Vietnam’s VIB Secures $62M Deal to Fund REE’s Duyen Hai Wind Power Project

Vietnam International Bank (VIB) has signed a credit facility worth VND 1,640 billion (approximately $62.68 million) with Duyen Hai Wind Power Joint Stock Company, a subsidiary of Refrigeration Electrical Engineering Corporation (REE), to finance the development of a 48 MW wind power plant in Vinh Long province, Vietnam.

The upcoming wind facility will be located across Dong Hai, Long Thanh, and Ngu Lac communes, with commercial operations slated to begin by December 2025. Once operational, the project will feed clean electricity into the national grid while contributing to economic growth in the local communities.

This development plays a key role in supporting Vietnam’s renewable energy transition and promoting sustainable development in the Mekong Delta, a region highly vulnerable to climate change impacts.

Nguyen Ngoc Thai Binh, Deputy CEO of REE, emphasized the importance of the financial partnership, stating:

“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 in renewable energy, having a reliable financial partner like VIB is critical in executing our green energy strategy.”

The Duyen Hai wind project is part of REE’s long-term vision to grow its renewables portfolio, which currently includes over 2,800 MW of total power generation capacity, with nearly 1,700 MW derived from wind, solar, and hydropower sources. REE aims to expand this capacity to 5 GW by 2035.

VIB is serving as the lead financier of the project, offering early-stage advisory on loan structuring and devising a customised disbursement schedule tailored to the specific demands of the renewable energy venture.

Nguyen Xuan Dung, Deputy CEO and Head of Corporate Banking at VIB, stated:

“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.”