Moscow, Feb 22 (IANS/RIA Novosti): Russia's state-run VTB Bank, the country's second largest lender by assets, is ready to grant a $1 billion loan to Rosatom civilian nuclear power corporation to build Vietnam's first nuclear power plant.

VTB management board member Valery Lukyanenko said: "We are ready to support Rosenergoatom (part of Rosatom), which is taking part in the construction there. We said we are ready to allocate around $1 billion."

The cost of building the Ninh Thuan nuclear power plant in southern Vietnam is estimated at $10 billion.

Russian Prime Minister Dmitry Medvedev said in November 2012 that Moscow would grant a state loan for construction of the power plant, which will have two energy units with a capacity of 1.2 GW each.

Work to prepare the construction site started in December 2011. Construction is expected to start in 2014.

Vietnam plans to complete its first nuclear power plant in cooperation with Russia by 2020, and build a second plant in a joint project with Japan in a move to create 15 GW of nuclear power capacity by 2030.