188bet 88betapp Petrovietnam – A New Aspiration in Nuclear Power Development
Nuclear Power Conference – New Aspiration of Vietnam Oil and Gas Group, February 19th
188bet 88betapp conference saw 188bet 88betapp participation of Dr. Tran Chi Thanh, Director of 188bet 88betapp Vietnam Atomic Energy Institute; Dr. Le Van Hong, former Deputy Director of 188bet 88betapp Vietnam Atomic Energy Institute; Dr. Hoang Anh Tuan, former Director of 188bet 88betapp Atomic Energy Department (Ministry of Science and Technology); Assoc. Prof. Dr. Nguyen Van Thai, Deputy Director of 188bet 88betapp Institute of Technical Physics, Hanoi University of Science and Technology; along with leading experts from 188bet 88betapp Vietnam Atomic Energy Institute.
Representing Petrovietnam were Chairman of 188bet 88betapp Board of Directors Le Manh Hung; General Director Le Ngoc Son; Deputy Secretary of 188bet 88betapp Standing Party Committee Tran Quang Dung; members of 188bet 88betapp Standing Committee, Board of Directors, Board of General Directors; and representatives of leaders from professional departments and units within 188bet 88betapp Group.
Nuclear Power – 188bet 88betapp Key to Achieving Net Zero
At 188bet 88betapp conference, experts concurred that nuclear power is 188bet 88betapp most viable solution amid climate change and 188bet 88betapp ongoing energy crisis. This energy source will become increasingly significant and experience strong growth in 188bet 88betapp near future, playing a crucial role in ensuring energy security. Nuclear power currently has 188bet 88betapp lowest emissions among all major energy sources, including renewables, generating a large, stable electricity supply well-suited for today's energy demands, particularly in achieving 188bet 88betapp Net Zero target.
Dr. Tran Chi Thanh, Director of 188bet 88betapp Vietnam Atomic Energy Institute, proposes amending 188bet 88betapp Law on Atomic Energy to完善 188bet 88betapp nuclear regulatory system
Drawing from international experiences, Dr. Tran Chi Thanh emphasized 188bet 88betapp three pillars of nuclear power: power plants, nuclear regulations and safety, and research & development. In Vietnam, President Ho Chi Minh visited 188bet 88betapp Obninsk Nuclear Power Plant (Soviet Union) in July 1955, paving 188bet 88betapp way for nuclear power research in 188bet 88betapp country. Subsequently, Vietnam had a nuclear power development program decades ago and actively implemented it from 1996 to 2016, with results that remain valuable.
"Vietnam is currently making efforts to implement nuclear power projects in Ninh Thuan, having designated sites, established a regulatory system, and trained a nuclear workforce. We must urgently continue 188bet 88betapp progress made before 2016 because nuclear power development requires a long timeframe. Among 188bet 88betapp key factors for success, human resources are crucial, and completing 188bet 88betapp necessary infrastructure—particularly enhancing 188bet 88betapp nuclear regulatory system through amendments to 188bet 88betapp Law on Atomic Energy—is an essential task," recommended 188bet 88betapp Director of 188bet 88betapp Vietnam Atomic Energy Institute.
Comparing 188bet 88betapp schematic diagram of a nuclear power plant, Dr. Le Van Hong, former Deputy Director of 188bet 88betapp Vietnam Atomic Energy Institute, noted similarities with 188bet 88betapp thermal power plants previously built by Petrovietnam.
Elaborating on 188bet 88betapp current generations of nuclear power technology, Dr. Le Van Hong stated that nuclear power technology is now advancing at its highest level. Comparing 188bet 88betapp schematic diagram of a nuclear power plant, Dr. Le Van Hong highlighted similarities with thermal power plants that Petrovietnam has previously developed, presenting an advantage for 188bet 88betapp Group should it be assigned as 188bet 88betapp project owner.
Another crucial topic addressed at 188bet 88betapp conference was 188bet 88betapp infrastructure and legal framework for nuclear power plant construction. According to M.A. Nguyen An Trung, Acting Head of 188bet 88betapp International Cooperation Department, Vietnam Atomic Energy Institute, 188bet 88betapp construction of a nuclear power plant must adhere to intergovernmental agreements, international conventions and treaties, as well as domestic legal frameworks, including Laws, Decrees, Prime Minister’s Decisions, Circulars, and National Technical Standards.
188bet 88betapp conference gathered leading experts in atomic energy
Among 188bet 88betapp five major challenges of nuclear power—safety, economics, spent fuel management, nuclear non-proliferation, and public acceptance—safety remains 188bet 88betapp most critical. This includes controlling chain reactions, managing decay heat, and ensuring secure radioactive waste storage. Clarifying these aspects, Assoc. Prof. Dr. Nguyen Van Thai introduced 188bet 88betapp International Atomic Energy Agency (IAEA) safety standards, which ensure “suitable operational conditions, accident prevention capabilities, and minimized accident consequences, thereby protecting workers, 188bet 88betapp public, and 188bet 88betapp environment from excessive radiation risks.”
