Leading bank sponsors thermal power project in Quang Binh
The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) will provide a credit worth 27.1 trillion VND (1.18 billion USD) for the Quang Trach 1 thermal power project in the centreal province of Quang Binh.
The signing ceremony between EVN and Vietcombank. (Photo: baochinhphu.vn)
Hanoi (VNA) - The Joint Stock Commercial Bank for Foreign Trade of Vietnam(Vietcombank) will provide a credit worth 27.1 trillion VND (1.18 billion USD)for the Quang Trach 1 thermal power project in the centreal province ofQuang Binh.
To this effect, the bankand Vietnam Electricity (EVN) signed a comprehensive cooperation agreement andfinancial credit contract supporting the project in Hanoi on June 30.
Total investment of the project is 41.13 trillion VND, using capital from EVN(30 percent) and domestic commercial loans (70 percent) funded by Vietcombank.
It is expected to be kicked off in the third quarter of this year and completedin 2025.
EVN assigned the Power Project Management Board No 2 as the representative ofthe investor of the project along with projects at the Quang Trach Power Centrewith a total area of about 48.6 hectares in Vinh Son village, Quang Dongcommune, Quang Trach district.
The project includes two power units with a total installed capacity of 1,200MW, when put into operation, the plant will provide the national electricitysystem with an annual output of about 8.4 billion kWh, contributing to ensurethe safety of national energy security and improving the safety and stabilityof the power system.
The Quang Trach 1 thermal power plant is considered to be the driving force foreconomic growth for Quang Binh province and the North Central region, therebycontributing to create favourable conditions for the local development ofsupporting industry, contributing about 1.2 trillion VND per year to thestate budget, and creating stable and long-term jobs for local workers,especially highly-qualified workers./.
A contract on a bidding package worth 30 trillion VND (nearly 1.29 billion USD) on engineering, procurement and construction (EPC) of the Quang Trach 1 thermal power plant in the central province of Quang Binh was signed in Hanoi on June 17.
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The signing ceremony between EVN and Vietcombank. (Photo: baochinhphu.vn) 
