The Russian Federation and the Socialist Republic of Vietnam formalised an intergovernmental agreement on Monday to construct Vietnam’s first nuclear power plant. The signing ceremony took place in Moscow during an official four-day visit by Vietnamese Prime Minister Phạm Minh Chính.
Footage of the event recently surfaced online, gaining significant traction on social media platforms including X. The video shows Russian Prime Minister Mikhail Mishustin and Rosatom CEO Alexey Likhachev alongside Vietnamese officials during the signing.
The agreement outlines the development of the Ninh Thuan-1 plant at the Phước Dinh site in Ninh Thuận Province. It specifies the installation of two Russian-designed VVER-1200 Generation III+ reactors, providing a total capacity of 2,400 megawatts.
This deal revives a nuclear initiative that was originally suspended in 2016 due to cost considerations. The new framework covers financing, technology transfer, construction, and long-term fuel supply for the facility.
International news agencies and Russian state media have confirmed the details of the arrangement. The nuclear pact is part of a broader package of trade and investment deals aimed at strengthening bilateral ties.
Hanoi’s return to nuclear energy follows a 2024 decision by the National Assembly to restart the program. The government seeks to diversify its energy mix and reduce dependence on coal and imported fossil fuels.
Recent spikes in global energy prices, driven by conflicts in the Middle East, have accelerated this transition. Reports indicate that gasoline and diesel costs in the region have risen by more than 50 percent recently.
Geopolitical observers note that the deal allows Russia to expand its nuclear exports despite ongoing Western sanctions. The project represents a significant strategic shift after previous plans involving Japanese and Western partners were set aside.
Some critics have raised questions regarding Vietnam’s regulatory readiness and long-term safety standards. Concerns also persist regarding the potential for technological dependence on a single foreign provider.
Preparations for construction are expected to begin immediately following the Moscow summit. Officials have set a target for the facility to begin commercial operations in the early 2030s.
This milestone marks a significant expansion for Rosatom’s global portfolio. For Vietnam, it represents a foundational step toward establishing a domestic nuclear baseload for its growing economy.