Vietnam and Russia have agreed to build Vietnam’s first nuclear power plant, as Hanoi seeks to strengthen energy security amid global fuel disruptions. The deal was signed during Prime Minister Pham Minh Chinh’s visit to Russia, though no timeline for construction was announced.
Russia’s LNG giant Novatek also signed a preliminary deal to supply Vietnam, Tass reported Monday. The move comes after the Iran war disrupted oil and gas flows through the Strait of Hormuz, pushing up fuel prices and causing long queues at gas stations. Hanoi is promoting electric vehicles, biofuels, and partnerships with countries including Japan, South Korea, Angola, and Algeria to diversify its energy sources.
The Ninh Thuan 1 project will feature two Russian-designed reactors with a combined 2,400 MW capacity. Vietnam and Russia also plan to expand cooperation in clean and renewable energy. The two countries have a long history of energy collaboration, including PetroVietnam’s joint ventures with Russian state firms and Vietsovpetro, a partnership dating back to 1981.