Resolution on special mechanisms for Ninh Thuan nuclear power project investment

The resplution on special mechanisms and policies for investment in the Ninh Thuan nuclear power project ứa approved by the National Assembly on February 19, 2025 (Photo: VNA)

The resolution stipulates several special mechanisms and policies for the development of the project, including the Ninh Thuan 1 and Ninh Thuan 2 nuclear power plants, and component projects, along with some others for the south-central province of Ninh Thuan to support the project implementation.

Notably, the resolution allows simultaneous negotiations with international partners to sign agreements for construction cooperation and credit provision, alongside adjustments to investment decisions, and project approvals.

Regarding the selection of investors and contractors, the resolution specifies that the Prime Minister will designate the project’s investor, while the bidding process for the key contract to build the main plant will be streamlined. Additionally, certain advisory contracts in the preparatory phase will undergo a simplified tendering procedure.

The Prime Minister has the authority to decide on the application of norms and unit prices based on negotiations with the project’s partners.

The investor is exempt from submitting proposals to the state-owned asset management authority for approval of investment project details, capital mobilisation plans, and asset collateral for loans, as stipulated under the Law on Management and Use of State Capital in Enterprises.

For Ninh Thuan province, the resolution specifies that the Government will annually allocate a targeted supplement to local budget, amounting to 70% of the additional revenue generated by the project. However, this amount shall not exceed the total increase in central budget revenue from the previous year’s performance, ensuring no shortfall in central budget revenue.

The province would borrow ODA funds and concessional loans from foreign sources, with the total outstanding debt not exceeding 90% of its budget revenue share, as per the decentralisation system. The total annual loan and budget deficit for the province will be decided by the National Assembly in line with the State Budget Law. An additional 40% of expenditure, based on population standards, will be allocated when setting the regular state budget expenditure norms.

The head of the competent authority is empowered to approve the direct assignment of tenders for consulting, non-consulting, procurement, and construction contracts related to compensation, support, and resettlement work for the project./.