The Governor of the State Bank of Vietnam (SBV) has approved proposals from three commercial banks to allow them to exceed their chartered capital by 15 percent on loans to the Huoi Quang hydro-power project in the mountainous northern province of Lai Chau.

The three banks are the Bank for Foreign Trade of Vietnam (Vietcombank), the Bank for Investment and Development of Vietnam (BIDV) and the Vietnam Bank for Agriculture and Rural Development (Agribank).

Under the decision, Vietcombank is allowed to lend a maximum of almost 12.487 trillion VND and 26.34 million USD. Loans from the BIDV will be just over 13.314 trillion VND, while Agribank may extend loans worth almost 10.54 trillion VND and 39.5 million USD, at the most.

The State Bank of Vietnam made it clear that the lending permissions given to the three banks on the Huoi Quang hydro power project is special and not applicable to any other cases.

The lending will be made through the Electricity of Vietnam Corporation, the project investor, said the SBV chief./.