Russia, Vietnam Sign Agreement on Construction of Nuclear Plant

NIAEP-ASE United Company (part of Russia's Rosatom state nuclear corporation) and Electricity of Vietnam (EVN) signed a Master Framework Agreement in Hanoi for the implementation of the first phase of construction of the Ninh Thuan-1 nuclear power plant, the press service of the Russian company said Monday.

The first nuclear power plant in Vietnam will have two energy units, each with a capacity of 1.2 GW. Russia and Vietnam signed an agreement on the construction of the nuclear power plant in October 2010. Vietnam is due to receive a state loan of $8 billion from Russia to finance the project.

Rosatom intends actively engaging Vietnamese businesses in the project, localizing 30-40 percent of equipment manufacturing and construction.

Hanoi plans to build and bring on stream 13 nuclear power units by 2030 in a move to generate 15 GW of nuclear power capacity, or about 10 percent of the country's total electricity production.