LienVietBank to Arrange $900M ADB-funded to Mong Duong 1 Power Plant

The State Bank of Vietnam (SBV), the country’s central bank, yesterday appointed Lien Viet Commercial JS Bank (LienVietBank) to arrange a loan of $900 million funded by the Asian Development Bank (ADB) to the Mong Duong 1 coal-fired power project. LienVietBank will also provide other financial services to the power project, SBV said on its website. The Mong Duong 1 plant will have two turbines with a combined capacity of 1,000 MW. The facility along with the Mong Duong 2 plant is part of the 2,200-MW Mong Duong power center in the Cam Pha Township, the northern coal hub province of Quang Ninh. Vietnam is among six countries borrowing $1 billion per year from ADB to develop power sector.  In 2005 and 2006, ADB lent $120 million and $360 million to Vietnam’s northern power transmission project and northern power transmission expansion project, respectively. (sbv.gov.vn, Lao Dong – Labor Apr 1 pA)