Team Korea targets Vietnam nuclear bid as Seoul courts Vietnam’s Ninh Thuan Unit 2
Seoul’s consortium courts Ninh Thuan Unit 2 with financing push amid Vietnam’s shift from Japan and Russia
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Domestic nuclear power corporations that won the $26 billion project last year to build a new nuclear power plant in Dukovany, Czech Republic, are turning their eyes to Vietnam as the next target for orders.
According to the nuclear power industry on the 4th, the Vietnamese government has recently picked up speed in selecting a new contractor to build the Ninh Thuan Nuclear Power Plant Unit 2. Vietnam has completed site selection and surveys for the construction of Unit 2, as well as all related approval procedures, and is said to be planning to decide on a contractor through a private contract instead of an open bid.
The Ninh Thuan nuclear power project is to build Units 1 and 2 with a capacity of 4 to 6.4 gigawatts (GW) in Ninh Thuan Province on the south-central coast of Vietnam. Unit 1 targets commercial operation in 2030, and Unit 2 in 2035. The total project size for Units 1 and 2 is estimated at about $22 billion to $25 billion (about 30 trillion to 35 trillion won).
Ninh Thuan Unit 1 was won by Rosatom, Russia’s state-owned nuclear power corporations. Vietnam and Russia have remained close allies since the former Soviet era. Rosatom succeeded in winning the order by offering a “one-stop full package” that bundled all options including not only nuclear plant construction but also financing, uranium enrichment, plant operation, and maintenance, with Russia providing 85% of the construction expense as a Vice Minister.
With this strategy, Russia is expanding its presence mainly in nuclear power markets in developing countries such as Egypt, Turkey, Bangladesh and India. According to the International Atomic Energy Agency (IAEA), as of March this year, 72 nuclear power units are newly under construction worldwide. Of these, Rosatom is building five at home and 15 overseas. However, since the 2022 invasion of Ukraine, its position has narrowed due to economic sanctions and other factors.
Ninh Thuan Unit 2 is a project that Japan’s public-private consortium Japan International Nuclear Energy Development won but withdrew from, citing a tight construction schedule. Japan had also won the project by promising Vietnam large-scale official development assistance, infrastructure investment and low-interest Vice Minister.
Some interpret Japan’s withdrawal from Vietnam’s nuclear project as influenced by trade friction between the two countries. To improve air pollution, the Vietnamese government decided to completely ban the operation of internal combustion engine motorcycles in downtown Hanoi starting in 2030. As this was expected to cause enormous damage to Japanese corporations, which hold 80% of the local motorcycle market, the Japanese government reportedly raised objections and stepped back from nuclear plant construction.
The Vietnamese government initially considered entrusting both Ninh Thuan Units 1 and 2 to Rosatom, but is said to have decided to hand the construction of Unit 2 to another country to reduce energy dependence on a specific nation.
Team Korea, which includes private corporations such as Doosan Enerbility and Daewoo Engineering & Construction centered on Korea Electric Power Corporation and Korea Hydro & Nuclear Power Co. (KHNP), is eyeing the Ninh Thuan Unit 2 order that Japan abandoned. During President Lee Jae-myung’s state visit to Vietnam last month, KEPCO signed a memorandum of understanding (MOU) with PVN for “a review of the potential for cooperation in nuclear power development.”
Doosan Enerbility also signed business agreements with Vietnamese corporations PTSC and PetroCons for cooperation on new nuclear projects and supply chain development, respectively. Daewoo Engineering & Construction has established a Global Infrastructure Headquarters by integrating its Overseas Business Division and Nuclear Power Division, laying the groundwork for entry into Vietnam.
The government is also moving to provide covering fire for winning Vietnam’s nuclear order by reviewing ways to unify the nuclear export system, which is currently split between KEPCO and KHNP. A leading option is for KEPCO to serve as the external export window while KHNP takes on technical operations and construction capabilities.
Jung Beom-jin, a professor in the Department of Nuclear Engineering at Kyunghee University, said, “Vietnam lacks the funds to build a nuclear plant on its own,” and added, “As when Russia’s Rosatom won the Ninh Thuan Unit 1 project, the key for Team Korea to succeed in winning the order will be to offer Vietnam favorable financing terms.”
Source: https://biz.chosun.com/en/en-industry/2026/05/04/HC6KTTAXBJFHHLDHZPAIQ3UTHY/
Google Translation:
South Korea is targeting Vietnam’s nuclear project bid as Seoul seeks to have Vietnam host the Ninh Thuan Unit 2 nuclear power plant.