Economic viability is another key consideration in nuclear power development. Based on research on 188bet 88betapp average construction time of nuclear power plants worldwide, Dr. Hoang Anh Tuan suggested that Vietnam could explore ways to shorten construction periods to optimize costs. According to Dr. Tuan, nuclear power is cost-competitive compared to other forms of power generation, except in locations with direct access to low-cost fossil fuels. While nuclear plants have higher capital costs than coal-fired plants and significantly higher than gas-fired plants, their system costs are much lower compared to intermittent renewable energy sources.
Dr. Hoang Anh Tuan, former Director of 188bet 88betapp Atomic Energy Department: Vietnam could explore ways to reduce construction time and costs.
"188bet 88betapp construction of a nuclear power plant is a hallmark of large-scale infrastructure projects worldwide, involving substantial costs and formidable challenges. Therefore, it is essential to establish long-term capital incentive policies to ensure a diverse and reliable electricity supply system," recommended Dr. Hoang Anh Tuan.
Proactively Prepare, Strive for 188bet 88betapp Highest Readiness for Major Tasks
During 188bet 88betapp discussion session, Petrovietnam officials and engineers raised numerous questions regarding 188bet 88betapp IAEA's nuclear infrastructure assessment process, Vietnam's self-assessment of infrastructure preparedness, 188bet 88betapp recommended load factor for nuclear power plant operation, training strategies to quickly adapt to operational technologies, 188bet 88betapp legal and policy framework for nuclear power, and 188bet 88betapp challenges in meeting 188bet 88betapp Prime Minister’s directive to bring nuclear power into commercial operation within five years. These concerns were thoroughly addressed and discussed by leading experts in atomic energy and nuclear power present at 188bet 88betapp conference.
188bet 88betapp conference attracted leaders, officials, engineers, and technicians of Petrovietnam passionate about new energy sources
Concluding 188bet 88betapp conference, Chairman of Petrovietnam's Board of Directors Le Manh Hung reaffirmed 188bet 88betapp Group's slogan: "Petrovietnam - Energy for Development." Energy, he emphasized, extends beyond oil and gas to encompass 188bet 88betapp broader national energy industry.
With Vietnam projected to become an upper-middle-income country by 2030 and a high-income country by 2045, 188bet 88betapp development of baseload power sources is of utmost importance. 188bet 88betapp goal, as directed by 188bet 88betapp Prime Minister, is to have a nuclear power plant operational by 2030 at 188bet 88betapp earliest and no later than 2031. Given 188bet 88betapp demanding nature of this target, special solutions are required. To support this, 188bet 88betapp National Assembly has approved a Resolution establishing exclusive mechanisms and policies for 188bet 88betapp Ninh Thuan nuclear power project. However, beyond these special policies, additional regulatory and investment frameworks must also be refined, particularly those applicable to 188bet 88betapp project owner.
Chairman of Petrovietnam’s Board of Directors Le Manh Hung: “188bet 88betapp entire Group must proactively study and prepare human resources before being officially assigned 188bet 88betapp project by 188bet 88betapp State.”
According to Chairman of Petrovietnam’s Board of Directors Le Manh Hung, based on Conclusion No. 76-KL/TW of 188bet 88betapp Politburo regarding Petrovietnam’s development orientations—which include 188bet 88betapp goal of transforming Petrovietnam into a National Industrial - Energy Group—188bet 88betapp company is strategically transitioning towards this goal. As part of this strategy, Petrovietnam is gradually expanding into new energy sectors, including renewable energy and emerging energy technologies.
Given 188bet 88betapp national energy development requirements, Chairman Le Manh Hung has outlined five key focus areas for 188bet 88betapp Group's leadership, engineers, and employees in 188bet 88betapp coming period:First, continue research and propose mechanisms to optimize capital costs.Second, collaborate with experts to conduct self-assessments and select nuclear power technologies before making investment decisions.Third, focus on evaluating and selecting technologies based on safety criteria. Fourth, develop a well-structured human resource strategy, seek expert opinions, and establish an appropriate workforce structure for nuclear power plants.Fifth, explore financing solutions, including loan agreements such as export credit, while developing a sound financial framework and preparing resources to support 188bet 88betapp outlined development strategy. Additionally, a risk management matrix must be established for 188bet 88betapp nuclear power project, including strategic risk assessments, to ensure its successful and secure implementation.
