Lai Chau power plant is being constructed in the northern province of Lai Chau. PVI provides insurance service for the plant. Photo icon.com.vn

HA NOI (Biz Hub) — The Petro Viet Nam Insurance Joint Stock Corporation (PVI) has recently signed an agreement to provide insurance service for Lai Chau hydro power plant project owned by Viet Nam Electricity (EVN).

With a total value of VND14.7 trillion (US$700 million), this has been one of the biggest insurance contracts for EVN so far. The power plant, located in Muong Te District's Nam Hang Commune in the northern province of Lai Chau, is expected to be completed in 2017. It will be a national large-scale hydro power plant, along with the Son La and Hoa Binh projects.

In the first six months of this year, PVI signed insurance contracts in big projects such as construction insurance for Unit 2 of the O Mon thermal power plant worth $346 million, asset insurance for the Phu My 3 thermal power plant worth $1 billion and construction insurance for the iron and steel plant and Son Duong deep water port worth $5 billion.

During this period, the corporation also paid compensation of VND536 billion ($25.5 million) for more than 52,200 cases. — VNS