Việt Nam News

Vietcombank sponsors $1.2 billion for Quảng Trạch 1 thermal power project

July 02, 2021 - 08:35

The Joint Stock Commercial Bank for Foreign Trade of Việt Nam (Vietcombank) committed to finance a credit worth VNĐ27.1 trillion (US$1.18 billion) for the Quảng Trạch 1 thermal power plant project.

The signing ceremony between EVN and Vietcombank. — Photo baochinhphu.vn

HÀ NỘI — The Joint Stock Commercial Bank for Foreign Trade of Việt Nam (Vietcombank) committed to finance credit worth VNĐ27.1 trillion (US$1.18 billion) for the Quảng Trạch 1 thermal power plant project.

Việt Nam Electricity (EVN) and Vietcombank held a signing ceremony for a comprehensive co-operation agreement and financial credit contract supporting Quảng Trạch 1 thermal power plant project in Hà Nội on Wednesday.

Total investment of the thermal power project is VNĐ41.13 trillion, using capital from EVN (30 per cent) and domestic commercial loan (70 per cent) funded by Vietcombank.

It is expected that the project will be started in the third quarter of this year and completed in 2025.

EVN assigned the project to the Power Project Management Board No 2 as the representative of the investor along with projects at Quảng Trạch Power Centre with a total area of about 48.6 hectares in Vĩnh Sơn village, Quảng Đông commune, Quảng Trạch district, Quảng Bình Province.

The project includes two power units with a total installed capacity of 1,200 MW, when put into operation, the plant will provide the national electricity system with an annual output of about 8.4 billion kWh, contributing to ensure the safety of national energy security and improving the safety and stability of the power system.

Quảng Trạch 1 thermal power plant is considered to be the driving force for economic growth for Quảng Bình Province and the North Central region, thereby contributing to create favourable conditions for the local development of supporting industry, contributing about VNĐ1.2 trillion per year to the state budget , creating stable and long-term jobs for local workers, especially highly-qualified workers. — VNS

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