Vietnam's nuclear program has split: Rosatom won the contract to build the first nuclear power plant, Ninh Thuan 1, while Japan refused to build the second. According to the South Korean publication Chosun, Tokyo's refusal is motivated not only by tight deadlines until 2035 but also by a trade conflict: Hanoi intends to completely ban internal combustion engine motorcycles in the city center from 2030, which will severely impact Japanese corporations Honda, Yamaha, and Suzuki, which control 80% of the local market.
The Russian state corporation offered a "comprehensive package" that includes not only the construction of two power units but also financing, uranium enrichment, operation, and maintenance. This model, according to Chosun, allowed Rosatom to expand its presence in the markets of Egypt, Turkey, Bangladesh, and India, where, according to the IAEA, as of March 2026, the state corporation is building 15 nuclear power units out of 72 under construction worldwide.
The second nuclear power plant may now be built by South Korean companies Doosan Enerbility and Daewoo Engineering & Construction. Vietnam deliberately distributed the projects among different countries to avoid energy dependence on a single supplier. At the same time, Hanoi urgently needs favorable financing conditions, and experts from Kyung Hee University point out that offering comparable credit schemes will be key to the Korean team's success.