U.S.-Vietnam Nuclear Agreement Opens New Market to American Companies

May 08, 2014 - 5:00pm

Senior Editor, Digital Content

Vietnam is on its way to becoming the first Southeast Asian nation to operate a nuclear power plant, and a new trade agreement will allow American companies to compete for that business.

A nuclear cooperation agreement was signed between the United States and Vietnam and sent to Congress for approval.

According to the Nuclear Energy Institute, the agreement could result in $10 billion - $20 billion in American exports and create as many as 50,000 jobs.

Vietnam’s growing economy requires more electricity. According to the Energy Information Administration, “Vietnam anticipates power demand to more than triple” by 2020. The Associated Press reports that Vietnam intends to build seven nuclear power plants by 2030, offering a new market for the American nuclear industry.

The agreement is “another important step forward in our growing relationship with Vietnam,” said Tami Overby, the U.S. Chamber’s Vice President for Asia. “This agreement would enhance U.S. leadership in this critical area by providing vital safeguards to help ensure that Vietnam embraces the highest standards of nuclear safety and advances international nonproliferation norms.”

Photographer: Tennessee Valley Authority Web Team via Wikimedia Commons. Licensed under a Creative Commons Attribution 2.0 Generic license.

About the Author

About the Author

Sean Hackbarth
Senior Editor, Digital Content

Sean writes about public policies affecting businesses including energy, health care, and regulations. When not battling those making it harder for free enterprise to succeed, he raves about all things Wisconsin (his home state) and religiously follows the Green Bay Packers.