Russia and Vietnam on Monday inked a cooperation agreement that will foresee the construction of Vietnam’s first nuclear power plant, the Ninh Thuan 1 Nuclear Project. Russia’s Rosatom nuclear agency revealed in a statement. Also, this nuclear project shows the expanding portfolio of Rosatom in Asia, with the Agency having inked other nuclear developments in countries like Turkey.

Prime Minister Pham Minh Chinh was visiting energy-rich Russia as Vietnam intends to shore up its fuel reserves at a time of disruption to energy supplies caused by the war in the Middle East. This has sparked fears of fuel shortages globally.

Ever since the U.S.-Israeli war against Iran began in late February, the cost of 95-octane petrol and diesel in Vietnam, a manufacturing hub, has soared by 50% and 70% respectively.

Capacity

The agreement lays out the legal framework for the construction of two reactors with a total output of 2400 MW. They will be developed at Vietnam’s proposed Ninh Thuan nuclear power plant, Rostam said.

Rosatom head Alexey Likhachev stated that the signed agreement would be the “foundation for a long-term industrial partnership. This will strengthen Vietnam’s energy independence and open up new opportunities for economic growth.”

No timeline has been issued for when construction would start or when the plant might come online.

Project History

Moscow and Hanoi had initially agreed to build the Ninh Thuan 1 atomic power station back in 2010. However, they later decided to suspend construction.

Another agreement between Russia’s top liquefied natural gas (LNG) producer Novatek and a Vietnamese buyer was also inked recently. Novatek’s CEO Leonid Mikhelson revealed on Monday.

“We have been in negotiations with potential buyers for over five years, and have very recently signed a preliminary supply agreement with one of them. We are ready to commence deliveries at the earliest opportunity,” he told state broadcaster Rossia 24, without naming the customer.

Russia and Vietnam have also signed a deal on oil and gas production in both countries. This was revealed by the state-run TASS news agency, citing Russian Prime Minister Mikhail Mishustin, without giving details.

Ninh Thuan 1 Nuclear Project Project Factsheet

Project Name: Ninh Thuan 1 Nuclear Power Plant

Location: Phuoc Dinh Commune, Thuan Nam District, Ninh Thuan Province

Primary Contractor: Rosatom (State Atomic Energy Corporation, Russia)

Reactor Type: VVER-1200 (Generation III+ Pressurized Water Reactor)

Installed Capacity: 2,400 MW (Two units of 1,200 MW each)

Operational Target: Aiming for completion/first power between 2030 and 2031

Project History & Context

• 2009–2010: Initially approved and signed with Russia.
• 2016: Suspended by Vietnam’s National Assembly due to high costs and lower-than-expected energy demand at the time.
• 2024–2025: Re-evaluated and included in Vietnam’s “Power Development Plan VIII.”
• January 2026: Japan officially withdrew from the neighboring Ninh Thuan 2 project, leading Vietnam to fast-track negotiations with Russia to fill the energy gap.

Project Team

Rosatom: The primary technology partner and state-owned corporation overseeing the entire project.

Atomstroyexport (ASE): A subsidiary of Rosatom acting as the General Contractor for design and construction.

TVEL Fuel Company: A Rosatom subsidiary responsible for the supply of nuclear fuel and the management of spent fuel.

Atomproekt: The St. Petersburg-based design institute responsible for adapting the VVER-1200 reference design for the local site.

National Research Nuclear University (MEPhI): The primary academic institution in Russia providing technical training and certification for Vietnamese nuclear engineers.

Vietnam Electricity (EVN): The Project Owner and Investor for Ninh Thuan 1. EVN manages the project site and will be the future operator.

Power Engineering Consulting JSC 2 (PECC2): A major Vietnamese engineering firm that signed an MoU with Rosatom in September 2025 to update the feasibility study and site documentation.

Vietnam Atomic Energy Institute (VINATOM): The technical advisory body under the Ministry of Science and Technology (MOST) responsible for research and safety standards.

International Atomic Energy Agency (IAEA): Conducted a mission in late 2025 to review Vietnam’s nuclear infrastructure and ensure the project meets global safety standards.