EVN and Vietcombank signed a credit contract to finance Quang Trach I Thermal Power Plant Project

10:27, 30/06/2021

On 30 June 2021, in Hanoi, Vietnam Electricity (EVN) and Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) jointly held the Signing ceremony of a comprehensive cooperation agreement and a credit contract financing Quang Trach 1 Thermal Power Plant Project. This is an important milestone in the cooperation relationship between the two parties, opening a new phase of cooperation in order to best exploit the potential of each party, contributing to the sustainable development of the economy.

General Director of EVN (left) and General Director of Vietcombank signed a comprehensive cooperation agreement between the two parties

According to the content of the signed Comprehensive cooperation agreement, the parties commit to a comprehensive, long-term and mutually beneficial cooperation in many fields of activity.

Vietcombank and EVN will give priority to using each other's products and services, focusing on promoting cooperation in the following areas: financing for EVN and its member units, providing payment and cash flow management services, international payment and trade finance, preferential products and services for EVN's employees. In addition, Vietcombank commits to finance capital and products and services for EVN's contractors.

Based on the terms of the agreement, Vietcombank, along with EVN and its member units will concretize the cooperation contents, products and services, organize the implementation to achieve the set goals.

For Quang Trach I Thermal Power Plant Project, the total investment of the project is VND41,130 billion, using EVN’s capital (30%) and domestic commercial loans funded by Vietcombank.

Vietcombank is the first credit institution that fully meets the conditions under Decision 13/2018/QD-TTg and has been approved by the Prime Minister to grant credit to EVN to finance Quang Trach I Thermal Power Plant Project with a credit value of VND27,100 billion that will be disbursed within a period of four years according to the project progress and have a loan term of 15 years.

Quang Trach I Thermal Power Plant Project was assigned by EVN to Power Project Management Board No. 2 as the representative of the investor along with projects at Quang Trach Power Center (Quang Dong commune, Quang Trach district, Quang Binh province). The project consists of two power units with a total installed capacity of 1,200MW, when put into operation, it will provide the national power system with an annual power output of about 8.4 billion kWh, contributing to ensuring national energy security, improving safety and stability of the power system. The project uses USC (ultra-supercritical) technology with the highest factory parameters in Vietnam today.