EVN desperately seeking funding for projects

Deputy Prime Minister of Vietnam Hoang Trung Hai has asked banks to provide capital for Electricity of VietNam (EVN) to develop urgent power supplies and the grid over the next two years.

Hai said that although EVN made a profit this year, they still lacked funds because of aggregated losses.

He asked the Ministry of Industry and Trade to send a list of EVN’s projects to the Prime Minister this month and to co-operate with the Ministry of Finance to issue EVN bonds.

Hai also asked the Ministry of Finance to provide favourable conditions for EVN and Viet Nam National Power Transmission Corporation to get loans for the power supply and grid projects from the Viet Nam Development Bank (VDB).

He also asked the Ministry to seek a Government guarantee for EVN’s loan to build Duyen Hai 3 thermal power plant in the southern province of Tra Vinh.

Meanwhile, the Ministry of Industry and Trade has issued a circular stating that wind-power projects need power transmission and capital commitments – plus agreements from buyers – before being carried out.

Investors will be only allowed to develop wind-power projects on lines set out by the Ministry of Industry and Trade.

If investors don’t start projects within 12 months, they may lose their licences.

Investors will also have to provide regular reports on their work to the General Energy Department.