VietNamNet Bridge – US-based Lightbridge Corporation’s Executive Chairman, Thomas Graham, met today in Hanoi with Deputy PM Hoang Trung Hai to discuss continued support of that nation's emerging civil nuclear energy program.

Deputy Prime Minister Hai told Graham that Lightbridge's continued advisory support was essential as the government’s agencies develop clean, safe, affordable nuclear energy to support the nation's economic growth.

In meetings with Deputy Minister of Science and Technology, Tran Viet Thanh, and officials at Vietnam Agency for Radiation and Nuclear Safety (VARANS) and the Vietnam Atomic Energy Institute (VINATOM), Graham emphasized the importance of establishing an independent regulatory framework and infrastructure before beginning nuclear power plant construction.

In early October, Lightbridge and VINATOM signed a comprehensive cooperation agreement for consulting services related to the construction and safe operation of Vietnam's Atomic Energy Research Center, including a nuclear research reactor.  The collaboration involves 24 specific activities, including design review and selection of nuclear research reactors, site selection and nuclear security protocols.  Financial terms are subject to further negotiation of the final scope of work.

The Lightbridge/VINATOM agreement is among the first business transactions between the two nations facilitated by the recent U.S.-Vietnam agreement under Section 123 of the Atomic Energy Act. The 123 Agreement, which entered into force on October 3, establishes terms for commercial nuclear trade, and research and technology exchanges.

Work under the five-year, Lightbridge/VINATOM agreement will support Vietnam's nuclear science and technology center, a planned $500 million facility.  The agreement also stipulates support for nuclear quality assurance; research-reactor fuel selection; control-room operations; safeguards, control and accounting of nuclear material; and related training programs.

In August, Lightbridge and VARANS signed a memorandum of understanding that calls for both parties to collaborate in the continued development of administrative, legal and regulatory infrastructure to support Vietnam's civil nuclear energy program.  Lightbridge is the first U.S. company to work with VARANS on Vietnam's nuclear energy program. The parties agreed to the work by Lightbridge after a recent Asia commercial diplomacy trip led by U.S. Secretary of Commerce Penny Pritzker.

Commercial nuclear energy opportunities in Vietnam are estimated at $10 billion and are expected to grow to $50 billion by 2030, according to U.S. Department of Commerce estimates.  

The second largest nuclear power market in Southeast Asia after China, Vietnam has declared its intention to supply more than 10% of national power demand from nuclear by 2030.  Vietnam currently generates 32 GWe of electricity from hydro, coal and natural gas power plants.  

Plans call for construction of four nuclear reactors at two sites beginning later in this decade, plus two additional proposed reactors, according to the most current data compiled by the World Nuclear Association.

Na Son