The Ministry of Industry and Trade has been commissioned to undertake a comprehensive study of nuclear power development across various nations.

This research aims to craft a proposal for integrating nuclear technology into Vietnam's energy matrix in the forthcoming years. The directive came from the Government Office, following the conclusions presented by the Permanent Government at a pivotal meeting which addressed challenges in the gas and offshore wind power sectors.

This strategic move is underscored by global economic forecasts which suggest that Vietnam's economy could surge by over 7% if the Federal Reserve lowers interest rates.

In response, the Permanent Government has called for a rapid assessment of all energy sources under the Power Development Plan VIII, advocating a shift from coal to gas, with an emphasis on boosting domestic production to achieve an annual power growth rate of 12-15%, while simultaneously securing national energy sovereignty.

A key focus of this initiative is the exploration of nuclear power, prompted by the need to bolster base load power and minimize environmental impacts.

The Ministry of Industry and Trade is set to report its findings and recommendations on nuclear power development to the Politburo, ensuring that any proposed strategies align with national interests and global best practices.

The ministry is also deeply engaged in addressing legal hurdles that impede the implementation of power projects. There is an ongoing effort to finalize amendments to the Electricity Law, aiming to refine and incorporate effective strategies from its predecessors and current regulatory frameworks.

The complexity of legal content, laden with numerous variables, has led to a methodology of establishing fundamental principles within the law, delegating the government the authority to delineate specifics such as pricing and technical standards.

Moreover, the Ministry of Industry and Trade has been instructed to scrutinize legal barriers within several legislative domains, including the Investment Law, Bidding Law, and laws concerning environmental and maritime resources, to foster a conducive environment for developing power projects.

Previously, the ministry had circulated a draft report seeking feedback on the feasibility of incorporating small modular reactors, including floating nuclear power plants, into Vietnam's energy strategy.

These reactors, which offer about 300 MW per unit - approximately a third of the capacity of traditional nuclear reactors - are seen as advantageous due to their scalability and the global trend towards adopting such innovations.

While the Power Development Plan VIII currently does not include nuclear power, the prevailing benefits and the international momentum towards small modular nuclear technologies suggest that Vietnam could significantly benefit from such an integration, potentially setting a precedent for future energy solutions within the region.

Tam An