The Government Standing Committee has asked the Ministry of Industry and Trade to study other countries' experience in developing nuclear energy to serve Việt Nam's own future implementation.

This was part of the summary of the Government Standing Committeet's conclusions from a meeting on resolving difficulties for gas power and offshore wind power projects.

The notice cites assessments and forecasts from global economic research organisations, suggesting that if the US Federal Reserve (the Fed) reduces interest rates, Việt Nam's economy could grow at a rate of over seven per cent in the coming months.

Therefore, the Government Standing Committee has requested the Ministry of Industry and Trade to urgently review all power sources in the implementation plan for Việt Nam's Power Development Plan VIII.

This is the plan to shift the primary energy source from coal to gas, prioritising domestic production to achieve an electricity growth rate of 12-15 per cent per year, while ensuring national energy security.

The ministry was also told to study the experiences of other countries in nuclear power development to help development in Việt Nam. This would supplement the country's energy base and minimise environmental risks, with a report to be submitted to the Politburo for consideration and decision.

Along with this, the ministry must also focus intensively on reviewing legal obstacles in energy project implementation and urgently complete the revised Electricity Law. This revision should incorporate provisions that have already been clarified and proven effective in previous Electricity Laws, as well as regulations in decrees and circulars. These should be studied for inclusion, updating the current draft law.

For unclear provisions with unknown variables, the study should focus on establishing principles in the law, while assigning the Government the task of setting specific regulations, such as pricing and technical standards.

The Government Standing Committee also requested that the Ministry of Industry and Trade review related legal obstacles in the development of power projects, to study and propose solutions. These proposals will be submitted to the Ministry of Planning and Investment for inclusion in a multi-law amendment project covering Investment Law, Bidding Law, Marine Resources and Island Environmental Protection Law, Việt Nam Maritime Law and Construction Law.

Previously, in a document sent to ministries and related parties asking for feedback on the draft report to the Prime Minister on the assessment of Power Development Plan VIII, the Ministry of Industry and Trade considered the possibility of researching solutions for developing small modular reactor (SMR) nuclear energy, including floating nuclear power plants.

The Power Development Plan VIII currently does not include provisions for developing nuclear power sources in Việt Nam.

However, the ministry believes that with the benefits and favourable conditions of SMR nuclear energy (with a capacity of about 300 MW per unit, roughly one-third of the capacity of traditional nuclear power reactors, which can be built in 24-36 months), combined with the fact that many countries are developing this energy source, Việt Nam may consider researching solutions for SMR nuclear energy development, including floating plants.

To date, 32 countries in the world are using nuclear power and nuclear power currently accounts for 9.1 per cent of the total generated capacity in 2023.

In the draft amended Electricity Law currently open for public consultation, nuclear power is mentioned as a new energy source, with the State having exclusive rights to invest in and construct such projects.

According to the National Assembly's Committee on Science, Technology and Environment (the body responsible for reviewing the draft law), some experts believe Việt Nam has the potential to develop nuclear power and has made initial, basic preparations in recent years.

As the world is returning to nuclear investments, developing this energy source has become increasingly important. Nuclear power is viewed as a solution to ensure energy security and to achieve net zero by 2050.

In the past, there was a plan to build a 4,000 MW nuclear power plant in a locality in the south-central province Ninh Thuận, but due to various differing opinions, especially following the disaster at nuclear plant Fukushima in Japan in 2011 and the then 'economic conditions of the country' per a Government official, the project was halted by parliament in 2016.

Six years later, during discussions on this issue, the National Assembly’s Economic Committee suggested reconsidering the development of this energy source based on a comprehensive, scientific and accurate assessment of the current energy situation and future supply-demand projections.