The Philippines and Vietnam are emerging as frontrunners among Association of Southeast Asian Nations (ASEAN) states in readiness for a nuclear power program, with Manila aiming to have operational nuclear plants generating at least 1,200 megawatts (MW) by 2032, according to a commentary by BMI, a Fitch Solutions Company.
The report identifies the Philippines and Vietnam as leaders in regional nuclear development. The Philippine government’s commitment to nuclear power deployment is led by the need to meet rapidly growing energy demand and reduce reliance on fossil fuels, BMI noted.
The country’s historical capabilities and experience, evidenced by the presence of Southeast Asia’s only existing, though never operational, nuclear power plant in Bataan province, could accelerate deployment.
BMI cites the Philippines’ “regulatory maturity,” given its status as a signatory to all major safety, security, safeguards and liability instruments within the international nuclear governance framework. This, combined with “concrete policy support and established institutional capacity,” positions the Philippines as the leader in ASEAN’s nuclear race, BMI said. This followed an encouraging assessment from the International Atomic Energy Agency (IAEA) on its nuclear power program in December of last year.
Malaysia, however, was noted as a market to watch, with potential for accelerated deployment supported by institutional experience, political stability and funding capacity. BMI described Malaysia as an attractive and increasingly promising market, driven by strong data center demand that will necessitate round-the-clock power, for which renewables and storage are expected to fall short, creating a compelling case for nuclear baseload generation.
Malaysia already has prior nuclear planning experience and a Nuclear Energy Program Implementing Organization (NEPIO) foundation, putting it a step ahead in nuclear program development compared to other markets.
The country also boasts the advantage of political stability and stronger government funding capability for the high capital expenditures required for nuclear projects, in addition to signing an agreement with the United States to bolster strategic civilian nuclear cooperation on July 10, 2025.
Indonesia, Thailand, and Singapore were cited as less mature in their progress toward establishing a nuclear power program but are also making progress.
The report concluded that nuclear power is viewed as a long-term solution in Asia to deliver clean power, ensure baseload generation, and enhance energy security. There is particular growing interest in Small Modular Reactors (SMRs), which are seen as a safer, more flexible alternative to traditional large-scale nuclear power plants and a complement to renewables.
