ICBC provides $74.95 million loan for Duyen Hai Power Port Construction Project (Linked to Project ID#72776)

In 2012, Industrial and Commercial Bank of China (ICBC) and Vietnam Electricity (EVN) — a state-owned power company — signed a loan agreement for the Duyen Hai Port Construction Project. The loan was issued in two separate tranches denominated in two separate currencies: a $74,946,607 tranche (captured via Project ID#65246) and a VND 1,975,554,247,109 tranche (captured via Project ID#72776). The borrowing terms are unknown. EVN used the loan proceeds to finance approximately 85% of the cost of a $180 million EPC contract signed on June 8, 2012 with China Communications Construction Company, Ltd. (CCCC). The Government of Vietnam covered the remaining 15% through counterpart funding. The purpose of the project was to construct a seaport and ‘power center’ in Dan Thanh commune, Duyen Hai district, Tra Vinh province. The project involved (a) the construction of a coal terminal, including 2 coal import berths for ships up to 30,000 DWT and 1 oil import berth for ships up to 1,000 DWT; (b) the construction of a 3.9 km northern breakwater; (c) the dredging of an access channel; (d) the installation of technical infrastructure (electricity, water, communication, fire protection) in the wharf area; (e) the provision of 2 tugboats with a capacity of 1,500 HP and a navigation buoy system; and (f) and the installation of a coal loading and unloading equipment system (coal handling cranes at ports, conveyor belts from ports to transfer towers and into factories, transfer towers), oil extraction equipment, and oil piping systems. CCCC was the EPC contractor responsible for project implementation. Its work was supervised by EVN/GENCO1. A groundbreaking ceremony took place on April 21, 2013 and the project was completed on May 30, 2018.

Additional details

1. This project is also known as the Duyen Hai Power Center Seaport Project. The Chinese project title is 越沿海电力中心海港项目. The Vietnamese project title is Dự án Cảng biển Trung tâm Điện lực Duyên Hải. 2. The loan transaction amounts are not explicitly stated in any of the attached sources. However, a press release from the Vietnam Ministry of Industry and Trade (re-posted by phuxuanjsc.com) confirms that ICBC was financing 85% of the EPC contract for this project. The EPC contract was denominated in two separate currencies: $88,172,479.91 USD and 2,324,181,467,188 VND. AidData derived the $74,946,607 USD (Project #65246) and 1,975,554,247,109 VND figures (Project #72776) by multiplying the original amounts by 0.85.

Number of official sources

8

Number of total sources

10