on integrated energy solutions.

His proposals included LNG infrastructure, AI data centers, hydrogen production, and small modular reactors, along with high-tech agriculture and logistics projects.

On May 19, Minister of Industry and Trade Nguyen Hong Dien met with U.S.-based Westinghouse Electric Company to discuss potential nuclear energy cooperation. Both sides agreed to share information and work toward signing an MoU between Westinghouse and PetroVietnam for nuclear development.

Discussions also touched on PPP and BOT investment models, technology transfer, and technical workforce training, which are key steps toward Vietnam’s potential reentry into nuclear power through advanced SMR technology.