EVN’s transmission arm to receive support from JBIC via VPBank’s $150 mln loan
State utility Vietnam Electricity's (EVN) National Power Transmission Corporation (EVNNPT) will receive support from Japan Bank for International Cooperation (JBIC) via a loan between JBIC and Vietnam’s top private lender VPBank.
Ogawa Kazunori, JBIC senior managing director, made the statement at a Wednesday meeting with EVNNPT in Hanoi. The meeting followed the signing of a general agreement between JBIC and VPBank for a $150-million untied loan from the former to the latter.
Delegations of EVNNPT and JBIC at a meeting in Hanoi, October 9, 2024. Photo courtesy of EVNNPT.
With the loan, which follows the Asia Zero Emission Community (AZEC) initiative, VPBank will finance transmission projects in Vietnam and promote renewable energy, said the executive.
VPBank, listed on the Ho Chi Minh Stock Exchange as VPB, is now drafting bids for three transmission projects in Dong Nai and Binh Duong provinces.
Ogawa Kazunori asked EVNNPT to collaborate to implement transmission projects, with a focus on supporting renewable energy projects in the southern region.
In reply, EVNNPT general director Pham Le Phu said he appreciated the sponsorship from JBIC and called on JBIC to further support EVNNPT, as the firm needs $700-800 million per year to invest in the power grid.
Delegations of VPBank and JBIC sign a loan in Hanoi, October 9, 2024. Photo courtesy of VPBank.
Prior to the loan signing with JBIC, VPB had mobilized various loans to help sustainable growth in Vietnam, including a $300-million deal with U.S. International Development Finance Corporation (DFC) and a $1.7-billion deal with a coalition led by Sumitomo Mitsui Banking Corporation (SMBC)
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