Trungnam Group and Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) signed a comprehensive cooperation agreement in Hanoi on August 16, 2020. Mr. Mai Tien Dung - Member of the Party Central Committee, Minister, Chairman of the Government Office; Mr. Nguyen Sy Cuong - Vice Chairman of the National Assembly's Foreign Affairs Committee; Mr. Luu Xuan Vinh - Deputy Secretary of the Provincial Party Committee, Chairman of the People's Committee of Ninh Thuan Province; and Mr. Tran Dang Phi - Deputy Chief Inspector, Inspection and Supervision Agency of the State Bank of Vietnam attended the ceremony.
Trungnam Group was represented by Mr. Nguyen Tam Thinh, Chairman of the Board of Directors, Mr. Nguyen Tam Tien, General Director, and Trungnam Group Board of Directors members. Mr. Le Duc Tho - Secretary of the Party Committee, Chairman of the Board of Directors, Mr. Tran Minh Binh - Deputy Secretary of the Party Committee, Member of the Board of Directors cum General Director, Mr. Le Duy Hai - Director of Corporate Banking Division were present on behalf of VietinBank. Corporate Banking) and executives from the Business Banking Divisions of VietinBank Ba Dinh and VietinBank Quang Trung..
Trungnam Group has been in operation for almost 16 years, with numerous essential infrastructure, real estate, and energy projects. In this regard, Trungnam's energy sector is currently regarded as the spearhead, with initiatives involving hydroelectricity, wind power, and solar power. Trungnam Group recently completed two solar power projects with a total capacity of over 360MW in Thuan Bac district, Ninh Thuan province, and Duyen Hai, Tra Vinh, and a wind power project with a wind power project a total capacity of over 360MW in Thuan Bac. With these projects, Trungnam Group has established itself as Vietnam's leading investor in sustainable energy.
Trungnam Group will become a trustworthy pioneer private enterprise in 2020 when it invests in a 220/500KV substation and transmission line and the Trung Nam Thuan Nam solar power plant of 630 MWP. Currently investing in the power transmission system to help realize Politburo Resolution No. 55 on the strategic orientation of Vietnam's national energy development to 2030 with a view to 2045.
Trungnam Group is now implementing various energy projects to deliver 10 GW more into the national electrical system by 2027, following its success in renewable energy projects. Trungnam Group, in particular, is actively pursuing a plan to bring 900 wind towers onshore, nearshore, and offshore in projects in places like Dak Lak, Gia Lai, Tra Vinh, and Ninh Thuan. Furthermore, Trungnam Group should continue to engage in renewable energy projects such as LNG power and the national power transmission infrastructure, according to Politburo Resolution No. 55. Trungnam Group has devised particular strategies and methodical investments to achieve the targets, such as negotiating a contract with Sany to purchase powerhouse equipment valued at more than $66 million to implement renewable energy projects; training high-quality human resources; cooperating with reputable global suppliers; and cooperating comprehensively with major financial institutions, typically through the signing of a comprehensive cooperation agreement between Trungnam Group and VietinBank.
At the signing ceremony, Mr. Nguyen Tam Thinh, Chairman of the Board of Directors of Trungnam Group.
Meanwhile, VietinBank is the number one bank in the Vietnamese banking sector, offering modern and convenient banking and financial goods and services following international standards. With a customer-oriented mindset, seeing customers as the center of all activities and determining customer success is VietinBank's success. After 32 years of building and development, VietinBank has maintained its position as a big, leading state-owned commercial bank, directly and significantly involved in fostering socio-economic development. Key economic sectors, fields, economic regions, and localities are VietinBank partners with close collaboration partnerships.
Currently, VietinBank is investing resources on perfecting its 10-year development strategy (2021 - 2030) while also focusing resources on entirely restructuring operations in the direction of substantial, effective, safe, and sustainable operations. As a result, VietinBank encourages capital mobilization, carefully regulates growth quality, decreases costs to reduce lending interest rates, and constantly keeps lending interest rates among the lowest in the market. Businesses and individuals have access to finance at the most acceptable cost, which helps to promote economic growth, actively removes barriers to enterprise production and commercial operations, and supports local and regional economic development. By 2020, VietinBank's total credit portfolio given to economic groups would exceed VND 630 trillion. VietinBank has demonstrated its function as a bank with a high market share in connections with corporate, corporate, and significant private firms that dominate the economic sectors. Simultaneously, VietinBank provides a wide range of modern financial products, services, and solutions by international standards.