With President Park Geun-hye visiting Vietnam, the anticipation of signing a contract for a nuclear power plant in Vietnam is growing.
According to the Ministry of Trade and Industry on September 8, Vietnam will build at 10 nuclear power plants by 2030. The generation capacity of each plant is over a million kW.
South Korea is working on acquiring a business license for 2 reactors of Vietnam plant number 3. Currently, the Vietnamese government is going through a preliminary feasibility study (Pre-FS). Russia and Japan each have almost secured their licenses for plant numbers 1 and 2, and are awaiting the results on their actual feasibility tests.
Korea jumped into the Vietnamese nuclear power plant construction business in November 2011, when leaders from both countries agreed in a joint declaration to cooperate for the development of Vietnamese nuclear power plants.
In March last year, ministers from two countries signed an intergovernmental agreement for the Pre-FS for Vietnam plant number 3. In June this year, a 5th subcommittee was formed and the electric power companies from both countries have signed the contract for the Pre-FS.
The Pre-FS will take place 18 months from now. Then both countries will work on signing an intergovernmental agreement for the actual feasibility test, once approved by the Vietnamese National Assembly. After the actual feasibility test is passed, the nuclear power plant will be built by 2023.