US, Vietnam ink civil nuclear deal
The US and Vietnam are moving to boost cooperation in the energy sector by signing a deal on civilian nuclear power that will allow American firms into the market and commits the Vietnamese to not producing ingredients for atomic weapons.
US Secretary of State John Kerry and his Vietnamese counterpart inked the so-called “123 agreement” on October 10 at the East Asian Summit in Brunei. Under its terms, Vietnam pledges not to enrich its own uranium and instead acquire what it needs on the international market.
Once the US energy secretary and Nuclear Regulatory Commission sign off, the deal will go to President Barack Obama for formal consideration. Once he signs it, Congress will have 90 days to review it. If lawmakers do nothing, the deal will take effect.
Vietnam is currently working with Russia and South Korea to build its first nuclear plant in 2014 for completion in 2020 in the south-central province of Ninh Thuan, as demand for energy grows rapidly in response to economic growth of around 5 percent a year.
It has also signed an agreement with a Japanese consortium to develop a second nuclear power plant in the same province, with two reactors to become operational in 2024-2025.
Vietnam has the second-largest market after China for nuclear power in East Asia, which was expected to grow to $50 billion by 2030, according to Kerry.
The US and Vietnam are moving to boost cooperation in the energy sector by signing a deal on civilian nuclear power that will allow American firms into the market and commits the Vietnamese to not producing ingredients for atomic weapons. US Secretary of State John Kerry and his Vietnamese counterpart inked the so-called "123 agreement" on October 10 at the East Asian Summit in Brunei. Under its terms, Vietnam pledges not to enrich its own uranium and instead acquire what it needs on the international market. Once the US energy secretary and Nuclear Regulatory Commission sign off, the deal will...
The US and Vietnam are moving to boost cooperation in the energy sector by signing a deal on civilian nuclear power that will allow American firms into the market and commits the Vietnamese to not producing ingredients for atomic weapons.
US Secretary of State John Kerry and his Vietnamese counterpart inked the so-called “123 agreement” on October 10 at the East Asian Summit in Brunei. Under its terms, Vietnam pledges not to enrich its own uranium and instead acquire what it needs on the international market.
Once the US energy secretary and Nuclear Regulatory Commission sign off, the deal will go to President Barack Obama for formal consideration. Once he signs it, Congress will have 90 days to review it. If lawmakers do nothing, the deal will take effect.
Vietnam is currently working with Russia and South Korea to build its first nuclear plant in 2014 for completion in 2020 in the south-central province of Ninh Thuan, as demand for energy grows rapidly in response to economic growth of around 5 percent a year.
It has also signed an agreement with a Japanese consortium to develop a second nuclear power plant in the same province, with two reactors to become operational in 2024-2025.
Vietnam has the second-largest market after China for nuclear power in East Asia, which was expected to grow to $50 billion by 2030, according to Kerry.
