Medvedev's Vietnam Visit Brings Accord to Build First Nuclear Power Plant
Russia agreed to build Vietnam’s first nuclear power plant in a ceremony in Hanoi presided over by Russian President Dmitry Medvedev as he seeks to revive ties with the former Soviet ally.
Sergei Kiriyenko, head of the Russian state nuclear holding company Rosatom Corp., and Vietnam’s Industry and Trade Minister Vu Huy Hoang signed an accord for building two reactors by 2020.
“Our partners took an important political decision to entrust us with construction of Vietnam’s first nuclear power plant,” Kiriyenko told reporters today. “This is the first step.”
Vietnam is developing new sources of energy to end blackouts and meet demand from its 86 million people. The government forecasts economic growth will quicken to as much as 8 percent annually through 2020. Residents of urban areas including Ho Chi Minh City, the nation’s largest, and the capital Hanoi, are subject to periodic daylong power cuts.
Vietnam’s government has picked four sites at which it will build at least four reactors each, Kiriyenko said.
The nuclear plant deal, which was among more than a dozen signed between Russia and Vietnam in Hanoi today, envisages the construction of two reactors with capacity of 1,000 megawatts to 1,200 megawatts each, he said. Once completed, the plant would supply “a significant part of Vietnam’s power market,” Medvedev said.
Hydro-Power Plant
OAO Rushydro, Russia’s biggest renewable energy company, also signed a preliminary agreement with Vietnam Oil & Gas Group, known as PetroVietnam, to build a hydro-power plant in Vietnam during the same ceremony.
The two countries will cooperate on energy and work together on oil and gas projects in Russia, Vietnam and third countries, Medvedev and his Vietnamese counterpart Nguyen Minh Triet said at a briefing.
The deals capped Medvedev’s two-day trip to the Southeast Asian nation, with a delegation that includes OAO Gazprom Chief Executive Officer Alexei Miller and TNK-BP Executive Director German Khan. The focus of the visit was trade, economic relations, investment and cooperation in banking, Sergei Prikhodko, Medvedev’s foreign policy aide, said before the group’s departure.
Russia also planned to complete an agreement supporting the sale of BP Plc’s assets in Vietnam to TNK-BP. Energy Minister Sergei Shmatko said today additional work was needed for the accord to fructify.
To contact the reporter on this story: Anna Shiryaevskaya in Hanoi via the Moscow newsroom at
To contact the editor responsible for this story: Paul Tighe at ptioghe@bloomberg.net
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