Vietnam Courts Russia for Nuclear Plant Revival and Expanded Energy Investment

HANOI – Prime Minister Lê Minh Hưng has urged Russian state-owned energy corporations to deepen cooperation in nuclear power and fossil fuels, specifically seeking to advance the Ninh Thuận 1 nuclear power project and expand oil and gas investments in Vietnam. The high-level discussions took place on Wednesday in Kazan, Russia, on the sidelines of the ASEAN-Russia Commemorative Summit.

During a meeting with Alexey Likhachev, Director General of Russia's State Atomic Energy Corporation (Rosatom), Prime Minister Hưng underscored the four-decade history of bilateral cooperation in atomic energy. He expressed gratitude for Russia's significant contributions, particularly in the operation of the Đà Lạt nuclear reactor. The Prime Minister noted the reactor's vital role in Vietnam’s socio-economic development, citing its supply of radioactive pharmaceuticals for cancer diagnosis and treatment and its function as a training ground for generations of Vietnamese scientists.

Hưng framed the Vietnam–Russia Comprehensive Strategic Partnership, built on a high level of political trust, as the foundation for elevating nuclear energy cooperation to a "long-term strategic pillar" of the relationship.

As an active member of the International Atomic Energy Agency (IAEA), Vietnam prioritises the peaceful application of nuclear energy. In this context, Hưng stated that cooperation with Russia and the implementation of the Ninh Thuận 1 Nuclear Power Plant project are among Hanoi's top priorities.

He formally proposed that Rosatom continue its support in several key areas: extending the operational life of the Đà Lạt reactor during a transitional period, implementing the planned Nuclear Science and Technology Centre in Đồng Nai Province, and enhancing human resource training. The Prime Minister also pushed for increasing the localisation of equipment and optimising investment costs for future projects, urging close coordination to resolve any implementation obstacles promptly.

In response, Likhachev welcomed the Prime Minister on his first visit to Russia, highlighting its importance for the bilateral partnership. He affirmed that Rosatom, a global leader in the field, desires to continue its close work with Vietnamese partners on existing agreements while exploring new areas of cooperation.

Likhachev described the partnership with Vietnam as one of Rosatom's "top priorities." He briefed Hưng on the status of the Ninh Thuận 1 project, calling the signing of the plant's construction agreement a "historic milestone" in bilateral relations. He added that Rosatom is working closely with its Vietnamese counterparts to advance the project.

The Rosatom chief confirmed the corporation's readiness to assist Vietnam in developing a comprehensive nuclear industry, including establishing a modern nuclear centre and training highly qualified specialists. He also pointed to significant potential for collaboration in other sectors, such as renewable energy, high technology, logistics, and Arctic shipbuilding, expressing hope for further discussions to expand these opportunities.

In a separate meeting with S. Kudryashov, general director of the state-owned oil and gas company Zarubezhneft, Prime Minister Hưng commended the firm's contributions to joint exploration and production projects in both Vietnam and Russia, which have bolstered economic and trade ties.

Describing energy cooperation with Russia as a strategic priority for Vietnam, Hưng endorsed Zarubezhneft’s plans to study and expand its investments, including signing new contracts for open blocks on Vietnam’s continental shelf. He stipulated that such projects must ensure investment efficiency, balance the interests of all parties, and comply with Vietnamese law. He also encouraged the company to pursue deeper cooperation in third-country markets.

The Prime Minister called on state-owned Petrovietnam and Zarubezhneft to effectively execute the amended protocols to the intergovernmental agreements governing their joint ventures, Vietsovpetro and Rusvietpetro. He also referenced the intergovernmental agreement on expanding the operational area for geological exploration and oil and gas production on Vietnam’s continental shelf and within Russian territory.

Hưng suggested Zarubezhneft explore long-term, stable cooperation with Vietnamese energy firms in the trading sector to enhance Vietnam’s energy security and self-reliance.

A key proposal from the Prime Minister was for Zarubezhneft to coordinate closely with Petrovietnam and Vietsovpetro to study and finalise a plan for establishing a wind power equipment manufacturing facility and developing a related supply chain in Vietnam.

Furthermore, Hưng urged Zarubezhneft to intensify the operations of the Rusvietpetro joint venture in Russia. This includes expanding its production areas and acquiring additional oil and gas fields and potential blocks adjacent to the Nenetsky area to maximise the use of existing infrastructure and personnel.

Kudryashov affirmed his agreement with the Prime Minister's directives and pledged that Zarubezhneft would work with its Vietnamese partners to implement them. He updated Hưng on the performance of current cooperation projects and outlined the company's development plans.

The Zarubezhneft chief noted that the company would continue to work with Petrovietnam to implement agreements signed during the May 2025 visit to Russia by Party General Secretary Tô Lâm. He also highlighted that Zarubezhneft is currently the largest Russian supplier of coal to the Vietnamese market.

Seeing substantial potential for further energy cooperation, Kudryashov proposed expanding into new sectors, including offshore wind power development, renewable energy projects, and joint ventures in third-country markets.

Concluding the meetings, Prime Minister Hưng assured the Russian executives that the Vietnamese Government would continue to create the most favourable conditions for Zarubezhneft and other Russian energy companies to operate effectively in Vietnam.