Vietnam's nuclear power project needs least $22 bln investment

Vietnam's Ninh Thuan nuclear power project will need investment of at least $22 billion, according to Ministry of Industry and Trade calculaltions.

In its draft amendment to the power development plan VIII (PDP VIII), the Ministry of Industry and Trade said the investment cost for nuclear power is $5,500 per kW.

According to the original plan drafted in 2009, the total capacity of Ninh Thuan 1 and Ninh Thuan 2 nuclear power plants are 4,000 MW. As the result, the investment can reach $22 billion. This figure is higher than the original plan's estimation of $10.8-12.2 billion in different scenarios.

The trade ministry is drafting cases for further need of nuclear power at 4,800-9,800 MW. It noted such possible scenarios of high investment requirements for renewable energy and high fuel costs.

The ministry also noted that if the investment cost can go down, nuclear power can become available earlier in Vietnam than the target of 2031-2035.

Per normal procedures, a nuclear power plant project can take 148 months from investment preparations to operations of its first turbine and 158 months (10 more months) for the second turbine, according to the trade ministry.

That means the Ninh Thuan 1 can see its first turbine operate from mid-2037 and the second from mid-2038.

The ministry highlighted that the procedures can speed up through phases of conducting feasibility study (FS) and approving construction tasks.

However, Prime Minister Pham Minh Chinh recently requested the ministry to coordinate with relevant agencies to get nuclear power plants built towards completion by end-2030, or end-2031 at the latest.

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 National Assembly approved the plan.

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.

The Ninh Thuan nuclear power project, located in the south-central province of Ninh Thuan, 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.