HCMC – The Vietnam Development Bank (VDB) is set to provide approximately VND50 trillion in funding to the Vietnam Electricity Group (EVN) to support the development of power projects through 2030.
The agreement was formalized on August 12 in Hanoi, where EVN and VDB signed a memorandum of understanding on financing state investment credit.
Under this agreement, VDB will allocate around VND50 trillion in state investment loans to EVN between 2024 and 2030 to facilitate the implementation of critical power projects.
Both EVN and VDB will work closely to support each other’s efforts in expanding and enhancing their operations, leveraging the strengths of both organizations.
EVN has emphasized that meeting the nation’s growing power demand will require continued investment in constructing power generation facilities and transmission grid projects between 2025 and 2030, with an annual investment value reaching into the trillions of Vietnamese dong.
The partnership with VDB will provide EVN with essential funding for its investment projects in the coming years. Additionally, EVN is collaborating with the Asian Development Bank (ADB) to develop the Battery Energy Storage System (BESS) project.
