Asian Development Bank has signed an agreement to provide the first loan installment of nearly US$121 million, of a total loan of $730 million to Vietnam, for upgrading its national power grid.
The project aims to upgrade the national power grid to improve power supply for daily domestic consumption and for manufacturing units.
The first loan installment will be disbursed over a period of three years, starting in 2012. The Ministry of Industry and Trade will be the governing body, Vietnam Electricity will be in charge of coordinating and supervising, and the National Power Transmission Corporation will be the investor.
The loan amount will be spent on upgrading nearly 648 kilometres of the main 500KV power line, and more than 100 kilometres of 220KV power line linked to sub-projects.