Korea has been named as the preferred bidder to build a nuclear power plant in Vietnam worth US$20 billion. Korea's Ministry of Knowledge Economy announced on Wednesday that President Lee Myung-bak and Vietnamese Prime Minister Nguyen Tan Dung signed a pact for additional cooperation to develop nuclear power plants in Vietnam for peaceful purposes.
The two countries will start a one-year feasibility study as early as next month for the construction of a Korean-developed nuclear power plant. When that is finished, an official deal will be signed after approval from the Vietnamese parliament.
Vietnam plans to build 10 nuclear power plants with 1 million kW capacity by 2030. Russia won the order for the first two plants and is close to breaking ground, while Japan is carrying out feasibility studies for the third and fourth plants. With the latest agreement, Korea seems to stand a good chance to win the bid for the remaining four. Vietnam plans to place additional orders by 2015.