Vietnam and Russia to accelerate nulear power deal

According to a joint statement released on May 11, Vietnam and Russia have agreed to promptly negotiate and sign intergovernmental agreements on the construction of nuclear power plants in Vietnam, ensuring the application of advanced technology and strict compliance with regulations on nuclear and radiation safety.

The joint statement was an outcome of the official visit to Russia by Party General Secretary To Lam from May 8 –11.

Vietnam is aiming for 8 per cent growth this year, with a double-digit target from 2026 onward. This translates into an annual electricity demand increase of 12 –14 per cent.

Nuclear power, as a clean and stable power source, will play a crucial role in diversifying Vietnam’s energy mix, ensuring energy security and meeting the nation’s commitment to carbon neutrality by 2050.

To facilitate this goal, the Vietnamese government is discussing a series of mechanisms for nuclear power to become operational by the end of this decade. The government is also engaged in discussions with other foreign partners on nuclear power ventures, including Japan, South Korea, France, and the United States.

Besides nuclear power, Vietnam and Russia also agreed to strengthen collaboration in the oil and gas industries, including Russia’s supply and processing of crude oil and liquefied gas for Vietnam. Both sides are willing to explore the possibility of constructing new power plants and modernising existing factories.

The two countries will also create better conditions for the expansion of operations of Vietnamese oil and gas firms in Russia and for Russian oil and gas entities on the continental shelf of Vietnam.

Russian gas giant Gazprom is looking to be the main supplier of Liquefied Natural Gas (LNG) to fuel Vietnam's socioeconomic development.

Russian Prime Minister Mikhail Vladimirovich Mishustin arrived in Hanoi in the early morning of January 14, beginning his two-day official visit to Vietnam at the invitation of Prime Minister Pham Minh Chinh.

Vietnam and Russia have intensified bilateral ties in economy, trade, and investment, with one of the focuses laid on energy development, including nuclear power.