Russia's 2nd largest bank to fund Vietnam's 1st nuclear plant

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VTB Bank, the second largest bank in Russia, has agreed to invest US$1 billion into the construction of a nuclear power plant in Vietnam, said a member of the VTB board of directors Valery Lukyanenko.

The announcement made on February 21 on The Voice of Russia website.

Russia's Rosatom Nuclear Energy State Corporation in late October, 2010 signed an agreement with the state-owned Electricity of Vietnam (EVN) to build the first ever nuclear power plant in Vietnam this year. 

The agreement was witnessed by Vietnamese President Nguyen Minh Triet and his Russian counterpart Dmitry Medvedev, on the latter's official two-day visit to Vietnam in 2010.

With a total investment of around $10 billion, the plant was scheduled to break ground in the central province of Ninh Thuan by late 2014 and to become operational by 2020.

The  nuclear power plants would supply the country with a projected output of 4,000 megawatts per year

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Plans to cooperate with Japan on the construction of a second plant, also in Ninh Thuan, are scheduled in 2011 to also get underway by 2020. 

The government plans to build six additional plants in the central region by 2030.

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