Abstract
The most recent major infrastructure project to be financed in Vietnam is the landmark US$412 million Phu My 3 Power Project, which achieved first drawdown at the end of 2003. The Project achieved construction completion in February 2004, becoming the first BOT power project to commence commercial operation in Vietnam and the first true limited recourse financing to test the soundness of the contractual arrangements negotiated with Vietnamese counterparts. The completion of the Phu My 3 Power Project continues the development of infrastructure finance in Southeast Asia. It further ratifies growing market confidence that a well-structured transaction, developed by sponsors with commitment and perseverance, can be financed on limited-recourse terms in Vietnam by proactive, practical, and responsive lenders with the support of political risk insurers willing to work cooperatively with government, sponsors, and lenders.
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