Russia and Vietnam signed an intergovernmental agreement on March 23, 2026, to cooperate on the construction of Vietnam’s first nuclear power plant. As reported by ALO360, the deal establishes the legal framework for a major energy project that both countries had initially planned more than a decade ago.
The Agreement
Alexey Likhachev, head of Rosatom, signed the agreement with Vietnamese officials in Moscow. The document outlines the terms and main areas of cooperation for implementing the construction project. It foresees the construction of two Russian designed power units with a combined capacity of 2,400 megawatts at Vietnam’s proposed Ninh Thuan nuclear power plant.Likhachev stated: “The agreement would be the foundation for a long term industrial partnership, which will strengthen Vietnam’s energy independence and open up new opportunities for economic growth.”
Energy Context
Pham Minh Chinh, Prime Minister of Vietnam, visited Russia during a period of significant energy disruption. Vietnam has faced major power blackouts as demand from its industrial sector and expanding middle class frequently outpaced supply. The country also experienced strain from more frequent extreme weather events, including droughts and typhoons.
Since the US Israeli war against Iran began in late February, energy costs in Vietnam increased dramatically. The cost of 95 octane petrol and diesel in the manufacturing hub soared by 50 percent and 70 percent respectively. These price spikes sparked fears of fuel shortages around the world and highlighted Vietnam’s vulnerability to energy supply disruptions.
Historical Background
Moscow and Hanoi initially agreed to build the Ninh Thuan 1 atomic power station in 2010. Russia had already received the contract for the project at that time. However, officials in Hanoi suspended the nuclear power program in 2016 over safety and budget concerns. The suspension halted work that had started in central Vietnam during the early 2010s.
Vietnam resumed its nuclear energy program in 2024. The government asked both Japan and Russia to implement nuclear projects. In December 2025, Tokyo decided to drop out of the plans to build a nuclear power plant in the country. This decision left Russia as the primary partner for Vietnam’s nuclear ambitions.
