Completed Mixed AidData Chinese Aid

China Eximbank provides $56.95 million preferential buyer’s credit for 48MW Chiem Hoa Hydropower Project

$56.95M USD

Funder	Export-Import Bank of China (China Eximbank)
Recipient Organization	Vietnam Investment Construction and Trading Joint Stock Company (also known as Constrexim Holdings and ITC)
Country	Viet Nam
Start Date	Jan 01, 2013
End Date	Mar 31, 2028
Duration	5,568 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`92283`

Grant Description

China Eximbank provides $56.95 million preferential buyer’s credit for 48MW Chiem Hoa Hydropower Project In 2013, China Eximbank and Vietnam Investment Construction and Trading Joint Stock Company (also known as Vietnam Investment Construction and Trading JSC, Constrexim Holdings, and ITC) — a Vietnamese state-owned company — signed a $56.95 million preferential buyer’s credit (PBC) loan agreement for the 48MW Chiem Hoa Hydropower Project.

📋 Loan / Grant Terms

📅 Maturity17 years

⏳ Grace Period3 years

The Government of Vietnam issued a sovereign guarantee.

The loan proceeds to be used by the borrower to finance 85% of a $67 million commercial (EPC) contract between Vietnam Investment Construction and Trading Joint Stock Company, Guangxi Electric Power Industry Investigation Design and Research Institute (GXED), and Guangdong Hydropower Second Bureau Co., Ltd., which was signed on October 5, 2009.

The purpose of the project was to construct a 48MW hydroelectric power plant — with three, 18MW power generation units (Unit 1, Unit 2, and Unit 3) — on the Gam River within Ngoc Hoi commune, Chiem Hoa district, and Tuyen Quang province.

It involved the construction of a weir, a spillway dam, a powerhouse (containing bulb turbines and generators) and a tailrace.

The electricity generated by the power plant was to be delivered to the national grid via a new 3.5 km 110 kV transmission line. GXED and Guangdong Hydropower Second Bureau Co., Ltd were the contractors responsible for implementation. All turbines, generators, and governors were to be imported from China.

Construction began on October 12, 2009.

The first power generation unit was successfully connected to the national grid and put into trial operation on July 7, 2012. A project completion ceremony took place on March 4, 2013.

Upon completion, the power plant was expected to generate approximately 194,628 MWh of power for export to the national grid resulting in estimated emission reductions of 112,184 tons of CO2 per year.

📋 Staff Comments

The Chinese project title is 越南占化水电站项目 or 占化水电站项目. The Vietnamese project title is Thủy điện Chiêm Hóa or Nhà máy thủy điện ICT Chiêm or Nhà máy Thủy Điện ICT Chiêm Hóa.
Multiple project refer to the total cost of the project as VDN 1,335,000,000,000.
An official Chinese Government source (https://www.dropbox.com/s/2urqxbo2d2yx8ia/%E8%B6%8A%E5%8D%97%E7%AC%AC%E4%B8%80%E5%BA%A7%E7%BB%BF%E8%89%B2%E6%B0%B4%E7%94%B5%E7%AB%99%E4%B8%AD%E5%9B%BD%E5%BB%BA---%E5%9B%BD%E5%AE%B6%E8%83%BD%E6%BA%90%E5%B1%80.pdf?dl=0) states that the loan was use to finance 85% of the cost of the $67 million commercial contract with GXED and Guangdong Hydropower Second Bureau Co., Ltd. Therefore, AidData assumes that the face value of the loan was $56.95 million.
This loan is not included in the China’s Overseas Development Finance Dataset that Boston University's Global Development Policy Center published in December 2020.

📚 Sources & References

Vietnam's 1st green hydropower plant starts operation
越南首座绿色水电站落成
使用中方优买贷款的越南占化水电站项目竣工
Khánh thành Nhà máy thủy điện cột nước thấp đầu tiên ở Việt Nam
CÔNG TRƯỜNG THỦY ĐIỆN CHIÊM HÓA: HỐI HẢ CHO NGÀY PHÁT ĐIỆN TỔ MÁY SỐ 1
越南占化水电站
China Eximbank preferential buyer's credit for 48MW Chiem Hoa Hydropower Project
Guangdong Hydropower_ Jointly won the bid for a US$66.72 million project in Vietnam
Khánh thành Nhà máy thủy điện ICT Chiêm Hóa
PROFILE_EN_CONSTREXIM1
中资公司承建的越南占化水电站动工
越南第一座绿色水电站中国建
Google Map
越南第一座绿色水电站中国建---国家能源局
CÔNG TRÌNH THỦY ĐIỆN CHIÊM HÓA HUYỆN CHIÊM HÓA – TỈNH TUYÊN QUANG 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.