US firm to assist Vietnam in nuclear energy development

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US-based nuclear fuel technology company Lightbridge Corporation announced on August 14 it will join hands with a Vietnamese nuclear safety agency to support Vietnam’s civil nuclear energy programme.

Lightbridge, which offers civilian nuclear technology and nuclear power deployment, today signed a memorandum of understanding with the Vietnam Agency for Radiation and Nuclear Safety (VARANS) on collaboration in the continued development of administrative, legal and regulatory infrastructure to support the Southeast Asian country’s civil nuclear energy programme.

The Virginia-based company is the first US firm to work with VARANS in this area. The cooperation followed a recent Asia commercial diplomacy trip led by US Secretary of Commerce Penny Pritzker, who was on a one-day visit to Vietnam on June 2, according to Lightbridge.

“This understanding recognises Lightbridge’s global expertise in developing effective support infrastructure for non-proliferative, commercial nuclear energy programs and is another important step in Vietnam’s drive to deliver clean, safe, affordable nuclear energy to support the nation’s economic growth,” said Seth Grae, Lightbridge’s President and Chief Executive Officer.

Commercial nuclear energy opportunities in Vietnam are estimated at US$10 billion and are expected to grow to $50 billion by 2030, the nuclear company said in a statement, citing US Department of Commerce figures.

“The second largest nuclear power market in Southeast Asia after China, Vietnam has declared its intention to supply more than 10 per cent of national power demand from nuclear by 2030,” the document reads.

Grae said the understanding provides a framework for Lightbridge’s advisory service team to support VARANS under specific tasks as the Vietnamese agency seeks to implement the best practices in nuclear regulation, licensing, inspection, and education and training activities. Lightbridge has generated more than $52 million in advisory service revenue since 2008.

The Lightbridge CEO was part of a Civil Nuclear Trade Policy Mission, organised by the US Department of Commerce’s International Trade Administration, to Vietnam and China in May 2013.

Lightbridge is developing next generation nuclear fuel technologies for current and future nuclear reactor systems. The company also provides comprehensive advisory services in several countries around the world for established and emerging nuclear programmes.

Established in 1994, VARANS is a regulatory body under the Ministry of Science and Technology, responsible for helping the Minister of Science and Technology in the state management work in radiation and nuclear safety, nuclear security and safeguards, according to its website.

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US-based nuclear fuel technology company Lightbridge Corporation announced on August 14 it will join hands with a Vietnamese nuclear safety agency to support Vietnam's civil nuclear energy programme. Lightbridge, which offers civilian nuclear technology and nuclear power deployment, today signed a memorandum of understanding with the Vietnam Agency for Radiation and Nuclear Safety (VARANS) on collaboration in the continued development of administrative, legal and regulatory infrastructure to support the Southeast Asian country's civil nuclear energy programme. The Virginia-based company is the first US firm to work with VARANS in this area. The cooperation followed a recent Asia commercial diplomacy trip...

Reading Time: 2 minutes

US-based nuclear fuel technology company Lightbridge Corporation announced on August 14 it will join hands with a Vietnamese nuclear safety agency to support Vietnam’s civil nuclear energy programme.

Lightbridge, which offers civilian nuclear technology and nuclear power deployment, today signed a memorandum of understanding with the Vietnam Agency for Radiation and Nuclear Safety (VARANS) on collaboration in the continued development of administrative, legal and regulatory infrastructure to support the Southeast Asian country’s civil nuclear energy programme.

The Virginia-based company is the first US firm to work with VARANS in this area. The cooperation followed a recent Asia commercial diplomacy trip led by US Secretary of Commerce Penny Pritzker, who was on a one-day visit to Vietnam on June 2, according to Lightbridge.

“This understanding recognises Lightbridge’s global expertise in developing effective support infrastructure for non-proliferative, commercial nuclear energy programs and is another important step in Vietnam’s drive to deliver clean, safe, affordable nuclear energy to support the nation’s economic growth,” said Seth Grae, Lightbridge’s President and Chief Executive Officer.

Commercial nuclear energy opportunities in Vietnam are estimated at US$10 billion and are expected to grow to $50 billion by 2030, the nuclear company said in a statement, citing US Department of Commerce figures.

“The second largest nuclear power market in Southeast Asia after China, Vietnam has declared its intention to supply more than 10 per cent of national power demand from nuclear by 2030,” the document reads.

Grae said the understanding provides a framework for Lightbridge’s advisory service team to support VARANS under specific tasks as the Vietnamese agency seeks to implement the best practices in nuclear regulation, licensing, inspection, and education and training activities. Lightbridge has generated more than $52 million in advisory service revenue since 2008.

The Lightbridge CEO was part of a Civil Nuclear Trade Policy Mission, organised by the US Department of Commerce’s International Trade Administration, to Vietnam and China in May 2013.

Lightbridge is developing next generation nuclear fuel technologies for current and future nuclear reactor systems. The company also provides comprehensive advisory services in several countries around the world for established and emerging nuclear programmes.

Established in 1994, VARANS is a regulatory body under the Ministry of Science and Technology, responsible for helping the Minister of Science and Technology in the state management work in radiation and nuclear safety, nuclear security and safeguards, according to its website.

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