Nov. 1 – Russia signed a US$5.6 billion deal with Vietnam on Sunday, committing Russian technological know-how to help build Vietnam’s first nuclear power plant and increase the country’s hydroelectric capacity.

Vietnamese President Nguyen Minh Triet and Russian President Dmitry Medvedev oversaw the signing of the treaty during talks over the weekend in Hanoi. Construction on the nuclear project is expected to begin in 2014.

“This is a very important project,” Medvedev told reporters, adding that the power plant will make up a significant portion of Vietnam’s energy market. He also stressed that the two nations are looking to increase bilateral cooperation in other sectors, such as banking and high-tech.

“We are looking into the future and the future is connected with high-tech,” he said.

The two countries will also cooperate on the construction of a hydroelectric power station as well as several other oil and military projects.

Vietnam hopes to build 14 nuclear reactors by 2030 to help support its rapidly growing economy.