All four state-owned banking giants in Vietnam and a financial institution have joined hands to provide VND2.5 trillion (US$156 million) for building a hydropower plant in the northern Son La province.
Following credit deals signed Tuesday, the Industrial and Commercial Bank of Vietnam, the Bank for Investment and Development of Vietnam, Asia Commercial Bank, Military Bank and PetroVietnam Finance Co will provide VND1.92 trillion in long-term loans.
The rest will be provided as working capital by the Bank for Foreign Trade of Vietnam.
The Nam Chien Hydroelectricity Plant will be built at a cost of VND4.17 trillion Nam Chien company in Muong La district.
The 200MW plant will be ready by 2009 or 2010 at the latest.
Power demand is increasing by 20 percent a year while the state-run Electricity of Vietnam has said generation will grow by less than 15 percent.
In recent years the government has adopted priority policies to attract investors in the power sector.
The Ministry of Planning and Investment said several mammoth electricity projects involving investments of billions of dollars by foreign companies were awaiting approval.
In the north, the US’s AES and Vietnam Coal and Mineral Industries Group plan to build the 1,200 MW Mong Duong 2 thermal power plant at a cost of $1.4 billion in Quang Ninh province.
While Japan’s Sumitomo Corp., which has more than 25 projects in Vietnam, is planning to build a 2,640 MW, $4 billion power plant in Khanh Hoa province, in central Vietnam.
In the south, the US’s Cannon Group is seeking to build a 1,000 MW power plant in Dong Nai province, while Singapore’s leading power and integrated utilities firm, SembCorp Utilities Pte. Ltd., looks set to invest $500 million to build a 700 MW plant in Ho Chi Minh City.
Power demand in Vietnam's economy, the world's fastest growing after China, is forecast to grow up to 17 percent per year, driving the government to plan the construction of 60 additional plants by 2020.
Source: Thanh Nien
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