State monopoly Electricity of Vietnam is set to launch an electricity trading company that will buy from various producers to sell to power distributors, all of them belonging to EVN.
EVN hosted a meeting Tuesday in Hanoi to announce the plan which envisages setting up the company with a registered capital of VND1 trillion (US$62 million) later this year.
It would be joint venture between seven giant state corporations – PetroVietnam, Vietnam Coal and Minerals Group, Song Da Construction Corp., Vietnam Post and Telecommunication Group; Vietnam Cement Corp., Vietnam Steel Corp., and Vietnam Machinery Installation Corp.
They will jointly contribute 49% of the capital with EVN holding the rest.
The company will buy from 34 power plants around the country – both EVN’s and others’ – and sell to 11 distribution companies.
The unlisted EVN is expected to go public by the end of 2008, two years earlier than scheduled under a plan approved by the government.
Its 24 subsidiaries are set to equitize this year, including major players like the Ba Ria and Uong Bi thermal plants, and the Da Nhim – Ham Thuan – Da My Hydropower Plant.
The remaining six subsidiaries, namely the Nghi Son and Mong Duong thermal plants, Telecom Co, Hanoi and Ho Chi Minh Electric companies, and Electric Finance Co, are scheduled to go public by the end of 2008.
It has obtained the nod from the government to sell corporate bonds overseas next year, expecting to raise US$300 million to $500 million off the first phase.
Along with preparation for the forthcoming issue of overseas corporate bonds, the group planned to issue VND8 trillion ($502 million) in bonds for Q2 this year for infrastructure development.
The Hanoi-based utility said it needed VND250 trillion ($15.6 billion) in 2006-2010 to complete all its planned power projects.
Power demand in booming Vietnam is forecast to grow by 17% per year, prompting the government to plan 60 additional plants by 2020.
Source: Thanh Nien
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