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U.S. to transfer nuclear technology to Vietnam

Staff writer |
The United States and Vietnam signed a deal that would allow the transfer of nuclear technology to Vietnam and open the way for U.S. investment in the industry.

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U.S. Secretary of State John Kerry said the U.S.-Vietnam Civil Nuclear Cooperation Agreement would allow U.S. firms to tap Vietnam's future nuclear power market, although the State Department said the deal will not allow Vietnam to enrich or reprocess U.S.-origin nuclear materials.

"This agreement will create numerous opportunities for our businesses. Obviously our nuclear cooperation is quite significant," Mr. Kerry said.

Vietnam is working with Russia 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 deal will be submitted to U.S.

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