Representatives from VIB and REE at the signing of the credit facility agreement in HCM City on Wednesday. — Photos couretesy of VIB

HÀ NỘI — Vietnam International Bank (VIB) has signed a VNĐ1.64 trillion (US$63 million) credit facility agreement with Duyen Hai Wind Power JSC, a subsidiary of Refrigeration Electrical Engineering Corporation (REE), to finance the Duyên Hải Wind Power Plant in Vĩnh Long Province.

The agreement marks a major step in advancing sustainable energy development in the Cửu Long (Mekong) Delta region.

The credit facility offers vital backing for one of REE's key renewable energy projects. This investment supports the Mekong Delta’s urgent drive toward climate resilience and sustainable development, addressing the region’s heightened vulnerability to climate change impacts.

Duyên Hải Plant: Strategic green energy investment for REE

The Duyên Hải Wind Power Plant, situated across Đông Hải, Long Thành and Ngũ Lạc communes in Vĩnh Long Province, is set to have a designed capacity of 48 MW.

Scheduled to begin commercial operation by December 31, 2025, the plant will supply clean energy to the national grid. This initiative not only supports Việt Nam’s sustainable power goals but also promotes socio-economic development in the local communities.

The plant aligns with REE's broader strategy to expand its renewable energy portfolio. Currently, REE boasts a total power generation capacity exceeding 2,800 MW, with nearly 1,700 MW sourced from renewables including wind, solar and hydropower. The company aims to boost its capacity to 5,000 MW by 2035, underscoring its strong commitment to the green energy transition.

Deputy CEO of REE Nguyễn Ngọc Thái Bình said: “We highly value VIB’s partnership, one of the leading financial institutions in Việt Nam with strong execution capabilities, deep industry insight and the ability to tailor solutions to the unique nature of each project.

"Along with REE’s expansion of its footprint in the renewable energy sector, having a reliable financial partner like VIB is a key factor in realising our strategy to green our energy portfolio in the years ahead.” 

The financing from VIB provides crucial support for one of REE’s flagship renewable energy initiatives, advancing the region’s push for climate resilience and sustainable development.

VIB: a trusted financial partner driving sustainable business growth

As the lead financier of the Duyên Hải Wind Power Project, VIB has played a proactive role from the outset, advising on loan structuring and designing a tailored disbursement roadmap suited to the unique demands of renewable energy operations. Known for its flexible financing solutions, swift execution and robust risk management, VIB continues to be a preferred banking partner for companies advancing green energy initiatives.

At the signing ceremony in HCM City on Wednesday, Nguyễn Xuân Dũng, deputy CEO and head of Corporate Banking at VIB, said: “This collaboration with Duyên Hải Wind Power and REE further demonstrates VIB’s commitment to swift execution, practical support, and long-term, responsible partnership with pioneering enterprises like REE – companies that create long-lasting value for society through sustainable development projects.”

REE now boasts a total power generation capacity exceeding 2,800 MW, with nearly 1,700 MW sourced from renewables including wind, solar, and hydropower.

Long-standing partnership between two industry leaders

VIB and REE share a well-established financial partnership encompassing a broad spectrum of services, including cash management, credit facilities, trade finance, foreign exchange and capital markets. Their collaboration also extends to M&A advisory and cross-selling, enhancing the ecosystems of both companies.

VIB’s continued support for REE’s large-scale energy projects highlights the bank’s strong execution capabilities, agility, and adaptability. This partnership further cements VIB’s reputation as a reliable financial partner for leading enterprises committed to sustainable development. — VNS