After years on hold, Vietnam’s Ninh Thuận NPP project is officially resuming, backed by an initial investment of more than VND1,300bn ($49.6m) from Vietnam Electricity (EVN). This comes after the National Assembly in November 2024 passed a resolution allowing resumption of the project, which was halted in 2016.
The investment was published in EVN’s audited consolidated financial report for 2024, which showed that the group is entering a new phase of expansion. Total investment for the year reached more than VND102.7trn – almost four times more than in 2023. The Ninh Thuận nuclear project is among EVN’s key strategic priorities paving the way for renewed implementation.
Following two consecutive years of heavy losses, EVN made a strong turnaround in 2024. Net revenue rose to VND580.5trn, up 16% year-on-year. After-tax profit reached VND8.24trn, marking a significant recovery from a record loss of over VND26.77trn in 2023. Operating profit also swung back to positive at VND13trn compared with a deficit of nearly VND20trn the previous year.
EVN attributed the recovery to three key factors: lower input costs, particularly due to favourable hydrological conditions that enabled more efficient hydropower generation; more rational adjustments to electricity selling prices; and stable output from other power sources, such as thermal and renewable energy.
Nevertheless, EVN still reported an accumulated loss of over VND38.7trn by the end of 2024, as it continued to offset previous years’ deficits. Total liabilities stood at VND474.6 trillion, accounting for around 70% of the group’s total capital, with long-term debt amounting to VND278.9trn. The debt-to-equity ratio remained high at over 2.3 times, despite improved operating cash flow.
EVN’s decision to reinvest in the nuclear project underscores its long-term strategic vision and reflects broader expectations for Vietnam’s energy sector to undergo a major transformation. The move comes amid surging electricity demand and an increasingly urgent need to secure national energy security.
