EVN invests nearly $50 million to restart Ninh Thuận nuclear power project

EVN invests nearly $50 million to restart Ninh Thuận nuclear power project

The move follows the National Assembly’s approval in November 2024 of a resolution allowing the resumption of the project, which was halted in 2016.

Layout diagram of the Ninh Thuận 1 nuclear power Plant in Phước Dinh Commune, Ninh Thuận Province. — VNA/VNS Photo

After years on hold, the Ninh Thuận nuclear power plant project is officially resuming, backed by an initial investment of more than VNĐ1.3 trillion (US$49.6 million) from Vietnam Electricity (EVN).

The move follows the National Assembly’s approval in November 2024 of a resolution allowing the resumption of the project, which was halted in 2016.

The investment was revealed in EVN’s audited consolidated financial report for 2024, which showed that the group is entering a new phase of expansion. Total investment for the year reached more than VNĐ102.7 trillion, nearly four times that of 2023. The Ninh Thuận nuclear project is among EVN’s key strategic priorities as it lays the groundwork for renewed implementation.

Following two consecutive years of heavy losses, EVN made a strong turnaround in 2024. Net revenue rose to VNĐ580.5 trillion, up 16 per cent year-on-year, with electricity sales accounting for more than 98 per cent of total revenue.

After-tax profit reached VNĐ8.24 trillion, marking a significant recovery from a record loss of over VNĐ26.77 trillion in 2023. Operating profit also swung back to positive at VNĐ13 trillion, compared to a deficit of nearly VNĐ20 trillion the year before.

EVN attributed the rebound to three key factors: lower input costs, particularly due to favourable hydrological conditions that enabled more efficient hydropower generation; more rational adjustments to electricity selling prices; and stable output from other power sources, such as thermal and renewable energy.

Despite this recovery, EVN still carried an accumulated loss of over VNĐ38.7 trillion by the end of 2024, as it continued to offset previous years’ deficits.

Total liabilities stood at VNĐ474.6 trillion, accounting for around 70 per cent of the group’s total capital, with long-term debt amounting to VNĐ278.9 trillion. The debt-to-equity ratio remained high at over 2.3 times, reflecting persistent financial pressure despite improved operating cash flow.

EVN’s decision to reinvest in the nuclear power project underscores its long-term strategic vision and reflects broader expectations for Việt Nam’s energy sector to undergo a major transformation. The move comes amid surging electricity demand and an increasingly urgent need to secure national energy security. 

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