This policy opens up major opportunities, but it also raises questions about the gap between expectations and reality. After nearly a decade on hold, Vietnam’s nuclear power program is returning with the most concrete steps ever taken. And two power consulting stocks — TV2 and TV1 — have immediately heated up in response.
The Vietnam–Russia Agreement and a Mega-Project Back on Track
On March 23, 2026, Vietnam and Russia officially signed an intergovernmental agreement on cooperation to build the Ninh Thuan 1 Nuclear Power Plant, using Rosatom’s VVER-1200 reactor technology.Tuoi Tre The total planned capacity for both Ninh Thuan 1 and Ninh Thuan 2 reaches 4,000–6,400 MW, with estimated total investment of approximately $22 billion.Nguoi Quan Sat
Earlier, on March 14, 2026, the Government issued Resolution 46/NQ-CP assigning the Ministry of Finance to lead the appraisal of the adjusted investment policy for the Ninh Thuan 1 project, with the aim of completing the dossier for National Assembly review at the first session of the XVI Legislature, opening on April 6, 2026.Government Portal According to the roadmap, this is the most critical legal milestone — the National Assembly’s decision will shape the entire implementation timeline going forward.
TV2 and TV1 — Early Movers in a Billion-Dollar Project
The consulting bid for the adjusted pre-feasibility study was awarded to a consortium comprising the Institute of Energy, Power Engineering Consulting Joint Stock Company 1 (TV1 — PECC1, UPCOM-listed), and Power Engineering Consulting Joint Stock Company 2 (TV2 — PECC2, HOSE-listed). The contract value is VND 8.35 billion, with a 120-day implementation period.Bao Dau Thau
TV2 (PECC2) is Vietnam’s largest power consulting firm, operating within EVN’s ecosystem — the very entity appointed as the investor for Ninh Thuan 1. This “insider” position gives TV2 a significant advantage in securing subsequent consulting, construction supervision, and project management contracts. In terms of business results, TV2 achieved after-tax profit of VND 95.41 billion in 2025, completing 173% of its target, with Q4 revenue of VND 536.75 billion — up 20.9% year-over-year.Vietstock
TV1 (PECC1) is UPCOM-listed with a smaller scale, at a market cap of approximately VND 1,000 billion. TV1’s liquidity is considerably lower than TV2’s, averaging just 100,000–150,000 shares per session, which means sharper price swings but difficulty executing large trades.
The stock market reaction clearly reflects expectations. TV2 closed the March 30 session at VND 39,200, up approximately 11% in just one trading week. TV1 kept pace at VND 39,000, up nearly 10% over the same period.
The VND 8.35 Billion Contract — Where Is the Real Value?
Investors need to face the numbers squarely: the pre-feasibility consulting contract is worth just VND 8.35 billion — an extremely small figure compared to TV2’s market cap (VND 2,600 billion) or TV1’s (VND 1,000 billion). The direct contribution to short-term revenue and profit is negligible.
However, the real value of this contract lies in strategic positioning. TV2 and TV1 are planting their flag early in a multi-billion-dollar mega-project, building competitive advantage for far larger contracts in subsequent phases: feasibility studies, construction supervision, and project management. Over the next 3–5 years, if the project stays on schedule, the value of these contracts could reach hundreds of billions to trillions of VND — that is the real long-term target.
The Nuclear Value Chain — Stocks to Watch
Beyond TV2 and TV1, the nuclear power plant value chain extends across multiple sectors:
- Industrial construction/EPC: CTD (Coteccons), VCG (Vinaconex), PC1, HUT — large-scale infrastructure contractors who will benefit when the project enters the construction phase.
- Steel and materials: HPG (Hoa Phat), HSG, NKG — demand for construction materials for a nuclear power plant is enormous.
- Ports and logistics: GMD, VSC, CDN — transporting oversized equipment from Russia to Ninh Thuan requires specialized logistics capabilities.
- Energy: POW, GAS — indirect beneficiaries of national power infrastructure expansion.
Risks — How Far Ahead Are Expectations Running?
Schedule delays are the primary risk. History shows that nuclear power projects globally are frequently delayed and suffer cost overruns. The Ninh Thuan project itself was initially approved in 2009, suspended in 2016, and is only now being restarted. The earliest projected construction start is 2028–2029, with commercial operations in 2030–2035 — meaning real cash flows are at least 3–4 years away from investors.
Expectations are already priced in. TV2 stock rose over 11% in a single week, while the actual contract value is just VND 8.35 billion. Investors “buying expectations” need to stay clear-eyed about correction risk when reality has not yet caught up.
Dependent on the National Assembly. Everything hinges on the decision at the April 2026 session. If the appraisal process extends or policy changes occur, the project timeline will be directly impacted.
A Long-Term Play, Following the Roadmap
The Ninh Thuan nuclear power project is a 5–10 year investment story, not a short-term trading opportunity. TV2 and TV1 hold clear positional advantages within the value chain, but real cash flows remain distant. Investors should closely monitor the National Assembly session in April 2026 — it will be the most important litmus test for nuclear power expectations this year. Over the next 3–5 years, if the roadmap holds, companies at the top of the consulting chain like TV2 will benefit the most. But for now, patience and risk management are the appropriate strategy.
