A deal has been signed between Russia and Vietnam to build a nuclear power plant in the latter country as the Southeast Asian nation revives its nuclear plans with hopes of boosting energy security while curbing greenhouse gas emissions. The deal for the Ninh Thuan 1 plant, reported by Vietnamese state media, comes after two similar projects were shelved in 2016 over rising costs and safety issues.
The agreement, signed on Monday during Prime Minister Pham Minh Chính's visit to Moscow, where he met his Russian counterpart, Mikhail Mishustin, is described as a “symbolic project” of their friendship, according to Vietnam's official government newspaper.
The new plant also fits with Vietnam's ambitions to become rich by 2050 by growing into Asia's next “tiger economy." The deal outlines plans to build two Russian-designed reactors with a combined capacity of 2,400 megawatts, which are based on an existing plant in Russia.
Concerns over energy security have sharpened since the war in Iran triggered a global energy shortage, raising the cost of imported fossil fuels and adding urgency to Hanoi's search for stable, long-term power sources.
Across Southeast Asia, fast-growing economies are turning to nuclear power for cleaner, more reliable energy. Advocates say it offers lower emissions than coal, oil, and gas, while newer technology has made reactors safer, smaller, and cheaper to build. Beyond nuclear energy, Monday's meeting in Moscow included a discussion of expanding cooperation in oil and gas, technology, and infrastructure.
Vietnam and Russia have maintained ties since 1950, rooted in the Cold War. But economic links remain modest. Trade rose from USD 3.63 billion in 2023 to USD 4.77 billion in 2025, far below Vietnam's trade with China and the United States.
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