SHB stands alongside Nam Luc Hydropower Plant to overcome the damage caused by storms and floods.

SHB Bank proactively implements policies to provide timely financial and moral support to businesses, helping them overcome the most challenging period.

Typhoon Yagi caused severe damage in Lao Cai, with the Nam Luc Hydropower Plant suffering particularly serious consequences. The entire control building was completely destroyed and submerged in mud, resulting in the deaths of five staff members. During these difficult times, Saigon - Hanoi Commercial Joint Stock Bank ( SHB ) quickly provided support, becoming a pillar of strength for the hydropower plant and its employees.

An aerial view of the Nam Luc Hydropower Plant (photo taken on the morning of September 27, 2024)

As of September 27th, 17 days later, the Nam Luc Hydropower Plant remains in disarray after the storm and floods. The site of the control building is now just a pool of water about 4 meters deep.

Mr. Pham Quang Huy, Deputy Director of SHB Lao Cai Branch, shared that the recent Typhoon No. 3 caused very serious consequences for the northern provinces, with Lao Cai being one of the provinces suffering the most severe damage in terms of human lives and property. During the heavy rains and floods, the leadership of SHB Lao Cai Branch recognized that businesses, people, and industries such as mining, hydropower, and tourism would be directly affected. Therefore, the leadership instructed staff to contact all customers with loans at SHB to gather information and make an initial assessment of the damage in order to prepare support plans for customers.

Mr. Pham Quang Huy, Deputy Director of SHB Lao Cai Branch

Immediately after receiving information from the Nam Luc Hydropower Plant, SHB implemented a series of timely policies. The bank waived 5 billion VND in interest payments due in September and committed to reducing interest payments by 50% for the plant until the end of 2024, totaling an estimated more than 10 billion VND, and restructuring the debt according to regulations. In particular, SHB also provided a 50 billion VND credit package with a preferential interest rate of 4.5% per year, helping the plant to rebuild its equipment and restore operations.

SHB quickly arrived to share, support, and encourage the hydropower plant's staff and workers to overcome this difficult period.

SHB's support extended beyond financial policies to practical actions, encouraging and visiting factory staff. During a time when the factory suffered heavy losses in personnel and operational infrastructure, SHB quickly arrived to share its support and boost morale, helping staff overcome this difficult period.

Mr. Nguyen Tat Anh, Interim Managing Director of Nam Luc Hydropower Plant

Mr. Nguyen Tat Anh, interim CEO of Nam Luc Hydropower Plant, expressed his gratitude for the timely support from SHB: "The support policies from SHB not only helped us overcome financial difficulties but also boosted our morale, demonstrating a spirit of mutual assistance and compassion, which served as a foundation for us to get back on our feet." Local authorities also actively coordinated rescue and relief efforts and assisted in overcoming the consequences. Military, police, and militia forces worked tirelessly to search for and rescue the bodies of buried staff members. Nearly a month after the disaster, with estimated damages exceeding 100 billion VND, Nam Luc Hydropower Plant is gradually recovering. With support from SHB and local authorities, the plant aims to resume operations soon. Along with Nam Luc Hydropower Plant, many other businesses in the area are striving to gradually overcome difficulties. With the support of the government, banks, the people, and businesses, all challenges will be left behind, and everyone will look towards a bright future. Source: https://thanhnien.vn/shb-dong-hanh-cung-thuy-dien-nam-luc-vuot-qua-thiet-hai-bao-lu-185241001180113807.htm