Vietnam’s National Assembly approves nuclear power project agreement, marking a key step toward restarting its nuclear energy program

(1) On Monday, the Vietnamese National Assembly approved agreements related to its first nuclear power project. This marks the country's most significant step in the nuclear energy sector since the cancellation of two reactor plans in 2016 due to economic concerns and rising costs.
(2) Vietnam plans to achieve an annual growth rate of at least 10% starting from 2026, while vigorously promoting investment in manufacturing, artificial intelligence, semiconductors, and data centers—sectors with huge electricity demand.
(3) The revised eighth edition of the Power Development Plan requires the nationwide installed capacity to increase from 82.4 GW at the end of 2024 to between 183.3 GW and 236.4 GW by 2030, more than doubling; nuclear power, now back in the plan, will contribute 4 GW to 6.4 GW between 2030 and 2035.