The government of Vietnam has been working diligently to advance its nuclear energy market through two new projects that it aims to develop by the end of the decade. Now, the country has found itself in a tricky position as Japan has pulled out of one specific nuclear energy project, leading to calls by the nation’s Prime Minister for the relevant ministries in Vietnam to pick up the pace and negotiate a deal with Russia.
Vietnam’s Prime Minister has urged his government to fast-track new nuclear funding deals
As the world enters the new year, several nations are developing new and pioneering energy projects to meet anticipated increases in demand for energy, in particular, clean energy. In response to Japan pulling out of a major deal to develop a new nuclear energy facility, Vietnam is now targeting closing the deal with Russia in January.
Vietnam’s Prime Minister Phạm Minh Chính has urged all relevant ministries in his nation to work ‘day and night, and even on holidays’ to advance negotiations with Russia to develop the Ninh Thuận nuclear power plants, which have become of national importance for Vietnam as it aims to develop its nuclear energy sector this year.
As he chaired the 4th meeting of the Steering Committee for Nuclear Power Plant Construction in Hà Nội, Prime Minister Phạm Minh Chính praised the progress made by several ministries in Vietnam in advancing the latest nuclear energy project, with a special thanks given to the Ministry of Industry and Trade.
Vietnam has seen Japan pull out of the Ninh Thuận 2 nuclear power plant project
Japan opted to pull its investment from the Ninh Thuận 2 nuclear power plant project due to what it says are unrealistic expectations from the Vietnamese government, which was hoping for the Ninh Thuận 2 nuclear power plant to be fully operational by 2035.
Vietnam now needs to finalize the deal with Russia for its Ninh Thuận 1 nuclear power plant
Following the unceremonious exit by Japan, the Prime Minister has urged the government to draw up all the relevant documentation to finalize the financing deal with Russia for the Ninh Thuận 1 nuclear power plant. The Ministry of Industry and Trade has been tasked with bringing the deal to fruition and expects to reach a deal with Russian authorities sometime this month.
The Ministry of Industry and Trade needs to work together with all the other relevant industries and ministries to develop negotiation plans on unresolved problems that have raised concerns over the latest nuclear energy project in the Asian nation.
The Ninh Thuận nuclear power project, which will now be located in Khánh Hòa Province, got approval from the 12th National Assembly in 2009. However, the government saw the project being tabled in the 14th National Assembly, as it aimed to suspend the project indefinitely.
As nearby China brings the Zhangzhou nuclear project into commercial service this year, Vietnam has relaunched the drive for nuclear energy production to meet increased demand for clean energy across the global energy market.
“Asia is the main region in the world where electricity generating capacity and specifically nuclear power are growing significantly… Currently about three-quarters of the reactors under construction worldwide are in Asia.” – World Nuclear Association
Russia has been searching for nations that are still open to business with Moscow
The ongoing war in Ukraine has forced the world to impose new sanctions on Russia, which has devastated the global energy market and seen prices for oil and gas skyrocket. The global revival of the nuclear energy sector has seen several nations developing new nuclear energy projects to meet clean energy demand. This has become especially true in nations like the United States, with its latest nuclear energy project in North Carolina.
