SHB accompanies Nam Luc Hydropower Plant to overcome storm and flood damage

SHB Bank proactively offers timely financial and spiritual support policies to help businesses overcome the most difficult period.

Typhoon Yagi caused severe damage in Lao Cai, of which the Nam Luc Hydropower Plant suffered serious consequences. The entire operation building was completely destroyed and deeply submerged in mud, leading to the death of 5 staff members. Even in those difficult times, Saigon - Hanoi Commercial Joint Stock Bank ( SHB ) quickly provided support, becoming a support for the hydropower plant and its staff.

Inside Nam Luc Hydropower Plant seen from above (photo taken on the morning of September 27, 2024)

As of September 27, 17 days have passed, but Nam Luc Hydropower Plant is still in disarray after the storm and flood. The operator's house now only has a fairly deep puddle of water about 4m left.

Mr. Pham Quang Huy, Deputy Director of SHB Lao Cai Branch shared that the recent storm No. 3 has caused very serious consequences for the Northern provinces, of which Lao Cai is one of the provinces that suffered the most damage in terms of people and property. During the flood, the Board of Directors of SHB Lao Cai Branch determined that there would be businesses, people, and industries such as mining, hydropower, tourism , etc. that would be directly affected, so the Board of Directors directed staff to contact all customers who are borrowing capital from SHB to grasp information and make initial assessments of the damage in order to prepare a plan to support customers.

Mr. Pham Quang Huy, Deputy Director of SHB Lao Cai Branch

Immediately after receiving information from Nam Luc Hydropower Plant, SHB issued a series of timely policies. The bank immediately waived VND5 billion in interest payable in September and committed to reducing 50% of interest payable to the plant until the end of 2024, with an estimated total amount of more than VND10 billion and restructuring the debt according to regulations. In particular, SHB also provided a credit package of VND50 billion with a preferential interest rate of 4.5%/year, helping the plant to rebuild equipment and restore operations.

SHB quickly showed up to share, support and encourage the hydropower workers to overcome the difficult period.

SHB's support does not only stop at financial policies but also includes practical actions, encouragement, and visits to the factory's staff. During the time when the factory suffered heavy losses in terms of human life and operating facilities, SHB quickly appeared to share, support, and encourage the staff to overcome the difficult period.

Mr. Nguyen Tat Anh, Interim CEO of Nam Luc Hydropower Plant

Mr. Nguyen Tat Anh, interim CEO of Nam Luc Hydropower Plant, expressed his gratitude for the timely support from SHB: "The support policies from SHB not only help us overcome financial difficulties but also add spiritual strength, demonstrate the spirit of mutual love and support, and are a support to help us stand up". The local government has also actively coordinated in rescue work and support to overcome the consequences. The army, police, and militia have worked tirelessly to search and rescue the bodies of buried staff. After nearly a month since the disaster, with estimated damage of more than 100 billion VND, Nam Luc Hydropower Plant is gradually recovering. With support from SHB and local authorities, the plant aims to return to operation soon. Along with Nam Luc Hydropower Plant, many other businesses in the area are trying to gradually overcome and overcome difficulties. With the support of the government, banks, people and businesses, all challenges will be left behind and all will look towards a bright future. Source: https://thanhnien.vn/shb-dong-hanh-cung-thuy-dien-nam-luc-vuot-qua-thiet-hai-bao-lu-185241001180113807.htm