Vietcombank's deputy general director Pham Quang Dung (left) and Nguyen Phuc Vinh, chairman-cum-general director of Electricity of Vietnam's Nothern Power Corporation at the signing ceremony on March 4 in Quang Ninh Province. — Photo courtesy of Vietcombank

HA NOI (Biz Hub) — The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) and Electricity of Vietnam's Northern Power Corporation (EVN NPC) have inked a contract to develop power projects.

The contract, worth VND1,700 billion, or nearly US$81 million, includes projects to bring electricity to remote regions, particularly in the border areas and islands, as requested by the government.

Speaking at the signing ceremony on March 4, Nguyen Hoa Binh, chairman of Vietcombank's management board, said it has played an important role in tightening the relationship between the two sides to develop the economy and society effectively for the nation.

EVN NPC chairman-cum-general director Nguyen Phuc Vinh talked about the production and business operations of the enterprise in 2014. He also emphasised that the timely support of Vietcombank would help EVN NPC to enhance its development and meet its objectives soon.

In the past few years, Vietcombank has lent nearly VND30 trillion, or $1.4 billion, to EVN to implement big power projects. — VNS