Business insiders say investing in coal or oil power plants will
be cheaper.
The National
Assembly, Vietnam’s top legislature, decided to scrap the country’s nuclear
power plans for the central province of Ninh Thuan on Tuesday after business
insiders pointed to
uncompetitive prices.
The Ministry of Industry and Trade
proposed an end to the project on November 10, and the motion passed with 92 percent of legislators’ votes on Tuesday.
The project
has been ended due to economic reasons, not safety or technological issues,
heard a conference that followed the assembly’s vote.
Mai Tien
Dung, chairman of the Government Office, said that Vietnam’s economy has gone
through significant changes since the project was approved seven years ago.
The country
now needs money to invest in infrastructure to boost socio-economic development
and to solve problems caused by climate change.
“We want to
focus our resources on strategic national projects,” Dung said, referring to
the north-south expressway and Long Thanh Airport in southern Vietnam, which is
expected to ease the burden currently faced by Tan Son Nhat Airport in HCM City.
In November
2009 legislators approved a project to build two nuclear power plants with a
combined capacity of 4,000 megawatts, which was expected to meet 5.7 percent of
the country’s total electricity demand by 2030.
The cost of
the project has escalated from the original estimate of VND200 trillion (nearly
$9 billion) to VND400 trillion.
Dung said
Vietnam’s power supply will not be threatened without the Ninh Thuan project as
the country has plans to invest in coal-firedand natural gas power plants with a total capacity of 6,000
megawatts by 2030.
Duong Quang
Thanh, chairman of the state-owned Electricity of Vietnam, said that: “Other
sources of energy such as coal and oil are cheaper, so investing in nuclear
power is no longer competitive.”
Officials
from the trade ministry said the infrastructure and personnel already in place
for the nuclear power project will
be put to use at other power plants.
Dung said
the Russian and Japanese developers for the nuclear project respect Vietnam’s
decision.
He
said Vietnam’s withdrawal from the project will not affect its relations with
these countries.
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Reference source:
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