Recently at the headquarters of the National Power Transmission Corporation (EVNNPT) in Hanoi, Mr. Nguyen Ngoc Tan, Deputy General Director of EVNNPT, chaired a working session with representatives from ING Bank—part of ING Group, a global financial services organization headquartered in the Netherlands and operating in more than 40 countries—regarding potential cooperation on financing arrangements through Export Credit Agency (ECA) facilities.
Deputy General Director Mr. Nguyen Ngoc Tan welcoming ING Bank representatives at EVNNPT headquarters.
Attending the session from ING were Mr. Willem Nouhuys, Head of Structured Export Finance for the Asia-Pacific region; Mr. Jason Ong, Country and Executive Director for Vietnam and Indonesia; and Ms. Do Thu Ly, Country Head of ING Vietnam. From EVNNPT, representatives from the Finance and Accounting Department and Office participated in the discussion.
During the meeting, Mr. Jason Ong introduced ING’s Export Credit Agency (ECA)-based lending solutions and highlighted that in the Asia-Pacific region, countries such as Vietnam, Indonesia, the Philippines, and India are attracting ECA capital for infrastructure, renewable energy, and LNG power projects. ECA financing typically offers longer tenors and lower interest rates compared with standard commercial loans due to ECA insurance coverage, helping maximize capital efficiency for large-scale energy infrastructure.
Mr. Ong noted that ING has operated in Vietnam for more than 35 years and has extensive experience arranging ECA financing for infrastructure projects. In addition to ECA loans, ING also offers bridge financing, flexible short-term credit ranging from weeks to several years, to help enterprises meet temporary funding needs prior to ECA disbursements.
In Vietnam, ING and Citibank jointly arranged a long-term ECA facility of approximately USD 521.5 million with a 12-year tenor for the Nhon Trach 3 and 4 LNG Power Plant Project for PV Power, along with a USD 300 million bridge loan to enable PV Power to make progress payments to EPC contractors and turbine suppliers.
Discussion highlights between Mr. Nguyen Ngoc Tan and ING Bank representatives.
Deputy General Director Mr. Nguyen Ngoc Tan shared that EVNNPT is responsible for building transmission lines for the Nhon Trach 3 and 4 LNG Power Plant Project. According to Power Development Plan VIII, EVNNPT will require substantial investment through 2030 to meet transmission needs from offshore wind and LNG generation. Ensuring adequate financing for these investments remains a major challenge, and EVNNPT is actively seeking to diversify its domestic and international sources of capital. In May 2025, EVNNPT signed a direct loan agreement with the French Development Agency (AFD)—its first loan without sovereign guarantee—and expressed interest in expanding its financing options to include ECA facilities as well.
Representatives from ING Bank during the working session.
At the session, both sides exchanged views on procedural challenges in arranging financing and discussed solutions to strengthen future cooperation. Representatives of ING Bank expressed appreciation for EVNNPT’s time and reiterated their interest in exploring cooperation opportunities with EVNNPT in the near future.
Khánh Linh - EVNNPT