The EU–Vietnam Business and Investment Forum, themed “Global Gateway Strategy: Investment Cooperation Towards a Sustainable Future,” took place on the morning of March 24 in Hanoi. The event gathered around 500 delegates representing government agencies, financial institutions, and leading enterprises from Vietnam and the European Union (EU). The event was organized by the EU Delegation to Vietnam in coordination with the Foreign Investment Agency (Ministry of Finance) and the European Chamber of Commerce in Vietnam (EuroCham).

Representing EVN at the event were President & CEO Nguyen Anh Tuan and Vice President Nguyen Dinh Phuoc.

Within the forum, numerous cooperation, investment, and financing agreements were announced across various sectors, including energy, green finance, transport, vocational education, digital transformation, and healthcare. A key highlight of the forum was the EU’s announcement of an investment package worth over €560 million for Vietnam, focusing on energy transition, sustainable transport development, and infrastructure capacity building. As part of this, EVN and its French partners signed two loan agreements for the Bac Ai Pumped Storage Hydropower Project, each valued at €76 million. These are two out of six loans provided by a consortium of international lenders for EVN’s project.

EVN President & CEO Nguyen Anh Tuan (left) and lender’s representative –French Development Agency (AFD) – conduct handover ceremony for loan agreement for Bac Ai Pumped Storage Hydropower Project

The Bac Ai Pumped Storage Hydropower Project (located in Khanh Hoa Province) includes four generating units with a total installed capacity of 1,200MW. It is Vietnam’s first pumped storage hydropower project, playing a crucial role in load regulation. The plant will store energy during off-peak hours and generate electricity during peak hours, thereby helping to flatten the load curve and enhance the flexibility of the national power system.

EVN Vice President Nguyen Dinh Phuoc (left) and lender’s representative – Proparco – conduct handover ceremony of loan agreement for Bac Ai Pumped Storage Hydropower Project

The project is expected to complete Unit 1 by December 2029, Unit 4 by December 2030, and the entire project by May 2031. The Bac Ai pumped storage hydropower plant is not only a key energy project but also brings long-term economic, social, and environmental benefits. It will contribute significantly to ensuring national energy security and promoting the transition to a green and sustainable economy.

Translator: Thu Hường