The Electricity Group of Vietnam (EVN) is completing procedures to access an additional loan of VND22.5 trillion (USD1.07 billion) to carry out its projects.
EVN has finished procedures to receive a VND2.5 trillion (USD119 million) loan from the Vietnam Development Bank (VDB). The bank has also instructed its branches to provide VND421 billion (USD20 million) for EVN’s Dong Nai 3 Hydro-power project and VND449 billion (USD21.3 million) for its Ban Ve Hydro-power Plant.
Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) is seeking the State Bank of Vietnam’s approval for giving VND6.2 trillion (USD295.2 million) loan to EVN. The agreement is expected to be signed this month.
EVN will work with Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) to borrow VND4.2 trillion (USD200 million) for its Duyen Hai Thermo-power Centre project.
For urgent projects, VDB has given approval in principle to offer a loan of around VND3.05 trillion (USD145.2 million) to EVN’s Vietnam National Power Transmission Corporation (NTP) for site clearance.
Meanwhile, the Bank for Investment and Development of Vietnam (BIDV) said that it will provide a maximum loan of VND3 trillion (USD142.8 million) for NPT to implement nine urgent power projects.
NPT is preparing to sign a loan agreement worth VND200 billion with Vietnam Bank for Agriculture and Rural Development (Agribank) for 220kV Vung Ang-Ha Tinh power transmission line. The centre has also proposed the bank for an additional loan of VND2.45 trillion (USD116.6 million).
In the coming time, EVN will continue arranging capital for its urgent projects from local commercial banks and foreign partners.
In the coming years, EVN will have to add 11,600 MW to the national electricity system. Total capital demand for electricity infrastructure for the 2011-2015 period will total VND501.47 trillion (USD23.8 billion).