On March 10, 2025, at the headquarters of Vietnam Electricity Group (EVN) at 11 Cua Bac Street, Truc Bach Ward, Ba Dinh District, Hanoi City, EVN and the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) signed a Credit Agreement for the 500 kV Lao Cai - Vinh Yen Line Project.
Attending the signing ceremony, on the side 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. Attending the ceremony were representatives of the 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 Economic Affairs Credit, Department of monetary Policy, Office, Inspectorate; leaders of the State Enterprise Development Department (Ministry of Finance)...
On EVN's side, there were Mr. Dang Hoang An - Party Committee 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, leaders of the Power Project Management Board 1.
On the side of Vietcombank, there were Mr. Nguyen Thanh Tung - Party Committee Secretary, Chairman of the Board of Directors; Mr. Le Quang Vinh - General Director; members of the Board of Directors, Executive Board and representatives of a number of related departments at the Head Office.
Information on the Lao Cai - Vinh Yen 500 kV Power Line Project
The 500 kV Lao Cai - Vinh Yen Power Line Project is an important national project, a key project in the energy sector, which has been approved by the Prime Minister for investment policy and investor approval. This is a 500kV dual-circuit power line project with a total length of about 229.5 km with a total of 468 electric pole foundation locations. The project passes through the 4 provinces of 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 VND 7,410 billion; of which 80% is arranged from Vietcombank's loan capital and EVN's counterpart capital is 20%.
After being put into operation, the line is capable of transmitting 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 creates strong connections between areas in the power system, increasing the safe and stable operation of the national power system; reducing power losses in the transmission grid, increasing the efficiency of EVN's electricity production and business.
Credit grant for the 500 kV Lao Cai - Vinh Yen transmission line project
After more than 60 years of establishment and development, Vietcombank has affirmed its position as the No. 1 bank in Vietnam and provided credit capital for many large energy projects invested by EVN in recent years such as: Son La Hydropower Plant (total investment value of VND 17,500 billion, of which Vietcombank sponsored VND 6,000 billion), Lai Chau Hydropower Plant (total investment value of VND 14,500 billion, of which Vietcombank units arranged capital and sponsored VND 6,500 billion), Hoa Binh Hydropower Plant expansion (Vietcombank independently sponsored VND 4,000 billion),kmND Quang Trach 1 (Vietcombank independently sponsored VND 27,100 billion).
Based on Vietcombank's financial capacity and good traditional relationships, EVN has chosen Vietcombank as the Bank for arranging capital to finance the Lao Cai - Vinh Yen 500 kV Line Project. The credit grant is worth VND 5,472 billion, and will be disbursed over a period of 02 years, with a loan term of 15 years at competitive interest rates.
The signing ceremony of the 500 kV Lao Cai - Vinh Yen Line Project Credit Contract 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 side, contributing to enhancing energy security while contributing to strengthening the country's monetary security, contributing to the sustainable development of the country's socio-economy...
Information about EVN: Vietnam Electricity Group (EVN) is assigned by the Party and the Government to play a key role in ensuring adequate electricity supply for the country's socio-economic development and people's daily life. Vietnam Electricity Group has strived to ensure energy balance of the economy, contributing to ensuring social security and welfare, maintaining national security and defense, bringing electricity to remote, isolated, border and island areas. To meet the strong growth needs of the economy over the years, Vietnam Electricity Group has invested hundreds of thousands of billions of VND to build new, renovate and upgrade power source and grid projects. Up to now, Vietnam Electricity Group has basically met the electricity needs for the country's socio-economic development; has brought electricity to 100% of communes and 99.83% of households, contributing significantly to changing the face of Vietnam's agriculture and rural areas.
Information about Vietcombank: Vietcombank is a bank with a long tradition, the most prestigious in the Vietnamese banking system, making important contributions to the socio-economic development of the country. 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 ~21 billion USD, Vietcombank leads the banking industry and is among the largest listed enterprises in Vietnam, in the Top 100 largest listed banks globally. Vietcombank is also always at the top of the banking industry in terms of the scale of contributions to the state budget. Recently, Vietcombank was assessed by Moody's Credit Rating Organization as having a stable credit outlook (equivalent to the national credit rating). Vietcombank is honored in the 30 strongest financial groups in Asia - Pacific and is the only Vietnamese bank on the list of 1,000 largest listed companies globally.
