Completed Mixed AidData Chinese Aid

China Eximbank provides $296.6 million preferential buyer's credit loan for Phase I of the 600MW Cam Pha Coal-Fired Power Plant Construction Project

$296.62M USD

Funder	Export-Import Bank of China (China Eximbank)
Recipient Organization	Vietnam National Coal - Mineral Industries Group (Vinacomin)
Country	Viet Nam
Start Date	Aug 22, 2006
End Date	May 08, 2026
Duration	7,199 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`34676`

Grant Description

China Eximbank provides $296.6 million preferential buyer's credit for Phase I of the 600MW Cam Pha Coal-Fired Power Plant Construction Project On August 22, 2006, China Eximbank and Vietnam National Coal and Mineral Industries Group (Vinacomin) — a Vietnamese state-owned enterprise — signed a $296,621,950 preferential buyer's credit (PBC) agreement for Phase I of the 600MW Cam Pha Coal-Fired Power Plant Construction Project.

The borrowing terms are unknown.

The Government of Vietnam issued a sovereign guarantee in support of the loan on September 14, 2007 and Sinosure also provided insurance.

The proceeds of the loan were to be used by the borrower to finance 85% of a $348,967,000 EPC contract signed on March 21, 2006 with Harbin Electric International Engineering Co.

The purpose of the project was to construct a 600MW coal-fired power plant — with two, 300MW power generation units (Unit 1 and Unit 1) — in Cửa Ông commune, Cẩm Phả district, Quảng Ninh province. Construction began in April 2006 and there were 2 parts to the power plants (Cam Pha 1 and Cam Pha 2).

On September 15, 2011, Harbin International Power Engineering officially handed over the 2 plants to Vinacomin.

Electricity Vietnam (EVN), a government-owned electricity utility, signed a contract to buy the Cẩm Phả plant's output for 25-years. In November 2016, a major fire caused serious damage to the plant. No injuries were reported.

📋 Staff Comments

This project is also known as the 2x300MW Cẩm Phả 1 Power Plant Project and the Cẩm Phả 1 Power Plant Project. The Chinese project title is 锦普火电厂隆重举 or 锦普火电厂一期30万千瓦燃煤电站项目. The Vietnamese project title is dự án nhiệt điện Cẩm Phả 1 or Nhiệt điện Cẩm Phả.
The China Eximbank loan that supported this project is not included in the Overseas Development Finance Dataset that Boston University’s Global Development Policy Center published in December 2020.
Vinacomin may have on-lent the proceeds of the loan from China Eximbank to a project company called Cam Pha Thermo Power Joint Stock Company (Công ty Cổ phần Nhiệt điện Cẩm Phả). However, this issue requires further investigation. Cam Pha Thermo Power Joint Stock Company is majority-owned (51%) by Vinacomin.

📚 Sources & References

Vietnam deputy PM says party chief's official visit to China 'great success'
China To Lend Vietnam $225M For Power Plant Proj - Report
Chinese Government Lead Domestic Capital to Oversea Investment (Nov. 2006)
Cam Pha thermo power plant No 1&2 officially handed over
Construction of Cam Pha Thermal-power Plant starts
哈电集团承建的越南锦普火电厂一期、二期工程竣工
弄潮技术与市场 ——东北院公司在“一带一路”精耕耘结硕果
中越联合新闻公报
Viet Nam-China industrial cooperation promoted
Vietnam-China Trade
FDI and ODA Relations (1998-2008) and the Impacts upon Vietnam
中越联合新闻公报, 1228/QĐ-TTg, 1228/QĐ-TTg
越南锦普一期、二期工程项目举行竣工典礼
哈电集团国际工程公司：向世界亮出中国动力
公司签订越南锦普一期300MW火电厂EPC合同
Công ty CP Nhiệt điện Cẩm Phả- Mã chứng khoán mới trên SANOTC
Cam Pha power station
项目精英——苏海洪
对外投资合作国别（地区）指南越南 2017版
对外投资合作国别（地区）指南越南 2018版
ANNUAL REPORT 2019 CAM PHA-KV THERMAL POWER JOINT STOCK COMPANY
China's Overseas Development Finance
CAM PHA THERMAL POWER PLANT
Chính phủ phê duyệt bảo lãnh khoản vay nước ngoài cho Dự án Nhà máy nhiệt điện Cẩm Phả
NIÊM YẾT CỔ PHIẾU TRÊN SỞ GIAO DỊCH CHỨNG KHOÁN HÀ NỘI
Bảo lãnh khoản vay nước ngoài cho Dự án nhà máy nhiệt điện Cẩm Phả
ANNUAL REPORT 2018 CAM PHA-KV THERMAL POWER JOINT STOCK COMPANY
Decision No. 1228/QĐ-TTg
Thỏa thuận vay tín dụng cho dự án nhiệt điện 300 MW Cẩm Phả 1
Vietnam: Thermoelectric plant to receive Chinese bank loan, báo cáo thường niên Công ty CP Nhiệt điện Cẩm Phả- TKV năm 2018, ĐẦU TƯ ODA CỦA TRUNG QUỐC CHO VIỆT NAM GIAI ĐOẠN TỪ NĂM 1992 ĐẾN NĂM 2006: THỰC TRẠNG VÀ NHỮNG BẤT CẬP
Bitter taste when depending on Chinese loans Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.