Vietnam Splits Ninh Thuan Nuclear Project, EVN-Rosatom and Petrovietnam-KEPCO

Overview

Vietnam’s National Assembly passed a resolution on August 24, 2026, to split the Ninh Thuan nuclear power project—the country’s first—into three independent projects. The move creates a “three-legged stool” structure: EVN leads Plant 1 with Russia’s Rosatom, Petrovietnam leads Plant 2 with Korea’s KEPCO, and Khanh Hoa province handles resettlement. This legal separation aims to accelerate progress by allowing each project to proceed independently.

Key Facts

• The National Assembly approved the split on August 24, 2026, at the first extraordinary session of the 16th legislature.
• The project is divided into three independent projects: resettlement (led by Khanh Hoa province), Plant 1 (EVN with Rosatom), and Plant 2 (Petrovietnam with KEPCO).
• EVN signed an Intergovernmental Agreement (IGA) with Russia’s Rosatom in March 2026, using VVER-1200 reactor technology.
• Petrovietnam signed a Memorandum of Understanding (MOU) with Korea’s KEPCO in April 2026 for nuclear cooperation.
• The total investment for the nuclear program is estimated at USD 20 billion.
• The resolution replaces the 2009 Resolution 41/2009/QH12, which had approved the program as a single combined project.
• A Steering Committee for nuclear power plant construction will oversee all three projects.

What Happened

On the afternoon of August 24, 2026, the National Assembly passed a draft resolution to split the Ninh Thuan nuclear power project into three independent projects. This was announced by EVN on August 25, citing Finance Minister Ngô Văn Tuấn. The restructuring is designed to create a separate legal basis for each project, allowing procedures to proceed without mutual dependency, thereby speeding up implementation.

The three projects are: (1) compensation, support, and resettlement, led by the People’s Committee of Khánh Hòa province; (2) Ninh Thuan 1 Nuclear Power Plant, with EVN as investor, cooperating with Russia’s Rosatom under an IGA signed in March 2026, using VVER-1200 technology; and (3) Ninh Thuan 2 Nuclear Power Plant, with Petrovietnam as investor, which has opened cooperation opportunities with global energy giants like KEPCO of South Korea, following an MOU signed in April 2026. All projects fall under the management of the Steering Committee for nuclear power plant construction.

Market Context

This policy shift comes as Vietnam accelerates its energy transition. The affected tickers include POW (Petrovietnam Power Corporation, HOSE) and GAS (Petrovietnam Gas, HOSE). POW closed at VND 13,100 on August 28, 2026, while GAS closed at VND 84,200. The nuclear project’s progress could influence sentiment in the energy sector, though direct financial impact on POW and GAS remains indirect at this stage. The broader Vietnamese market has shown interest in infrastructure and energy megaprojects, as evidenced by recent developments in high-speed rail and other large-scale initiatives.

Strategic Significance

For long-term investors, the split of the Ninh Thuan project signals Vietnam’s commitment to nuclear energy as a pillar of its power mix. The involvement of Rosatom and KEPCO brings proven technology and international expertise, potentially reducing execution risks. For Petrovietnam, leading Plant 2 could strengthen its role in the national energy strategy, potentially benefiting its listed subsidiaries like POW and GAS through increased demand for gas and power infrastructure. However, the timeline for construction and operation remains long, and the financial impact on these tickers is not yet clear.

What to Watch

• Finalization of engineering, procurement, and construction (EPC) contracts for both plants.
• Updates on site preparation and resettlement progress in Khánh Hòa province.
• Any changes in the investment capital structure or financing plans for the USD 20 billion program.
• Regulatory approvals for technology transfer and safety certifications.
• Quarterly earnings reports from POW and GAS for any signs of increased activity related to the nuclear project.