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NEXI keen on insuring power projects

Released at: 10:07, 17/07/2015

NEXI keen on insuring power projects

Japanese insurance agency looking to provide credit insurance to Vietnam's major power projects.

by Cuong Diep

Deputy Minister of Industry and Trade Hoang Quoc Vuong recently met with Mr. Satoru Koyama, Vice President of Nippon Export and Investment Insurance (NEXI), on providing insurance to power projects in Vietnam.

During the meeting Mr. Koyama spoke of the issues NEXI is interested in, including projects in the Power Development Plan for the 2011-2020 Period and Vision to 2030 and government guarantees for urgent power projects.

He said that although Vietnam's credit insurance debt is more than $8 billion, Japan will still provide credit insurance to key projects in the country, especially those using high technology.

NEXI is an export and investment insurance agency under Japan’s Ministry of Economy, Trade and Industry. In the 2013-2015 period it provided credit insurance to huge power projects in Vietnam, including the Nghi Son Oil Refinery, the Vinh Tan 4 Thermal Power Plant, and the Duyen Hai 3 Thermal Power Plant, as well as to the Substation and Transmission Lines Development project.

Vietnam currently receives the largest amount of credit insurance from NEXI for power and infrastructure projects, of $8 billion.

Deputy Minister Vuong said that the Ministry is working on amendments to Master Plan 7, on power development in the 2011-2020 period, which will be submitted to the Prime Minister at the end of the year.

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