Vietnam held talks with South Korea’s KEPCO as it seeks foreign partner for second nuclear plant
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Citing positive initial discussions, it said cooperation was possible between Petrovietnam and South Korea’s Korea Electric Power Corporation.
PHOTO: REUTERS
- Vietnam will select a foreign partner by the third quarter to co-develop its second nuclear power plant, Ninh Thuan 2, with a capacity of up to 3.2 gigawatts.
- South Korea’s Korea Electric Power Corp is a potential partner, expected to transfer at least 30% of nuclear technology and provide low-interest loans below 3%.
- Vietnam already chose Russia’s Rosatom for its first nuclear plant, after Japan withdrew due to tight timelines, aiming to boost power capacity by 2035.
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HANOI – Vietnam will pick a foreign partner in the third quarter for the development of its second nuclear power plant, the Ministry of Industry and Trade said on July 3.
The South-east Asian manufacturing hub is seeking to increase its power generation capacity to support its fast-growing economy, and nuclear power is expected to be in the mix by 2035.
The foreign partner would jointly develop the Ninh Thuan 2 nuclear power plant with a capacity of up to 3.2 gigawatts with state energy firm Petrovietnam, the ministry said in a statement.
Citing positive initial discussions, it said cooperation was possible between Petrovietnam and South Korea’s Korea Electric Power Corporation (KEPCO).
The foreign partner would have to commit to transfer at least 30 per cent of its nuclear power technologies to Vietnam, the ministry said.
The foreign partner would also have to arrange a special loan with an annual interest rate of below 3 per cent, and train staff for the project, according to the ministry.
Japan in December said it had dropped out of plans to build the plant because the time frame was too tight.
Vietnam has already chosen Russia’s state nuclear energy corporation Rosatom for the development of its first nuclear power plant, Ninh Thuan 1.
Vietnam and Russia in March signed an inter-governmental agreement for that plant. REUTERS
