The news was released by VTB Management Board Member Valery Lukyanenko said Thursday, according to The Voice of Russia.
The cost of building Viet Nam’s Nuclear Power Plant No 1 in Thuan Nam District in central coastal province of Ninh Thuan is estimated at $10 billion.
Russian Prime Minister Dmitry Medvedev said that Russia would provide a state loan for constructing the power plant, which will have two energy units with a capacity of 1.2 GW each, according to Russian’s RIA Novosti.
The Atomstroyexport engineering company will be responsible for fulfilling the contract.
Work to prepare the site started in December 2011 and construction is expected to kick off in 2014. If all goes according to plan, the plant will have a trial run in 2020.
Viet Nam also plans to build Nuclear Power Plant No 2 in Ninh Hai District, the same province, under a joint project with Japan.