World Bank, Vietnam Sign $500M Loan to Improve Energy Efficiency

The World Bank and the State Bank of Vietnam on Nov 12 signed a $500 million loan for construction of over 1,000 kilometers of power transmission lines and implementation of smart grid technologies to improve reliability and quality of electricity supply in Vietnam’s major economic hubs. The loan supports a Transmitting Efficiency Project, which is expected to improve the capacity, efficiency and reliability of electricity transmission in areas that are key to the country’s economic development, according to the World Bank’s press release. The project costing $731.25 million targets key investment needs in major economic development areas, including the Greater Hanoi Area, the Greater Ho Chi Minh City Area, the Mekong Delta, and the central region. The remaining $231.25 million will be financed by the National Power Transmission Company under state utility Electricity Vietnam (EVN) group. (World Bank’s release November 12)