Completed Mixed AidData Chinese Aid

China Eximbank contributes to $1.08 billion syndicated buyer’s credit loan to 1244MW Duyen Hai 1 Coal-Fired Power Plant Construction Project (Linked to Record ID#65791, #72770, #65794, #100724, #100725)

$216.74M USD

Funder	Export-Import Bank of China (China Eximbank)
Recipient Organization	Vietnam Electricity (EVN)
Country	Viet Nam
Start Date	Sep 26, 2011
End Date	Jun 01, 2026
Duration	5,362 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`65148`

Grant Description

China Eximbank, BOC and ICBC contribution to $1.08 billion syndicated buyer’s credit loan to 1244MW Duyen Hai 1 Coal-Fired Power Plant Construction Project On September 26, 2011, a group of banks and Vietnam Electricity (EVN) — a state-owned company — signed a $1,083,695,493 syndicated buyer’s credit loan (BCL) agreement for the 1244MW Duyen Hai 1 Coal-Fired Power Plant Construction Project.

The syndicate members included China Eximbank, Industrial and Commercial Bank of China (ICBC), Bank of China (BoC), BNP Paribas, and Société Générale.

Record ID#65148 captures the estimated financial commitment of China Eximbank, Record ID#100724 captures the estimated financial commitment of Bank of China, and Record ID#100725 captures the estimated financial commitment of ICBC.

📋 Loan / Grant Terms

💰 Loan Amountcarried a maturity of 14 years and two months but the grace period and interest rate are unknown

Sinosure provided export buyer’s credit insurance. On November 24, 2011, the Vietnam Ministry of Finance issued a sovereign guarantee in support of the loan.

The syndicated loan proceeds were to be used to finance 85% of the cost of an $1,210,580,000 EPC contract signed on March 30, 2010 with Dongfang Electric Corporation (DEC). EVN covered the remaining 15% with counterpart funding.

The purpose of the project was to construct a 1244MW coal-fired power plant — with two, 622MW power generation units (Unit 1 and Unit 2) — in Dan Thanh commune, Duyên Hải district, and Trà Vinh province. Construction began on September 19, 2010. Unit 1 came on stream in January 2015, and Unit 2 came on stream in April 2015.

The project was completed and handed over to the local authorities on January 22, 2016.

China Eximbank, ICBC, Bank of China, and CDB also contributed to the Duyen Hai 2 Coal-Fired Power Plant Construction Project and the Duyen Hai 3 Coal-Fired Power Plant Construction Project (as captured via Record ID#65791, #72770, and #65794).

📋 Staff Comments

This project is also known as the 2*622MW Duyen Hai 1 Project, the 1,245-MW Duyên Hải-1 Project, or the Duyen Hai 1 Coal-Fired Power Plant Project. The Chinese project title is 越南沿海火电项目. The Vietnamese project title is Duyên Hải-1.
The individual contributions of China Eximbank, Industrial and Commercial Bank of China, Bank of China, BNP Paribas, and Société Générale to the syndicated loan are unknown. For the time being, AidData assumes equal contributions ($216,739,098) across all five known members of the syndicate.
According to the Overseas Development Finance Dataset that Boston University’s Global Development Policy Center published in December 2020, China Eximbank supported this project with a $1 billion loan.

📚 Sources & References

BAO CAO 2010-2022 Corporate Profile, Ý kiến kết luận của Phó Thủ tướng Hoàng Trung Hải
Duyen Hai 1 financing agreement signed
越媒：越南应关注中国在越投资项目的质量和效益
Quantifying Chinese Public Financing for Foreign Coal Power Plants
発電所案件のEPC, コントラクター等の動向
China's Global Energy Finance
对外投资合作国别（地区）指南越南 2018版
东方电气股份有限公司公开发行 A 股可转换公司债券募集资金运用可行性研究报告
东方电气总包大型海外火电项目越南沿海一期成功移交
China's Overseas Development Finance
FINANCIAL MANAGEMENT OF THERMAL POWER PLANT CONSTRUCTION PROJECTS UNDER STATE AUDIT
Phụ luc B -Nội dung báo cáo tổng kết kinh nghiệm DH1
Gần 1,4 tỷ USD xây nhà máy nhiệt điện Duyên Hải 1
Ký hợp đồng tín dụng và EPC hai dự án điện
EVN signs Duyen Hai debt
Luận văn: Quản lý tài chính các dự án xây dựng nhà máy nhiệt điện
Những Dự Án Nhà Máy Nhiệt Điện Than Ở Việt Nam – Mai Thanh Truyết
Development Partners' Assistance Matrix for the GMS Economic Cooperation Program: Ongoing and Proposed Projects (as of 2014)
Active Participant in Boosting Sino-Arab Energy & Power Cooperation: Vision of Dongfang Electric Corporation
World Bank PPI
Duyen Hai Power Generation Complex 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.

All Grantees

Vietnam Electricity (EVN)

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