HCMC – The Vietnam Electricity Group (EVN) and the French Development Agency (AFD) on March 28 signed a credit facility agreement worth 80 million euros for a grid strengthening project in the south of Vietnam.
The project, whose investor is the Southern Power Corporation, a subsidiary of EVN, includes 33 subprojects in the southern provinces, such as Ben Tre, An Giang, Long An, Soc Trang and Can Tho, among others, the local media reported.
These subprojects were included in the power development plan for the 2016-2025 period with a vision to 2035 approved by the Ministry of Industry and Trade. They require an estimated investment of some VND4.5 trillion and are to be executed between 2022 and 2024.
At the signing ceremony, Herve Conan, AFD Director in Vietnam, said the signing of the credit facility agreement between AFD and EVN would pave the way for further cooperation, including between their subsidiaries, in electricity transmission and distribution.
AFD committed to supporting EVN to upgrade the grid and infrastructure in a smarter, more flexible and modern manner, Herve added.
EVN Chairman Duong Quang Thanh said AFD and European partners had proactively supported EVN to contribute to the national energy transition program and realize the prime minister’s commitment to reach net-zero emissions by 2050 at COP 26.
