Vietcombank provides credit of 5,472 billion VND for Lao Cai - Vinh Yen 500kV Transmission Line Project

National key project

The Lao Cai - Vinh Yen 500kV Transmission Line Project is an important national project, a key project in the energy sector, which has been approved by the Prime Minister in principle for investment and approved by the investor. This is a 500kV double-circuit transmission line project with a total length of about 229.5km 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 more than 7,410 billion VND; of which, 80% is arranged from Vietcombank's loan capital and EVN's counterpart capital is 20%.

Signing ceremony of a credit contract worth over VND5,400 billion for the Lao Cai - Vinh Yen 500kV Transmission Line Project. Photo: VCB

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.

EVN has been assigned by the Party and Government to play a key role in ensuring adequate electricity supply for the country's socio-economic development and people's daily lives. The Group has strived to ensure the energy balance of the economy, contributing to ensuring social security and welfare, maintaining national defense and security, and bringing electricity to remote, border and island areas. To meet the strong growth needs of the economy over the past years, EVN has invested hundreds of thousands of billions of VND to build new and renovate and upgrade power source and grid projects.

Up to now, the Group has basically provided enough electricity for the country's socio-economic development; brought electricity to 100% of communes and 99.83% of households, making an important contribution to changing the face of agriculture and rural areas in Vietnam.

Credit granting of more than 5,000 billion VND

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 credit contract value of VND 17,500 billion, of which Vietcombank sponsored VND 6,000 billion), Lai Chau Hydropower Plant (total credit 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 selected Vietcombank as the bank to arrange capital for the Lao Cai - Vinh Yen 500kV Transmission Line Project. The credit facility is worth VND 5,472 billion, will be disbursed within 2 years, the loan term is 15 years with 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 contributing to consolidating the country's financial and monetary security, contributing to the sustainable development of the country's economy and society...

Vietcombank is a bank with a long tradition and the most prestigious in the Vietnamese banking system, making important contributions to the country's socio-economic development. Since its establishment, Vietcombank has increasingly affirmed its No. 1 position in Vietnam in terms of quality, efficiency, and sustainable development. With a capitalization of about 21 billion USD, Vietcombank is the leader in the banking industry and is among the largest listed enterprises in Vietnam, in the Top 100 largest listed banks globally.

Vietcombank has always been at the top of the banking sector in terms of the scale of contribution to the state budget. Recently, Vietcombank was rated by Moody's as having a stable credit outlook (equivalent to the national credit rating). Vietcombank was honored in the 30 strongest financial groups in Asia - Pacific and is the only Vietnamese bank in the list of 1,000 largest listed companies globally.

Source: https://daibieunhandan.vn/vietcombank-cap-tin-dung-5472-ty-dong-cho-du-an-duong-day-500kv-lao-cai-vinh-yen-post408109.html