Russia to front $1bn for Vietnam’s first nuclear plant

Russia’s state-run VTB Bank, the country’s second largest lender by assets, will grant a $1bn loan to Rosatom civilian nuclear power corporation to build Vietnam’s first nuclear power plant, news agency RIA Novosti reports.

"We are ready to support Rosenergoatom [part of Rosatom], which is taking part in the construction there … We said a week ago we are ready to allocate around $1bn," VTB Management Board Member Valery Lukyanenko said.

The cost of building the Ninh Thuan Nuclear Power Plant in southern Vietnam is estimated at $10bn. Prime minister Dmitry Medvedev said in November 2012 Russia would grant a state loan for construction of the power plant, which will have two energy units with a capacity of 1.2 GW each.

Work to prepare the construction site started in December 2011. Construction is expected to start in 2014.

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