Vietnam eyes partnership with South Korea for Ninh Thuan 2 nuclear power plant

Vietnam eyes partnership with South Korea for Ninh Thuan 2 nuclear power plant

Vietnam will select the official partner for the Ninh Thuan 2 nuclear power plant in the third quarter of 2026 to ensure the commissioning of the plant by 2035.

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On July 2, Deputy Minister of Industry and Trade Nguyen Hoang Long held talks with Kang Kamchan, Vice Minister of Trade, Industry and Energy, to discuss bilateral cooperation in the energy sector, including the second nuclear power venture.

At the meeting, Deputy Minister Long said that Vietnam had yet to select the official partner for the Ninh Thuan 2 nuclear power plant. The positive negotiation results between Korea Electric Power Corporation (KEPCO) and Petrovietnam provide a basis for reporting to authorities for consideration.

On April 22, KEPCO and Petrovietnam signed an MoU on potential cooperation in new nuclear power development. Going forward, the two sides will work together on the nuclear supply chain and project viability analysis for the Ninh Thuan 2 nuclear power plant.

Regarding the selection of the project partner, Deputy Minister Long outlined three key criteria that Vietnam will apply. First, the partner must possess advanced nuclear technology that guarantees the highest standards of safety while committing to technology transfer and localisation in Vietnam, with a localisation rate ranging from 30 per cent to 60 per cent.

Second, on financing, Vietnam requires highly concessional credit packages featuring interest rates below 3 per cent and extended grace periods appropriate to the project's long investment cycle. Third, the partner must commit to comprehensive human resource development by providing advanced training programmes and creating opportunities for Vietnamese engineers to undertake internships and participate directly in the operation of existing nuclear power plants.

Deputy Minister Long said, “To accelerate project implementation, Vietnam’s National Assembly adopted Resolution No.189/2025/QH15 on February 19, 2025, introducing several special policies for investment in the Ninh Thuan nuclear power project. Under the resolution, the parties are permitted to negotiate and sign an Intergovernmental Agreement in parallel with the process of revising the project's investment policy, even before adjustments to the total capital have been finalised.”

“This special mechanism allows multiple procedures to be carried out simultaneously, thereby shortening the overall project implementation timeline,” he said.

Vice Minister Kamchan said that South Korea was fully confident in its technological capabilities and expertise in workforce training. On financing, he said South Korea is prepared to provide sovereign loans covering up to 85 per cent of the project's total investment.

He also proposed a trilateral cooperation model involving Vietnam, South Korea and the United Arab Emirates (UAE), combining the UAE’s financial strength and energy resources with South Korea’s world-class nuclear technology, as demonstrated by the successful Barakah nuclear power project in the UAE.

Vietnam has selected Russian nuclear major Rosatom State Corporation to develop its first nuclear power plant, the Ninh Thuan 1 nuclear power plant. On March 23, Vietnam and Russia signed an intergovernmental agreement for this nuclear power plant. It is expected to be integrated into the national energy mix by 2035.

The Ninh Thuan 1 nuclear power plant will utilise VVER 1200 reactors developed by Russia. VVER 1200 reactors are successfully operated in Russia and abroad, confirming the highest standards of safety and efficiency.

VIR