Grabbing the Vietnam Nuclear Energy Market

Nuclear Power Plant. Image from wikipedia

American firms have urged the US Congress to ratify the Vietnam-US cooperation agreement in the nuclear sector in order to create more jobs, and Russia and Japan have signed nuclear cooperation agreements with Vietnam….  [T]he Vietnamese and US representatives signed a Vietnam-US nuclear cooperation agreement in Hanoi on May 6, 2014 (Agreement 123)….

The US Nuclear Energy Institute (NEI) and the US nuclear energy firms have unanimously urged the US Congress to ratify the agreement soon, emphasizing that the strengthened cooperation with Vietnam in the sector would help boost exports and create more jobs.  The US firms can expect to earn $10-20 billion from the deals with Vietnam.

Vietnam plans to produce 10,000 MW  of nuclear electricity by 2030. It is believed to be the second largest nuclear power market in East Asia following to China, while market value is expected to reach $50 billion in the next two decades.  According to the World Nuclear Association (WNA), rapid modernization in Vietnam has led to a sharp increase in the demand for electricity, estimated to increase by 10-15 percent per annum.  David Durham from GE Hitachi Nuclear Energy (GHE) has warned that if the US Congress does not ratify the agreement, US firms will lose the lucrative market of Vietnam.

Excerpts from Vietnam nuclear power market eyed by three major countries, VietNamNet Bridge, Sept. 7, 2014

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