International partners help improve Vietnam's power supply

Three international agencies have jointly financed a USD800 million project to help ensure a stable power supply in Vietnam.

The Electricity of Vietnam Group (EVN), five power corporations and the World Bank signed a financing agreement on November 8 for the project.

The WB will lend USD449 million with an annual interest rate of 1.25% over 25 years and a five-year grace period.

The Clean Technology Fund will provide a USD30 million loan at an annual interest rate of 0.75% over 20 years and a 10-year grace period.

Meanwhile, the Australian Agency for International Development (AusAID) will provide technical assistance estimated to be worth USD8 million. The remaining funds will come from the Vietnamese Government.

The project is expected to help improve power stability for both industrial and residential use in the country and help mitigate harmful gas emission.

The moneys will be used for the construction and upgrade of power transmission lines, and will help improve the capacity of the Electricity Regulatory Authority of Vietnam and five power corporations, stabilise power prices and ensure efficient management.

The five power corporations involved in the project include Northern, Central and Southern Electricity Corporations, HCM City Power Corporation and Hanoi Power Corporation.

Currently, Vietnam is facing serious a shortage of power, which has led to regular power outages during dry season, particularly in rural areas.

Electricity use in the country remains inefficient, with leakage rates of up to 11%. The target is to reduce this to 9.5% by the end of this year.

By My Le

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