Vietnam’s nuclear power project likely to cost billions of US dollars

The nuclear power project in Ninh Thuan Province, located in south-central Vietnam, has been officially resumed after an eight-year hiatus, with an estimated cost running into billions of U.S. dollars, according to a Ministry of Industry and Trade (MoIT) official.

Deputy Minister Nguyen Sinh Nhat Tan disclosed the projected investment during a government press conference in Hanoi on Saturday.

The project’s revival follows a resolution unanimously passed by the National Assembly (NA) on November 30, approving the government’s proposal to restart its construction.

The resolution also mandates the allocation of necessary resources and relies on assessments from relevant agencies to ensure the project proceeds effectively, Tan explained.

According to preliminary reports, the Ninh Thuan nuclear power project is projected to require an investment of billions of U.S. dollars to ensure safe, efficient, and sustainable operations.

The project is meant to provide a green and clean energy source, bolstering national energy security and supporting Vietnam’s commitment to achieving net-zero emissions by 2050, Deputy Minister Tan said.

He noted that a precise cost evaluation is ongoing, as it must account for various factors, including investment scale, operational capacity, selected technologies, and stringent safety requirements.

In 2009, when the government designated state utility Vietnam Electricity (EVN) as the project’s investor, the initial design outlined two plants with a combined capacity of over 4,000 MW, requiring an estimated investment of approximately VND200 trillion (US$7.9 billion).

However, the project was suspended in November 2016 over many concerns about safety, high investment costs, technological issues, and developments in the global energy situation then, according to Pham Van Hoa, a member of the NA’s Law Committee.

Currently, MoIT is advising the government to establish a steering committee, led by the prime minister, to oversee the implementation of the resumed nuclear power project, Tan said.

The committee’s deputy head will be a deputy prime minister, and its members will include representatives from relevant ministries, as well as scientists and nuclear power experts, Tan added.

The official also informed the media that the government is preparing a report to the NA to amend the Law on Atomic Energy, which will help facilitate the revival of the project.

Regarding the project’s site clearance, Tan said that the Ninh Thuan administration must assist in preparing suitable sites, ensuring consensus among local residents, to support the development.

He also insisted on selecting the right investor for the project, noting that MoIT is assisting relevant authorities in this process.

Throughout the project’s development, Tan stressed that both the investor and relevant agencies should consider recommendations from the International Atomic Energy Agency and other organizations.

In summary, Tan stated, “This project is being revived carefully, step by step.”

By Vinh Tho & Ngoc An & Than Hoang – Tuoi Tre News – December 8, 2024