VIB finances REE’s wind power project, boosting green energy transition in Vinh Long

Vietnam International Bank (VIB) has secured a significant milestone in supporting the country’s green energy transition by finalizing a VND 1,640 billion credit facility agreement with Duyen Hai Wind Power Joint Stock Company, a subsidiary of the Refrigeration Electrical Engineering Corporation (REE). This deal will fund the Duyen Hai Wind Power Plant project in Vinh Long Province, marking a key step toward a sustainable energy future in Vietnam’s Mekong Delta.

The financing from VIB provides crucial support for one of REE’s flagship renewable energy initiatives, advancing the region’s push for climate resilience and sustainable development. The Mekong Delta, an area particularly vulnerable to the effects of climate change, stands to benefit significantly from this green energy investment. 

Duyen Hai Wind Power Project –  A Strategic Investment for REE in green energy

The Duyen Hai Wind Power Plant, located across Dong Hai, Long Thanh, and Ngu Lac communes in Vinh Long province, will have a designed capacity of 48 MW. The plant is expected to commence commercial operation by December 31, 2025. Once operational, it will contribute clean energy to the national grid, providing a sustainable source of power to the region while fostering local socio-economic development.

The project aligns with REE’s broader strategy to expand its renewable energy portfolio. To date, the company has developed a power generation capacity exceeding 2,800 MW, including nearly 1,700 MW from renewable sources such as wind, solar, and hydropower. With a goal to increase its total generation capacity to 5,000 MW by 2035, REE is firmly committed to transitioning to green energy.

Mr. Nguyen Ngoc Thai Binh, Deputy CEO of REE, shared: “We highly value VIB’s partnership – a leading financial institution in Vietnam with strong execution capabilities, deep industry insight, and the ability to tailor solutions to the unique nature of each project. Along with REE’s expansion of its footprint in the renewable energy sector, having a reliable financial partner like VIB is a key factor in realizing our strategy to green our energy portfolio in the years ahead.”

VIB – a trusted financial partner supporting sustainable business growth

As the lead financier for the Duyen Hai Wind Power Project, VIB, along with its team of corporate finance experts, has engaged early on to advise on the loan structure and design a disbursement roadmap tailored to the specific opertation of a renewable energy project.  VIB’s reputation for flexible financing, rapid execution, and strong risk management capabilities has made it a go-to partner for businesses in the renewable sector.

At the signing ceremony, Mr. Nguyen Xuan Dung – Deputy CEO and Head of Corporate Banking at VIB – affirmed: “This collaboration with Duyen Hai Wind Power and REE further demonstrates VIB’s commitment to swift execution, practical support, and long-term, responsible partnership with pioneering enterprises like REE – companies that create long-lasting value for society through sustainable development projects.”

A long-standing partnership between two industry leaders

VIB and REE have built a long-standing financial partnership that spans a wide range of services, from cash management and credit facilities to trade finance, foreign exchange, and capital markets. The collaboration also includes M&A advisory and cross-selling of products to strengthen both companies' ecosystems.

The VIB’s continuing support to REE in this large-scale energy project reinforces its capability of execution, agility, and high adaptability. It also underscores the bank’s proven capabilities in infrastructure financing and affirms VIB’s position as a reliable financial partner for industry-leading enterprises driving sustainable growth.

Learn more about VIB’s corporate financial solutions [here].