"I call on all leaders, employees, experts, engineers, and technicians within 188bet 88betapp Group to strive for 188bet 88betapp highest level of excellence. With 188bet 88betapp goal of transforming Petrovietnam into a National Industrial - Energy Group, we must diligently study, maintain a strong learning spirit, manage risks effectively, and ensure 188bet 88betapp success and safety of 188bet 88betapp project when entrusted by 188bet 88betapp Government," emphasized Chairman Le Manh Hung.
188bet 88betapp organization of 188bet 88betapp conference by Petrovietnam clearly demonstrates 188bet 88betapp proactiveness and strong political responsibility of 188bet 88betapp company’s leadership and workforce in tackling 188bet 88betapp challenging mission entrusted by 188bet 88betapp Party and 188bet 88betapp State. Petrovietnam's determined and proactive approach is not only reflected in 188bet 88betapp swift organization of 188bet 88betapp conference but also in its methodical, scientific, and strategically driven approach. In 188bet 88betapp context of Vietnam accelerating its energy transition, 188bet 88betapp successful implementation of 188bet 88betapp nuclear power project will mark a significant milestone, bringing 188bet 88betapp country closer to its sustainable development goals and 188bet 88betapp modernization of its energy sector.
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On 188bet 88betapp morning of February 19th, 188bet 88betapp National Assembly passed 188bet 88betapp Resolution on several exclusive mechanisms and policies for investing in 188bet 88betapp construction of 188bet 88betapp Ninh Thuan nuclear power project with overwhelming approval. This Resolution outlines key measures that demonstrate 188bet 88betapp State's strong commitment to implementing this nationally significant project. 188bet 88betapp Resolution specifies 188bet 88betapp stakeholders involved, including government agencies, Ninh Thuan province authorities, project owners, designated project preparation units, and other relevant organizations and individuals. Notably, regarding mechanisms and policies, 188bet 88betapp Resolution clearly states that 188bet 88betapp project will be subject to special mechanisms, such as simultaneous negotiations with partners who have signed international treaties or other potential partners to sign new international agreements on construction cooperation and project financing. These negotiations will be carried out in parallel with 188bet 88betapp approval process for investment policy adjustments and project investment approval. In terms of investor and contractor selection, 188bet 88betapp Prime Minister has authorized 188bet 88betapp project owner to directly appoint contractors under an expedited procurement process for 188bet 88betapp turnkey package to construct 188bet 88betapp main power plant with contractors specified in international treaties. 188bet 88betapp procedures for direct contractor selection under this expedited process will comply with 188bet 88betapp Law on Bidding. Regarding 188bet 88betapp financial plan and capital arrangements, 188bet 88betapp Resolution specifies that negotiations will be conducted with 188bet 88betapp governments of partner countries to secure project financing, aligning with 188bet 88betapp project's funding needs and commitments from international lenders. 188bet 88betapp project will be allowed to apply foreign lenders' regulations in cases where Vietnamese law does not yet provide provisions or differs from 188bet 88betapp foreign regulations. Additionally, 188bet 88betapp project owner will be eligible to borrow funds under a non-credit-risk re-lending mechanism, eliminating 188bet 88betapp need to formulate separate proposals for ODA loans or concessional foreign loans. During 188bet 88betapp project's execution, 188bet 88betapp Prime Minister has 188bet 88betapp authority to allocate additional funding from increased government revenue, budget savings, and other legal capital sources if negotiations on loan agreements do not succeed or if 188bet 88betapp negotiated loan amounts are insufficient. 188bet 88betapp project owner is also permitted to arrange counterpart funding from loan capital, corporate bonds, re-borrowed funds from government bonds, infrastructure bonds issued by 188bet 88betapp government, and government-guaranteed bonds. 188bet 88betapp re-lending terms will be based on 188bet 88betapp borrowing conditions of 188bet 88betapp bond issuance, 188bet 88betapp project's debt repayment capacity, and 188bet 88betapp Law on Public Debt Management. Furthermore, 188bet 88betapp Prime Minister has approved a charter capital increase for 188bet 88betapp project owner, funded by revalued depreciated assets from BOT power plants that have been transferred to state ownership and multi-purpose hydropower plants. 188bet 88betapp additional capital will be equivalent to that of a nationally significant project. Authorized agencies responsible for re-lending ODA and foreign concessional loans will not be required to assess 188bet 88betapp project's eligibility for re-lending, in accordance with Clause 3, Article 36 of 188bet 88betapp Law on Public Debt Management. Previously, on February 4th, during 188bet 88betapp 2nd Meeting of 188bet 88betapp Steering Committee for Nuclear Power Plant Construction, Prime Minister Pham Minh Chinh assigned 188bet 88betapp Ministry of Industry and Trade to report to 188bet 88betapp relevant authorities regarding 188bet 88betapp appointment of EVN (Vietnam Electricity) and Petrovietnam as 188bet 88betapp project owners for Ninh Thuan Nuclear Power Plants 1 and 2.
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