Vietnam, US benefit from the civil nuclear cooperation agreement

Sunday, November 2, 2014 | 16:04:27

(VOVworld) – Vietnam and the US will benefit from the Vietnam-US civil nuclear cooperation agreement or the 123 Agreement when it comes into effect. Vietnam and US’s related agencies have exchanged documents to confirm the implementation of the agreement. Based on section 123 of the US Atomic Energy Act of 1954, titled “Cooperation with other nations”, the agreement will pave the way for US enterprises to access a nuclear power market worth up to 50 billion USD in Vietnam. It also creates condition for Vietnam to get access to the US’s advanced nuclear technology to implement domestic nuclear development projects.

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Carol Berrigan, Director of the US’s Nuclear Energy Institute (Photo: VOV)

Carol Berrigan, Director of the US’s Nuclear Energy Institute, talked about the prospects for bilateral cooperation that the 123 agreement would bring about: "I think the agreement between the US and Vietnam is an excellent opportunity for both countries to develop a safe and security nuclear program. In the US, we are operating hundreds of nuclear power plants, we have excellent safety records. I think this is a good opportunity for US vendors and suppliers to work with you and share the things we learn from operating nuclear plants to Vietnam".

The US’s Department of Commerce estimated that Vietnam’s nuclear power market will bring US enterprises from 10 to 15 billion USD in benefit and create more than 50,000 jobs in this field.

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Vice Chairman of Westinghouse Jeff Benjamin (Photo: VOV)

Vice Chairman of Westinghouse, Jeff Benjamin, said: "Vietnam is a very important market for us in the Far East. All US nuclear companies have strong interest in Vietnam because we think Vietnam have taken very fast approach to considering the deployment of nuclear energy. It gives our market participants confidence that the program is put in the right way. Second, we think there is a strong need and peaceful use of nuclear energy in Vietnam as well".

Benjamin said Vietnam-US civil nuclear cooperation not only focuses on technology but also helps develop high-quality human resource for Vietnam.