Vietnam is in official talks with Russia regarding the construction of its first nuclear power plant — Bloomberg
Amid a major energy crisis triggered by instability in the Middle East, the Vietnamese government has made a strategic decision to develop nuclear energy.
Hanoi has officially agreed with Moscow on a project to build its first nuclear power plant, despite international efforts to isolate the aggressor nation.
According to Bloomberg, the energy crisis in Vietnam has become critical due to the blockade of the Strait of Hormuz resulting from the conflict involving Iran.
The country was 80% dependent on oil supplies from the Middle East, which led to a fuel shortage and a sharp rise in prices.
The agreement was signed during a visit by Vietnamese Prime Minister Pham Minh Chinh to Russia, according to a statement on the government’s website.
Although specific dates for the start of construction have not yet been announced, the parties have already defined the main parameters of the future cooperation.
The Russian side has committed to building a facility named “Ninh Thuan-1,” which will consist of two power units. The total capacity of the country’s first nuclear power plant is expected to be 2,400 MW, which will partially cover the generation shortfall.
The Vietnamese government is insisting on a tight timeline for the project and is pressuring the Kremlin regarding its launch. Hanoi expects to commission the facility no later than 2031 to stabilize the national economy and industry.
In parallel with the nuclear contract, the parties have signed additional energy agreements to support the fuel market.
In particular, the Russian company Novatek signed a memorandum on the supply of liquefied natural gas (LNG) to meet the needs of Vietnamese consumers.
As a reminder, Russia and Vietnam are preparing to sign an energy agreement.
Vietnam is also negotiating with the U.S. to eliminate tariffs.
