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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.”