Vietnam has stepped up its search for international partners for its revived nuclear power program, with state utility Vietnam Electricity (EVN) confirming discussions with Korea Electric Power Corporation (KEPCO) over participation in the country’s second planned nuclear power plant, 3.2 GW Ninh Thuan.
The move marks another significant milestone in Hanoi’s ambitious strategy to restore nuclear generation. This is after nearly a decade of suspension. Hanoi seeks to diversify its energy mix and meet rapidly rising electricity demand driven by industrial growth. The latest discussions also follow months of diplomatic and commercial engagement between Vietnam and several potential nuclear technology partners. This is as the government seeks to accelerate project delivery and bring its first reactors online in the early 2030s.
Vietnam opens talks with KEPCO
The talks took place during a meeting between EVN Chairman Dang Hoang An and KEPCO President Kim Dong-cheol in Hanoi. According to EVN, the Korean utility expressed interest in becoming a partner for Vietnam’s Ninh Thuan 2 nuclear power plant.
It also highlighted its experience in nuclear engineering, construction, operation and workforce development. EVN welcomed the proposal while noting that any future partnership would be subject to Vietnam’s procurement process and government approvals.
Japan’s exit from Vietnam’s second nuclear power plant project
The latest engagement comes after Japan effectively withdrew from negotiations for the Ninh Thuan 2 nuclear power plant earlier this year. Japan cited concerns over Vietnam’s accelerated development timetable.
That decision prompted Hanoi to actively seek an alternative foreign partner while continuing negotiations with Russia for the country’s first nuclear power station, Ninh Thuan 1.
South Korea has consequently emerged as one of the leading contenders alongside France and the US. KEPCO enters the process with considerable international credentials. The company led the successful delivery of the Barakah Nuclear Energy Plant in the United Arab Emirates. Barakah is one of the world’s largest recent nuclear export projects. The Korean power company also has continued pursuing overseas opportunities across Asia, Europe and the Middle East. Its APR1400 reactor technology has also become one of the few Generation III+ designs with extensive commercial operating experience outside its home market.
Vietnam restarts nuclear program
Vietnam restarted its nuclear program in late 2024 after shelving earlier plans in 2016 following the Fukushima accident and concerns over project costs. Under the revived strategy, two large nuclear power plants are planned in Ninh Thuan Province with a combined capacity of between 4 GW and 6.4 GW.
The government has instructed state-owned EVN and PetroVietnam to lead project development. They are also to engage foreign governments and technology providers to accelerate engineering, financing and regulatory preparations.
Vietnam’s revised national power plan
Earlier this year, Vietnam approved a revised national power development plan that significantly expands electricity generation capacity by 2030. It also formally restores nuclear power to the country’s long-term energy strategy.
The updated roadmap targets total installed generation capacity of between 183 GW and 236 GW by 2030. This requires investment exceeding US$136 billion. The plan also supports Vietnam’s industrial expansion and carbon neutrality objectives. Nuclear energy is expected to complement rapidly growing renewable generation by providing reliable baseload electricity.
How far with Ninh Thuan 2 nuclear power plant project
No formal procurement decision has been announced for Ninh Thuan 2 nuclear power plant. The discussions with KEPCO also demonstrate that South Korea remains firmly positioned in Vietnam’s shortlist of preferred partners.
Previous cooperation between the two countries has already included workforce development agreements and digital power system collaboration. Broader energy sector partnerships have also provided an established foundation should KEPCO eventually secure a role in the nuclear program.
Vietnam’s growing nuclear landscape
Vietnam’s return to nuclear power represents one of Southeast Asia’s most significant energy policy shifts. Electricity demand continues to rise rapidly as global manufacturers expand operations across the country. This is placing increasing pressure on generation capacity and grid reliability.
While Vietnam is expanding wind, solar and LNG infrastructure, policymakers view nuclear power as an important complement. Nuclear is a source of dependable, low-carbon baseload generation. It is capable of supporting long-term economic growth and reducing reliance on imported fossil fuels. The government’s willingness to engage multiple international suppliers also reflects an effort to maximize competition, technology transfer and financing options while strengthening energy security.
Ninh Thuan 2 nuclear power plant project financing
Vietnam has not yet disclosed the investment cost for the second nuclear power plant or its preferred financing structure.
However, the country’s revised Power Development Plan VIII estimates more than US$136 billion will be required for new power sector investment through 2030.
Nuclear projects are also expected to rely heavily on foreign export credit agencies. Sovereign financing arrangements and long-term government-backed funding, similar to recent international nuclear developments could also feature in the financing structure.
Vietnam second nuclear power plant, Ninh Thuan 2 project fact sheet
Location: Ninh Thuan
Status: Partner discussions underway
Lead Developer: Vietnam Electricity (EVN)
Potential Partner: Korea Electric Power Corporation (KEPCO)
Capacity: 3.2 GW. Is also part of Vietnam’s broader 6.4 GW nuclear program.
Technology: Will depend on partner selected.
Target Commissioning: Early 2030s
Purpose: Low-carbon baseload electricity generation and long-term energy security
Project developer and involved stakeholders
Developer
- Vietnam Electricity (EVN)
Government
- Government of Vietnam
- Ministry of Industry and Trade
Potential Nuclear Technology Partner
- Korea Electric Power Corporation (KEPCO)
Other State Project Participant
- PetroVietnam (PVN)
Previously Discussed International Partners
- Rosatom (Russia)
- Japanese government and Japanese nuclear consortium (withdrawn from second project)
- France
- United States
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