JBIC's role is to contribute to the sound development of Japan and the international economy and society through varies of financial tools such as provision of credit guarantee and loans for projects with proved interest for Japan. NEXI was established in 2017 in order to insure risks arising from offshore transactions and risks not covered by common trade insurance. JBIC and NEXI have co-financed/insured some of PVN’s projects including Vung Ang 1 Power Project (57.5 million USD), Nghi Son Refinery Plant (1.8 billion USD loan) and Thai Binh 2 Power Plant (85 million USD) Besides, NEXI has provided the credit insurance of 85 million USD to Dakdrink Power Plant of PVPower.

Delegation of PVN in discussion with JBIC.

PVN updated JBIC/NEXI with some recent progresses of PVN such as Fitch Ratings’ upgrade to BB+, ongoing energy transition projects and development orientation towards Net zero in 2030 pursuant to COP 28 commitment of Vietnamese Government, and especially significant milestones of Block B Project Chain consisting of upstream and midstream projects and O Mon 3 and 4 Power Plants. The Japanese partners expressed their interest of Block B Project Chain improvement and willingness to conduct in-depth discussions so that both parties could support the chain development and promote the contribution of Japanese enterprises in the projects.

PVN’s delegation and Senior Managers of NEXI took photo after the meeting.

In Korea, PVN met with Korean Trade Insurance Corporation (KSURE), which was established in 1992 pursuant to The Trade Insurance Law in order to promote global trade and offshore investment of Korean enterprises with a task to strengthen Korean competitiveness, and The Export – Import Bank of Korea (K-EXIM) established to stimulate the development of Korean economy and improve economic co-operation with other countries through financial funding and provision of insurance for import – export transactions, offshore investments and natural resources development. All through the time, KSURE has supported PVN by insuring the loans of 145 million USD for Polypropylene Project and 507 million USD for Song Hau 1 Power Plant in co-operation with KEXIM.

  Vice President Duong Manh Son presented the souvenir to the Executive Director of KSURE 

At the meetings, PVN also updated of the group’s recent business performance as well as substantial improvements of Block B Project Chain and proposed the 2024 signing of Project Pooling Line (PPL) with KSURE and renew the Framework Agreement (FA) of 2 billion USD with KEXIM in 2024. Both ECAs highly appreciated the potential participations of Korean enterprises in Block B Project Chain and confirmed to push up internal appraisals and submission for approval of competent authorities so that the signings of PPL and FA could be completed in 2024 and disbursement could be timely for O Mon 4 Power Plant and upstream and midstream projects in line with the progress of the chain project. 

PVN’s delegation took photo with Managers of KEXIM.

During discussions, all ECAs were affirmed of the determination of the Vietnam Government and PVN in accelerating the Block B Project Chain through PVN’s taking over of O Mon 3 and 4 Power Plants from EVN and EPC LLOA for the project chain. Along with that, financial funding from ECAs would contribute tremendously in the operation of Block B Project Chain. 
In addition, senior managers of ECAs informed PVN’s delegation of new tendencies in export credit policies. They also highly treasured BSR’s business operation and financial potentials as well as its credit rating of “BB+/Positive” recently published by Fitch Ratings and demonstrated their concern in funding for Expansion Project of Dung Quat Refinery Plant.