Nuclear power deployment: The 'bottlenecks' are gradually being removed

Photo caption — The core area of the Ninh Thuan 1 Nuclear Power Plant construction project formerly located in Vinh Truong village, Phuoc Dinh commune, Thuan Nam district (old). Photo: Cong Thu/VNA

However, there is still a need for more specific mechanisms and synchronous, specific accompanying solutions to be able to complete the target of a minimum nuclear power capacity of 6,000 MW by 2030, meeting the electricity demand for economic growth in the new period.

Resolution "paving the way" for nuclear power

According to Dr. Ngo Duc Lam - former Deputy Director of the Institute of Energy ( Ministry of Industry and Trade ), Resolution No. 55 - NQ/TW dated February 11, 2020 of the Politburo on "Orientation of Vietnam's National Energy Development Strategy to 2030, with a vision to 2045" mainly focuses on promoting renewable energy, in line with global trends, but has not mentioned nuclear power. Meanwhile, Resolution No. 70 is truly a resolution "paving the way" for nuclear power when it clearly states that from now until 2030, Vietnam must soon deploy nuclear power, with a minimum target of 6,000 MW and consider this an important base power source to ensure stable operation of the national power system.

Resolution No. 70 requires urgent implementation of the Ninh Thuan 1 and 2 nuclear power projects, selecting advanced technology and suitable partners, with the goal of putting them into operation in the 2030-2035 period; at the same time, building a flexible nuclear power development program, combining research, mastering technology, and ensuring absolute safety, Dr. Ngo Duc Lam said.

Sharing this view, Dr. Nguyen Quoc Viet, former Deputy Director of the Institute for Economic and Policy Research, University of Economics - Vietnam National University, Hanoi, said that Resolution No. 70 has focused on realizing the roadmap for nuclear power development, including large-scale, national-scale nuclear power such as the Ninh Thuan 1 and Ninh Thuan 2 nuclear power projects as well as small-scale nuclear power. In particular, Resolution No. 70 has pointed out specific mechanisms and specific directions on resources to ensure the implementation of new energy projects, including nuclear power.

Challenges still lie ahead

As a state-owned enterprise assigned by the Prime Minister to be the investor of the Ninh Thuan 2 Nuclear Power Plant Project, Mr. Nguyen Thanh Binh - Head of Electricity and Renewable Energy Department of Vietnam National Energy and Industry Group ( Petrovietnam ) said that one of the biggest challenges is mobilizing capital to implement the project. In fact, the total investment of a 2,000 MW nuclear power plant is estimated to be more than 10 billion USD, exceeding the capacity of domestic enterprises and banks alone, while the risk of capital increase is also a proven reality in many projects around the world.

In addition, the implementation of nuclear power projects also faces challenges in technology selection, safety and supply chain while Vietnam currently does not have a system of contractors and suppliers that meet the standards for nuclear power projects. Petrovietnam has never participated in nuclear power projects, so mastering and managing this specific supply chain is completely new. Therefore, developing a domestic supply chain for the nuclear industry is a long-term problem, requiring synchronous support from ministries, branches, the Government and international partners, Mr. Nguyen Thanh Binh pointed out.

Sharing this view, Dr. To Van Truong - an independent expert on natural resources and environment, the choice of technology is always closely linked to the ability to mobilize capital, because many partners are willing to provide technology if accompanied by a preferential financial package, while without large borrowing resources, it is difficult for Vietnam to organize competitive bidding among supplying countries. In addition, capital for nuclear power is unique: the recovery cycle lasts for decades, high risks, absolute safety requirements and is subject to strict supervision by management agencies, so capital costs are often higher than traditional power projects, Dr. To Van Truong said.

In particular, Petrovietnam lacks experience and specialized human resources in the field of nuclear power - a completely new field that requires specialized knowledge, skills and technical processes. Therefore, building internal capacity, training staff and acquiring international experience are urgent requirements to be able to effectively and safely assume the role of project investor, Mr. Nguyen Thanh Binh emphasized.

There needs to be a specific, synchronous and accompanying mechanism.

According to Mr. Nguyen Thanh Binh, immediately after being assigned as the investor, Petrovietnam established a Steering Committee headed by the Chairman of the Board of Members of Petrovietnam; a Project Investment Preparation Committee to specialize the work. To overcome the challenges identified in the implementation of the Ninh Thuan 2 Nuclear Power Project, Petrovietnam is gradually implementing key solutions, focusing on researching and proposing specific policy mechanisms to implement the project.

In addition, Petrovietnam is coordinating with the Ministry of Finance to negotiate with partners on credit agreements/deals for the Project. The Group is also focusing on developing financial scenarios for the Project in the Pre-Feasibility Study Report (Pre-FS report), based on specific mechanisms approved by the National Assembly and options proposed by partners.

Regarding technology selection, Petrovietnam coordinates with the Ministry of Industry and Trade in negotiating with partners to identify investment and construction cooperation partners for the Project. To ensure human resources for project implementation, Petrovietnam has developed a long-term human resource development project; diversified training channels; built mechanisms and incentive policies to attract and retain a team of well-trained experts and engineers.

In addition, to achieve social consensus, the Group regularly dialogues with people in the project area and implements commitments on local social security, prioritizing the recruitment of local workers so that people can see the practical benefits of the project.

However, in addition to the efforts of businesses, many experts believe that there needs to be more specific mechanisms and synchronous, specific policies to complete the very urgent goal of commercial operation of the Ninh Thuan nuclear power project in the 2030-2031 period because the reality is that the average time to build a nuclear power plant usually lasts from 10-12 years.

According to Dr. To Van Truong, the reality of nuclear power deployment in the world shows that most new nuclear power projects in countries implementing them for the first time rely on preferential loans from technology exporting countries, combined with government guarantees and bilateral support funds. Therefore, Vietnam should invite international contractors with strengths in nuclear power to submit their applications for independent consulting evaluation. However, with limited capital, Vietnam may also be forced to prioritize technology from countries willing to provide loans with transfer packages, so it will also have to follow the common practice of appointing EPC contractors.

Some economic experts also proposed establishing a national nuclear power development fund, creating seed capital from the budget, ODA capital and contributions from energy enterprises; at the same time, there is a mechanism for the Government to guarantee international loans to reduce interest costs, sign long-term power purchase contracts guaranteed by the State to create a stable cash flow for investors. In addition, establishing a credit guarantee fund for nuclear power projects, as well as a mechanism for technology and operational risk insurance, in which the State can co-pay or a mechanism for applying a financial liability ceiling is also a way to limit the impact of force majeure situations.

As planned, the dossiers for adjusting the investment policy of the Ninh Thuan 1 nuclear power project (Vietnam Electricity Group - EVN as the investor) and the Ninh Thuan 2 nuclear power project (Petrovietnam as the investor) are being urgently completed to submit to the competent authority. This will be considered by the National Assembly in the October - November 2025 session for the Ninh Thuan 1 project and by May 2026 at the latest for the Ninh Thuan 2 project. After that, the State Appraisal Council (chaired by the Ministry of Finance) will conduct appraisal and submit to the Prime Minister for approval of the project at the same location in 2026.

Source: https://baotintuc.vn/chinh-sach-va-cuoc-song/trien-khai-dien-hat-nhan-cac-nut-that-dang-dan-duoc-go-20250920163437487.htm