EVN and VCB signed a contract to provide a credit package of 5,472 billion VND for the Lao Cai - Vinh Yen 500kV transmission line project. - Photo: VGP/Toan Thang
The Lao Cai – Vinh Yen 500kV transmission line project is a nationally important project, a key project in the energy sector, and has received approval from the Prime Minister for investment as well as approval of the investor.
This is a 500kV double-circuit transmission line project with a total length of approximately 229.5 km and a total of 468 power pole foundation locations. The project passes through the territories of four provinces: Lao Cai, Yen Bai , Phu Tho, and Vinh Phuc, and is expected to be completed and put into operation before September 2, 2025.
The total investment for the project is over 7,410 billion VND; of which 80% is secured by a loan from Vietcombank and 20% is counterpart funding from EVN.
After commissioning, the transmission line will be capable of transmitting approximately 2,000 - 3,000 MW from hydropower plants in the Northwest region and neighboring provinces to the national power grid. At the same time, the project creates a strong link between regions within the power system, increasing the safe and stable operation of the national power system; reducing power losses in the transmission grid, and increasing the efficiency of electricity production and business for EVN.
Speaking at the signing ceremony, Mr. Nguyen Anh Tuan, General Director of EVN, said that during the investment and construction preparation process, the project received close attention and guidance from the Prime Minister, ministries and agencies, and especially the financial support of Vietcombank, thanks to which the project is being implemented according to the directed plan.
"In recent years, domestic commercial loans have always been a crucial source of capital to meet EVN's increasing investment and construction needs. With tens of thousands of billions of dong borrowed from domestic commercial banks and assistance from other financial institutions, tens of thousands of megawatts of EVN's power plants have been put into operation and are now operating effectively," the EVN General Director emphasized.
Speaking at the signing ceremony, Deputy Governor of the State Bank of Vietnam Nguyen Ngoc Canh affirmed: EVN is a large, traditional, and reputable customer, so commercial banks, including Vietcombank, are ready to provide loans to serve its production and business activities, especially for investing in projects with significant socio-economic importance, ensuring progress and efficiency.
Mr. Nguyen Ngoc Canh affirmed that the funding for the Lao Cai - Vinh Yen 500kV power line project is clear evidence of the position and strength of state-owned commercial banks in general, and Vietcombank in particular, in arranging large-value loans to finance important national projects.
Based on Vietcombank's financial capacity and long-standing good relationship, EVN has selected Vietcombank as the financing arranger for the Lao Cai - Vinh Yen 500 kV transmission line project.
The credit facility, valued at VND 5,472 billion, will be disbursed over a period of 2 years, with a loan term of 15 years and a competitive interest rate.
Source: https://baochinhphu.vn/ky-hop-dong-cap-goi-tin-dung-hon-5000-ty-dong-cho-du-an-duong-day-500kv-lao-cai-vinh-yen-102250311072109221.htm
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