Finance
Russia, Vietnam Agree Deal on Nuclear Power Plant Construction
Published by Global Banking & Finance Review®
Posted on March 23, 2026
2 min readLast updated: March 23, 2026
Add as preferred source on GoogleQuick Summary
Russia’s Rosatom and Vietnam formally signed an intergovernmental agreement on March 23, 2026 to build the Ninh Thuan 1 nuclear power plant, featuring two Russian‑designed reactors totaling 2,400 MW, as Vietnam reboots its nuclear ambitions amid soaring energy demand.
Russia and Vietnam Agree to Build Ninh Thuan 1 Nuclear Power Plant
International Agreement and Project Overview
MOSCOW, March 23 (Reuters) - Russia and Vietnam signed an inter-governmental agreement on cooperation in construction of the Ninh Thuan 1 nuclear power plant in Vietnam, Russia's state nuclear energy corporation Rosatom said on Monday.
Vietnam's Growing Energy Needs
Vietnam needs to secure more electric power as it has faced major power blackouts because demand from its huge industrial sector and expanding middle class often outpaces supplies, strained by more frequent extreme weather, including droughts and typhoons.
Power Generation Strategy
The project is part of Vietnam's strategy to boost power generation capacity. Communist-ruled Vietnam has traditionally maintained close ties with Russia.
Details of the Russia-Vietnam Nuclear Agreement
Rosatom, the world's leading nuclear power plant builder, said the agreement outlines the terms and main areas of cooperation between the parties in implementing the construction project. No detail on cost was specified.
Technical Specifications
It foresees construction of two Russian-designed power units with a combined capacity of 2,400 megawatts (MW).
Project Timeline and History
Work on nuclear plants in central Vietnam started in the early 2010s but was halted in 2016 when Hanoi suspended its nuclear power programme over safety and budget concerns.
Russia had already been awarded the Ninh Thuan 1 project and was expected to sign the deal.
International Collaboration and Future Prospects
After it resumed its nuclear energy programme in 2024, Vietnam asked Japan and Russia to implement the projects, while in December, Tokyo decided to drop out of the plans to build a nuclear power plant in the country.
(Reporting by Vladimir Soldatkin, Editing by Louise Heavens)
Key Takeaways
- •Vietnam resumed its nuclear energy program in late 2024 after halting it in 2016, with a goal to have its first plants operational by 2030–35 (world-nuclear.org).
- •The intergovernmental agreement signed on March 23 2026 formalizes implementation of Ninh Thuan 1 using two VVER‑1200 reactors, reinforcing Russia’s central role via Rosatom (interfax.com).
- •Vietnam’s push stems from recurring power shortages—2023 drought‑induced blackouts cost an estimated $1.4 billion and highlighted the urgency of diversifying and securing baseload energy (inchamhanoi.vn)
References
Frequently Asked Questions about Russia, Vietnam agree deal on nuclear power plant construction
1What countries signed the agreement for the Ninh Thuan 1 nuclear power plant?
Russia and Vietnam signed the agreement to cooperate on the construction of the Ninh Thuan 1 nuclear power plant in Vietnam.
2Why does Vietnam need to build new nuclear power plants?
Vietnam faces major power blackouts as demand from its industrial sector and growing middle class often outpaces electricity supply.
3What is the capacity of the planned Ninh Thuan 1 nuclear plant?
The agreement foresees the construction of two power units with a combined capacity of 2,400 megawatts (MW).
4Which company is responsible for building the Ninh Thuan 1 plant?
Russia's state nuclear energy corporation Rosatom is responsible for constructing the nuclear power plant.
5When did Vietnam resume its nuclear energy programme?
Vietnam resumed its nuclear energy programme in 2024 after suspending it in 2016 over safety and budget concerns.
