Global Biz

Japan, Vietnam reach nuclear cooperation deal

(Agencies)
Updated: 2010-10-22 17:48

TOKYO - Japan said on Friday it had agreed with Vietnam to cooperate on nuclear power plant technologies and materials, as Tokyo competes with nuclear exporters such as France and South Korea.

"We've reached a substantial agreement... Both sides hope to work together towards a quick signing and conclusion of the deal," Japanese Foreign Minister Seiji Maehara told a news conference. He added that leaders from the two nations would confirm the deal when Japanese Prime Minister Naoto Kan visits Vietnam at the end of the month.

Japan, the world's third-biggest nuclear power generator after the United States and France, is stepping up efforts to tap the nuclear power development market after a Japan-US consortium lost out to to South Korea in a deal to build and operate nuclear reactors for the United Arab Emirates in December.

Chief Cabinet Secretary Yoshito Sengoku, at a separate news conference, said the framework of the deal includes rules to restrict Vietnam from supplying Japanese nuclear technology to other countries.

"The agreement must declare that atomic materials, nuclear power, related tools and technologies will be used only for peaceful purposes," Sengoku said.

A new atomic technology export body, a joint venture of 13 Japanese firms, was formed on Friday, and Jiji news agency said the head of the organisation may visit Vietnam when the prime minister attends a meeting of Asian leaders in Hanoi next week.

The new company, capitalised at 200 million yen ($2.46 million), was set up power companies and nuclear plant builders such as Tokyo Electric Power Co (TEPCO), Chubu Electric Power Co, Kansai Electric Power Co, Toshiba Corp, Hitachi Ltd and Mitsubishi Heavy Industries.