Vietnam Completes Site Review for Ninh Thuan Nuclear Plant 2, Spurs Korea Bid Push

South Korea’s construction industry is stepping up its focus on major infrastructure projects in Vietnam following President Lee Jae-myung’s recent state visit, as expectations grow that Vietnam and the broader Southeast Asian market could open more fully for nuclear power plants and data centers, both still at an early stage in the country.

Foreign media reported on the 28th that the Vietnamese government has completed site surveys and all approval procedures for Unit 2 of the Ninh Thuan nuclear power project.

The Ninh Thuan project, ordered by state utility Vietnam Electricity (EVN), calls for building Units 1 and 2 in Ninh Thuan province with total capacity of 4 to 6.4 gigawatts. Unit 1 is targeted to begin operating in 2030 and Unit 2 in 2035. Russia has secured preferred-bidder status for Unit 1.

Competition for Unit 2 has been reshaped after Japan withdrew, citing construction schedule burdens. Korea Electric Power Corp. recently signed a memorandum of understanding with EVN on cooperation in power infrastructure and is pushing a “one-team” approach as it moves into the bidding. Unit 2 is planned at 2 to 3.2 gigawatts, with project costs estimated at about $22 billion (about 32 trillion won). South Korean firms are seeking an edge by pointing to experience from the Barakah nuclear plant project in the United Arab Emirates and the Dukovany nuclear plant order in the Czech Republic.

Builders are also moving quickly. Daewoo Engineering & Construction created a new Global Infrastructure Division by integrating its overseas business and nuclear units to support expansion in nuclear projects. Hyundai Engineering & Construction and POSCO E&C are also preparing to enter the Southeast Asian nuclear market.

Industry officials see the contest as more than a single contract, calling it a potential bridgehead into Southeast Asia’s nuclear market. Vietnam’s power mix is about 10% gas, 47% coal and 0% nuclear, leaving room for a shift. Under its eighth National Power Development Plan, known as PDP8, the government has set diversification of energy sources, including nuclear, and modernization of power infrastructure as key tasks. Malaysia and Thailand have also formally signaled plans to introduce nuclear power, raising expectations for regional growth.

With energy security drawing more attention after geopolitical risks in the Middle East, demand for nuclear power is also rising, the report said. “Because Southeast Asia’s nuclear market is still in its early stages, this bidding could be a turning point that determines who gains an early lead,” an official at the International Contractors Association of Korea said.
 

Companies also cite accumulated experience in Vietnam as a competitive advantage, built through housing and commercial developments as well as plants, bridges and roads. Daewoo E&C points to its Hanoi Starlake City mixed-use project, where it handled development, investment and construction, as a flagship success. GS Engineering & Construction has expanded its footprint through the Ho Chi Minh City Nha Be new-town development and the refinery and petrochemical plant project known as NSRP.

Data centers are emerging as another growth area. In line with Vietnam’s digital transformation strategy, builders are pursuing projects that combine data centers with urban infrastructure. Daewoo E&C and GS E&C, working with SaigonTel and FPT Corp., respectively, plan to start with data centers of several dozen megawatts and expand in phases, while also pursuing smart city development.

A Daewoo E&C official said Starlake City is a large mixed-use development where central government ministries are expected to relocate and major companies are slated to move in, adding that follow-up projects are being pursued not only in Hanoi but also in key areas including Ho Chi Minh City.




* This article has been translated by AI.

Copyright ⓒ Aju Press All rights reserved.