The 500 kV Lao Cai - Vinh Yen Transmission Line Project is an important national project, a key project of the energy sector, which has been approved by the Prime Minister in principle for investment and approved for the investor.
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Mr. Nguyen Viet Cuong, Deputy General Director of Vietcombank (right) and Mr. Nguyen Xuan Nam, Deputy General Director of EVN representing the two units completed the signing ceremony of the Credit Contract worth more than 5,400 billion VND for the 500 kV Lao Cai - Vinh Yen transmission line project . (Source: VCB) |
On March 10, at the headquarters of Vietnam Electricity Group (EVN) in Hanoi, EVN and the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) signed a credit contract for the 500 kV Lao Cai - Vinh Yen transmission line project.
Attending the signing ceremony, on behalf of the ministries and branches, there were Mr. Nguyen Ngoc Canh - Deputy Governor of the State Bank of Vietnam, Mr. Nguyen Hoang Long - Deputy Minister of Industry and Trade. Also attending the ceremony were representatives of leaders of a number of Departments under the Government Office; leaders of the Electricity Department (Ministry of Industry and Trade); leaders of a number of Departments under the State Bank: Department of Credit for Economic Sectors, Department of Monetary Policy, Office, Inspectorate; leaders of the Department of State Enterprise Development (Ministry of Finance), etc.
On EVN's side, there were Mr. Dang Hoang An - Party Secretary, Chairman of the Board of Directors; Mr. Nguyen Anh Tuan - General Director; members of the Board of Directors, Deputy General Directors, representatives of the Group's professional departments, and leaders of Power Project Management Board 1.
On Vietcombank's side, there were Mr. Nguyen Thanh Tung - Party Secretary, Chairman of the Board of Directors; Mr. Le Quang Vinh - General Director; members of the Board of Directors, Executive Board and representatives of some related departments at the Head Office.
The Lao Cai – Vinh Yen 500kV Transmission Line Project is a 500kV double-circuit transmission line project with a total length of approximately 229.5 km with a total of 468 pole foundation locations. The project passes through the territory of 4 provinces: Lao Cai, Yen Bai, Phu Tho, Vinh Phuc and is expected to be completed and put into operation before September 2, 2025.
The total investment of the project is over 7,410 billion VND; of which 80% is arranged from Vietcombank's loan capital and EVN's counterpart capital is 20%.
Once put into operation, the line will be able to transmit about 2,000 - 3,000 MW from hydropower plants in the Northwest region and neighboring provinces to the national grid. At the same time, the project will create a strong connection between regions in the power system, increase the ability to operate safely and stably for the national power system; reduce power loss in the transmission grid, and increase the efficiency of EVN's electricity production and business.
After more than 60 years of establishment and development, Vietcombank has affirmed itself as the number 1 bank in Vietnam and has provided credit capital for many large energy projects invested by EVN in recent years such as: Son La Hydropower Plant (total contract value of VND 17,500 billion, of which Vietcombank sponsored VND 6,000 billion), Lai Chau Hydropower Plant (total contract value of VND 14,500 billion, of which Vietcombank is the focal point for arranging capital and sponsoring VND 6,500 billion), Hoa Binh Hydropower Plant Expansion (Vietcombank independently sponsors VND 4,000 billion), Quang Trach 1 Thermal Power Plant (Vietcombank independently sponsors VND 27,100 billion).
Based on Vietcombank's financial capacity and good traditional relationship, EVN has chosen Vietcombank as the bank to arrange capital for the Lao Cai - Vinh Yen 500 kV Transmission Line Project.
The credit facility is worth VND5,472 billion, and will be disbursed over a period of 2 years, with a loan term of 15 years and competitive interest rates.
The signing ceremony of the Credit Contract for the Lao Cai – Vinh Yen 500kV Transmission Line Project is another important milestone in the traditional cooperation relationship between Vietcombank and EVN, opening a new phase of cooperation to best exploit the potential of each party, contributing to enhancing energy security while consolidating the country's financial and monetary security, contributing to the sustainable development of the country's socio-economy...
Source: https://baoquocte.vn/vietcombank-cap-tin-dung-5472-ty-dong-cho-du-an-duong-day-500-kv-lao-cai-vinh-yen-307317.html
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