In a statement addressing challenges faced by gas and offshore wind power projects from September 15, the MoIT was instructed to conduct a comprehensive review of the country’s power sources, as outlined in Power Development Plan VIII.

Vietnam is shifting its primary energy base from coal to gas, prioritising domestic production to achieve annual growth rates of 12-15 per cent, ensuring national energy security. In line with this strategy, the MoIT has been tasked with researching the experiences of other nations in nuclear energy development and proposing a roadmap for integrating this energy source into Vietnam’s future energy mix. Based on these findings, the government will present its recommendations to the Politburo for further deliberation and decision-making.

The potential development of nuclear energy is seen as a way to bolster Vietnam’s base load electricity supply and reduce environmental risks, according to the government’s conclusions.

Although nuclear energy is not currently included in the PDP8, the MoIT has referenced the possibility of small modular reactors (SMRs) in draft amendments. SMRs, with a capacity of around 300MW per unit - about a third of traditional nuclear reactors - are an attractive option due to their low-carbon output and shorter construction times of 24 to 36 months. These reactors could enhance the effectiveness of renewable energy sources, support the clean energy transition, and help meet sustainability targets.

Globally, 32 countries use nuclear energy, contributing around 9 per cent of the world's electricity in 2022. Given this, the MoIT suggests that Vietnam explore the feasibility of small modular reactors, including floating nuclear power plants, for future implementation.

Vietnam had previously planned a nuclear power plant in the central province of Ninh Thuan, but the project was suspended under National Assembly (NA) Resolution No.31 in 2016. In 2022, while overseeing the implementation of this resolution, the NA Economic Committee proposed reassessing nuclear energy development based on a thorough, scientific evaluation of energy supply and demand.

The current draft amendment of the Law on Electricity also addresses nuclear energy development. Nuclear power is classified as a new energy source, and the state retains a monopoly on investments in and construction of nuclear power projects, in addition to critical power and grid operations.

The NA Committee on Science, Technology, and Environment, which is reviewing the draft Law on Electricity, noted that Vietnam has the potential to develop nuclear energy and has made initial preparations. With the global shift back towards nuclear energy investment, the development of this energy source is becoming increasingly crucial.

Nuclear power is also considered a vital option for securing energy supply and achieving the government's net-zero emissions target by 2050.

However, the NA Standing Committee advises that nuclear power provisions in the draft law need thorough consideration. The legal framework for nuclear energy should reference the Atomic Energy Law, and the drafting body must provide solid political, scientific, technological, and technical justifications for the development of nuclear power projects.

Source: Vietnam Investment Review