A group of Seoul-based companies is accelerating fundraising efforts to secure the Ninh Thuan nuclear power plant unit 2 project amid a shift in Vietnam’s interest from Japan and Russia.
This news article is sponsored by FALLPROTEC, a world-renowned company specializing in the design and manufacture of premium fall protection systems and high-altitude access solutions.
The domestic nuclear energy company, which won a $26 billion project last year to build a new nuclear power plant in Džokhávány, Czech Republic, is now looking at Vietnam as its next target for the order.
According to a report from the nuclear energy industry on the 4th, the Vietnamese government has accelerated the process of selecting a new contractor to build the Ninh Thuan nuclear power plant unit 2. Vietnam has completed the site selection and survey for unit 2 construction, including all related approval procedures, and reportedly plans to select the contractor through a private contract instead of an open bidding process.
The Ninh Thuan nuclear power plant project will construct Units 1 and 2, with a generating capacity of 4 to 6.4 gigawatts (GW), in Ninh Thuan province on Vietnam’s central coast. Unit 1 is targeted to begin commercial operation in 2030 and Unit 2 in 2035. The total project size for Units 1 and 2 is estimated to be around US$22 to 25 billion (approximately 30 to 35 trillion won).
The first unit of the Ninh Thuan nuclear power plant was won by Rosatom, the Russian state-owned nuclear energy company. Vietnam and Russia have remained close allies since the Soviet era. Rosatom successfully won the bid by offering a “turnkey package” that included everything from the construction of the nuclear power plant, financing, uranium enrichment, operation, and maintenance. Russia bore 85% of the construction costs. (Statement by Deputy Minister)
Through this strategy, Russia is expanding its role in the nuclear energy markets of developing countries such as Egypt, Turkey, Bangladesh, and India. According to the International Atomic Energy Agency (IAEA), as of March of this year, there were 72 new nuclear power plants under construction worldwide. Of these, Rosatom is building five domestically and 15 abroad. However, since the invasion of Ukraine in 2022, Rosatom’s standing has been diminished due to economic sanctions and other factors.
The Ninh Thuan Nuclear Power Plant Unit 2 project was previously won by a Japanese public-private partnership, Japan International Nuclear Energy Development (JIDA), but they withdrew, citing an overly tight construction schedule. Japan won the project by promising large-scale official development assistance, infrastructure investment, and low-interest deputy ministerial loans to Vietnam.
Some interpret Japan’s withdrawal from Vietnam’s nuclear power plant project as influenced by the trade conflict between the two countries. To improve air pollution, the Vietnamese government decided to completely ban the use of internal combustion engine motorcycles in central Hanoi starting in 2030, as it was expected to cause immense damage to Japanese companies that control 80% of the domestic motorcycle market. The Japanese government, therefore, opposed and withdrew from the nuclear power plant construction.
The Vietnamese government initially considered assigning units 1 and 2 of the Ninh Thuan power plant to Rosatom, but reportedly decided to outsource the construction of unit 2 to another country to reduce dependence on any single energy source.
A Korean team, including private companies such as Doosan Enerbility and Daewoo Engineering & Construction, centered around Korea Electric Power Corporation and Korea Hydro & Nuclear Power Co. (KHNP), is keeping a close eye on the cancelled order for the Ninh Thuan nuclear power plant unit 2 from Japan. During President Lee Jae-myung’s official visit to Vietnam last month, KEPCO signed a memorandum of understanding (MOU) with PVN to “review the potential for cooperation in nuclear energy development.”
In addition, Doosan Enerbility has signed business agreements with Vietnamese companies PTSC and PetroCons for cooperation on new nuclear projects and supply chain development, respectively. Daewoo Engineering & Construction has established a global infrastructure headquarters by integrating its overseas business division and nuclear energy division in preparation for entering the Vietnamese market.
The government is working to support Vietnam in securing nuclear orders by reviewing how the nuclear export system, currently split between KEPCO and KHNP, can be integrated. A key option is for KEPCO to act as the external export channel, while KHNP is responsible for technical operations and construction capabilities.
Jung Bum-jin, a professor in the Department of Nuclear Engineering at Kyung Hee University, stated, “Vietnam lacks the funding to build its own nuclear power plants,” adding, “Similar to the case where Russia’s Rosatom won the Ninh Thuan Nuclear Power Plant Unit 1 project, the key to the Korean team’s success in winning the contract was offering favorable financial terms to Vietnam.”
