VIETNAM'S EVN TO BUILD POWER PLANT ONE YEAR AHEAD OF SCHEDULE.

(From Asia Pulse)

HANOI, Dec 18 Asia Pulse - Construction of Son La hydroelectricity plant will power ahead a year earlier than planned, said the general director of the Electricity of Vietnam (EVN).

Dao Van Hung said EVN could earn an estimated revenue of US$540 million for the extra year if work started on Vietnam's biggest hydroelectric plant in early 2005.

Hung said the corporation was heeding Prime Minister Phan Van Khai's recent call to build more power plants, and had submitted its feasibility plan for Government approval.

The EVN general director said the most important issue for the project now was capital. The Government calculated the plant will cost up to $2.5 billion to build and hoped to obtain 70 per cent of funding from domestic sources, electric industry profits and bond issuances.

"In 2004, EVN intends to sign contacts to borrow long-term capital from domestic banks and obtain credit with foreign banks," said Hung.

"We will ensure the finance is available to carry out the project on time," he added.