Completed Mixed AidData Chinese Aid

China Eximbank provides $695 million buyer’s credit loan for 1244MW Vinh Tan 2 Coal-Fired Power Plant Construction Project (Linked to Record ID#65949, #35236)

¥695K RMB

Funder	Export-Import Bank of China (China Eximbank)
Recipient Organization	Vietnam Electricity (EVN)
Country	Viet Nam
Start Date	Dec 17, 2010
End Date	Aug 02, 2029
Duration	6,803 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`65950`

Grant Description

China Eximbank provides $695 million buyer’s credit loan for 1244MW Vinh Tan 2 Coal-Fired Power Plant Construction Project On September 7, 2009, China Eximbank and the Vietnam Ministry of Finance signed preferential buyer's credit (PBC) loan framework agreement for the the 1244MW Vinh Tan 2 Coal-Fired Power Plant Construction Project.

Then, on December 17, 2010, China Eximbank and Vietnam Electricity (EVN) — a state-owned power company — signed three loan agreements for this project: (1) RMB 600 million government concessional loan (GCL) agreement with a 17-year maturity (captured via Record ID#65949).

This loan matures in 2027. (2) $300 million preferential buyer’s credit (PBC) agreement with a 17-year maturity (captured via Record ID#35236).

This loan matures in 2027. (3) $695 million buyer’s credit loan (BCL) agreement with an 18-year maturity (captured via Record ID#65950). This loan matures in 2028.

The proceeds of these loans were on-lent by EVN — via 3 separate loans: 04/HĐCVL/EXIMBANK-EVN-G3 (KV 01), 04/HĐCVL/EXIMBANK-EVN-G3 (KV 02), and 04/HĐCVL/EXIMBANK-EVN-G3 (KV 03) — to Power Generation Corporation 3 (EVNGENCO 3), a wholly owned subsidiary of EVN.

The proceeds from these three loans were to be used by the ultimate borrower to cover 85% of the cost ($1.08 billion) of a $1.265 billion EPC contract signed on October 23, 2009 between EVN and Shanghai Electric Group Company Limited. EVN provided counterpart financing for the remaining 15%.

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 Bắc Lũng commune, Lục Nam district, and Bắc Giang province. Shanghai Electric Group Company Limited was the EPC contractor responsible for implementation.

Power Construction Consulting Joint Stock Company 2 (PECC2) was the contractor responsible for construction supervision. Construction began on August 8, 2010. Units 1 and 2 were put into operation of commercial operation on January 30, 2015 and March 21, 2015, respectively. A formal project completion ceremony took place on November 7, 2020.

📋 Staff Comments

This project is also known as the 2x622MW Vinh Tan 2 Thermal Power Plant Project, the Vinh Tan 2 Coal-Fired Thermal Power Plant Project, or the Vinh Tan II Coal-Fired Thermal Power Plant Project. The Chinese project title is 署越南永新火电项目 or 越南永新燃煤电厂二期项目. The Vietnamese project title is Nhà máy Nhiệt điện Vĩnh Tân 2 or Dự án Nhà máy nhiệt điện Vĩnh Tân 2 or NMNĐ Vĩnh Tân 2.
Neither the RMB 600 million China Eximbank GCL nor the $695 million China Eximbank BCL that supported this project are included in the Overseas Development Finance Dataset that Boston University’s Global Development Policy Center published in December 2020.
For loan and debt rescheduling records with variable interest rates, AidData calculates the all-in interest rate at T0 based on the reference rate (such as LIBOR or EURIBOR) on the loan start date, plus any known margin. Please see the methodology for additional details.

📚 Sources & References

China's Global Energy Finance
对外投资合作国别（地区）指南越南 2018版
Vinh Tan 2 Thermal Power Plant hitting 20 billion kWh
上海电气集团签署越南永新火电项目二期工程EPC合同
海外監管公告
China's Overseas Development Finance
Hoàn thành toàn bộ dự án Nhà máy Nhiệt điện Vĩnh Tân 2 và đạt mốc sản lượng điện 40 tỷ kWh
Khánh thành toàn bộ dự án Nhà máy Nhiệt điện Vĩnh Tân 2
Lễ công bố Khởi công xây dựng Dự án Nhà máy nhiệt điện đốt than BOT Vĩnh Tân 1
Bình Thuận : Khởi công xây dựng Nhà máy nhiệt điện Vĩnh Tân 2, 300 triệu USD cho dự án Nhà máy nhiệt điện Vĩnh Tân 2
Ký hiệp định tín dụng người mua ưu đãi cho dự án Nhà máy nhiệt điện Vĩnh Tân 2 trị giá 300 triệu USD
Ký hiệp định tín dụng người mua ưu đãi cho dự án Nhà máy nhiệt điện Vĩnh Tân 2 trị giá 300 triệu USD
BÁN ĐẤU GIÁ CỔ PHẦN LẦN ĐẦU CÔNG TY MẸ - TỔNG CÔNG TY PHÁT ĐIỆN 3
PROSPECTUS INITIAL PUBLIC OFFERING POWER GENERATION CORPORATION 3
Ký hiệp định tín dụng người mua ưu đãi cho dự án Nhà máy nhiệt điện Vĩnh Tân 2 trị giá 300 triệu USD
BU_PITCH_ENGLISH_2019-clean5.xlsx
中国进出口银行与越南财政部签署3亿美元的优买贷款协议
EVNGENCO 3 2017 Annual Report
EVNGENCO3 2023 Annual Report
Vinh Tan power station
EIA report of the project Vinh Tan 4 power plant, 2013 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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