Exclusive Interview
On August 24, 2026, at the first extraordinary session of the 16th National Assembly of Vietnam, a resolution was adopted to divide the initial nuclear program of the Ninh Thuan nuclear power plant into three independent projects. In the previous interview, we discussed the intensification of cooperation between Russia and Vietnam on the Ninh Thuan 1 NPP project and considered other potential partners for Hanoi in the nuclear energy sector. Continuing on the topic, Nguyen Minh Ngoc explains what underlies this division, which countries Vietnam cooperates with in the nuclear field, and why South Korea is being viewed as a new partner for the construction of the nuclear power plant.
The interview was conducted by Ms. Anna Tishina, PIR Center intern.
Anna Tishina: During the extraordinary session of the 16th National Assembly of Vietnam in August 2026, 95.2% of deputies voted in favor of adopting a resolution to separate the Ninh Thuan NPP project into three independent ones. Why was this decision made?
Nguyen Minh Ngoc: The decision to divide the Ninh Thuan 1 NPP project into three was reached at governmental level in Vietnam, and then at an extraordinary session of the National Assembly of Vietnam in August 2026. There are several reasons for this step. The previous project was called Ninh Thuan 1 NPP project which entailed building two power units with VVER-1000 reactors with the aid of Russia. Vietnam Electricity (EVN), the state-owned electric power enterprise of Vietnam, was supposed to act as investor for Ninh Thuan 1 NPP and Ninh Thuan 2 NPP projects. In 2016, they were suspended, but in 2024, the National Assembly decided to restore nuclear power in Vietnam. It was decided that EVN would remain one of the investors, while PetroVietnam, the state-owned industrial and energy corporation of Vietnam, would become the second one.
The separation was proposed due to the high complexity and cost of the project. An investor must have significant financial potential and extra money in order to manage the project and make current payments. Although the NPPs are being designed to be located at a distance of about 60 km from one another, organizing logistics is complicated. In addition, it is essential to take into account the issue of site clearing. Despite the fact that Vietnam is a communist country, the right to inviolable private property has long been recognized. To implement the project, it is necessary to negotiate with the owners of the land. Furthermore, Vietnamese legislation provides for a complex system of compensation for damages.
If the project is approved, it will be carried out in three directions: Ninh Thuan 1 NPP, Ninh Thuan 2 NPP and site clearing. Activities in these three areas have been conducted simultaneously since the end of 2024, but the Government has only presently separated them officially. Negotiations are currently underway as the sites have not yet been cleared.
NPP projects are executed in several stages: preliminary feasibility study, site dossier, feasibility study, technical design, preparation and construction of NPPs, commissioning, operation, decommissioning, and disposal. Now that they have been separated, the projects will become more independent, and their proposals will be able to be considered and agreed upon autonomously at the National Assembly.
The most important stage is the preliminary feasibility study, which the National Assembly must consider and approve. It includes the official name of the project, the cost, the indication of a strategic partner and technology, the source of funding, and independent expertise. For example, in the case of Ninh Thuan 1 NPP, the strategic partner is the Russian Federation, and the technology is the VVER-1200 Generation III+ power unit. Only after an independent examination can the project be submitted to the National Assembly for consideration, with the main issue being financial. After the general presentation, the Minister of Industry and Trade and the Minister of Finance propose to discuss the project, and then deputies debate it in groups on finance, science, technology, and others. There follows the first reading with discussion, which actually took place at the extraordinary session in August 2026. In October, at the next National Assembly session, the draft must be submitted with improvements in order to be approved.
Anna Tishina: During his business trip to Korea on August 26, 2026, Vietnamese Minister of Industry and Trade Le Man Hung held a meeting with the heads of Daewoo E&C and Korea Electric Power Corporation (KEPCO). New areas of cooperation were discussed, including the energy sector. In addition, the Ninh Thuan 2 NPP project could potentially be implemented in collaboration with South Korea. Why is Vietnam considering this very partnership?
Nguyen Minh Ngoc: The Ninh Thuan 2 NPP project was previously entrusted to Japan, but Japanese ambassador to Vietnam officially stated that the country had refused to participate in the project, although it was later noted that it had only rejected the role of general contractor, still wanting to remain in the project. Japan conducted its activities at its own expense, and when the project was stopped in 2016, the country scaled down the work and took away all the data. In this regard, the Vietnamese side has very little initial information.
At the same time, South Korea has been displaying activity, and at present, one can say, it finds abundant room for its ambitions in Vietnam. Vietnam is an important trading partner since South Korea’s direct investment in Vietnam is extremely large. According to statistics, South Korea invested almost $95 billion in Vietnam by 2025 and remains one of three leaders on this measure. To compare, Russia invested about $1 billion. Vietnam has good diplomatic relations with both South Korea and North Korea. Currently, the issue of the project’s development is more of a diplomatic one as Vietnam needs to synchronously maintain working-level contacts with Russia, South Korea, and Japan.
Undoubtedly South Korea ranks first among the candidates for the Ninh Thuan 2 NPP project implementation. Previously, Japan held a leading position, which it lost, among other things, due to ways to deal with the consequences of the Fukushima Daiichi NPP accident. In addition, it is recorded that since August 24, 2023, the country has dumped over 170 thousand liters of purified liquid waste into the Pacific Ocean for more than 20 times. Simultaneously, Japan is a technologically advanced country with automotive (Toyota, Honda, Suzuki) and household (Panasonic, Sony) production facilities in Vietnam. Canada also has a proposal with regard to CANDU nuclear reactor technology; the United States and France are interested in construction in the nuclear field as well.
It has not been confirmed yet that South Korea will be assigned to the Ninh Thuan 2 NPP project. The country does not own base technology, such as Russia, the United States, or France. Like Japan, Canada, and the United Kingdom, South Korea borrows technology from various sources. Thus, the price is very high. However, the county is experienced in the construction of NPPs abroad. For example, the Baraka NPP with four APR-1400 power units was built in the UAE, while active preparatory work is underway in Turkey and Saudi Arabia.
Negotiations are currently in progress. However, South Korea and Japan may suggest a joint initiative, which will be favourable for Vietnam. At the same time, unlike Russia, which provides an export loan for the construction of NPPs, South Korea, as a potential general contractor, advises Vietnam to turn to international funds for construction. Therefore, Russia is the absolute leader for Vietnam in the nuclear field.
Keywords: Ninh Thuan 1 NPP project; Ninh Thuan 2 NPP project; Vietnam; South Korea; Russia
NPT
E16/NOS – 26/10/18
