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PRESS RELEASE April 11, 2019

Fitch Ratings Confirms Creditworthiness of Vietnam’s National Power Transmission Corporation

HANOI, April 11, 2019 — Fitch’s rating – released on April 10, 2019 – of the creditworthiness of Vietnam’s National Power Transmission Corporation (EVNNPT) further demonstrates the strong credit profile of the country’s power companies.

Having attained a Long-Term Foreign-Currency Issuer Default Rating of ‘BB’ with Stable Outlook and a Senior Unsecured Rating of ‘BB’, EVNNPT’s ratings align with both Vietnam’s sovereign rating and that of the national power utility, Vietnam Electricity (EVN), last June. EVNNPT’s Standalone Rating is ‘BB+’.

EVNNPT’s rating reinforces its creditworthiness and enhances its transparency, in line with international standards. This development enables EVNNPT to diversify financing sources and issue international bonds. EVNNPT is now better positioned to deliver on its mission to ensure safe, uninterrupted, and stable power transmission to serve the needs of Vietnam’s people and businesses.

Dr. Dang Phan Tuong, Chairman of Board of Directors of EVNNPT said: “EVNNPT needs to invest around US$ 700-800 million annually to meet its investment requirements under the Power Sector Development Plan 7 (PSDP7). The positive credit rating by Fitch Ratings has confirmed the strong financial standing of EVNNPT and will facilitate its penetration into the international capital market to raise capital.”

The World Bank’s Energy and Extractives Global Practice supported the credit rating exercise in collaboration with the Singapore-based Global Infrastructure Facility (GIF)[i] team, which managed the technical support, and financing from the Public-Private Infrastructure Advisory Facility (PPIAF).[ii] The WB support included appointing Mizuho Bank to prepare for the credit rating readiness and the rating exercise.

“The electricity transmission network is the backbone of a power system and of critical importance to provide reliable and sustainable power for Vietnam’s socio-economic development” said Ousmane Dione, Country Director for the World Bank in Vietnam. “Following EVN, the positive credit rating will enable EVNNPT to access new sources of commercial financing without sovereign guarantees that can complement traditional sources of financing such as government budget or ODA in further investments to address transmission network bottlenecks to integrate and scale up solar and wind energy.”

EVNNPT’s credit profile is supported by its dominant market position as a monopoly player in Vietnam’s electricity transmission sector, limited price and volume risk under the regulatory framework which enhances its revenue and profit visibility, pooled counterparty risk, and strong receivables.

Vietnam’s development record over the past three decades has been significant. Economic and political reforms under Đổi Mới, launched in 1986, have spurred rapid growth and development and transformed Vietnam from one of the world’s lowest income nations to a lower middle-income country today with 2018 GDP per capita above US$2,500. The sustained global recovery has helped consolidate these gains. The electricity sector has been critical in supporting economic development by achieving almost universal electricity access and reducing technical and commercial losses.

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[i] GIF is housed within the World Bank as a partnership among governments, multilateral development banks, private sector investors, and financiers. It provides support for project preparation, structuring, and advisory to clients in emerging markets.

[ii] PPIAF is a multi-donor technical assistance facility that is financed by 11 multilateral and bilateral donors. Housed inside the World Bank Group, PPIAF is a catalyst for increasing private sector participation in emerging markets.



Nguyen Hong Ngan
Senior Communications Officer
+84 (24) 3937 8234
National Power Transmission Corporation
Director of International Relations Department
Luong Lan Dung (Ms.)
+84 (24) 2216 7829/ 2220 4485