I OPYtC1ALThe World Bank (202) 473-1000

INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT R h no Cable Address: INTBAFRAD

INTERNATIONAL DEVELOPMENT ASSOCIATION U.S.A. Cable Address: INDEVAS

May 10, 2012

H.E. Nguyen Van GiauGovernorState Bank of Vietnam49 Ly Thai ToHa N6iSocialist Republic of Vietnam

Re: IDA Financing No. 4781-VN

Additional Financinz for System Efficiency Improvement, Equitization, and Renewables Project

Additional Instructions: Revised Disbursement Letter

Excellency:

I refer to the Financing Agreement between the Socialist Republic of Vietnam ("Recipient")

and the International Development Association ("Association") for the above-referenced Project

dated August 13, 2010. The Financing Agreement provides that the Association may issue

additional instructions regarding the withdrawal of the proceeds of Financing IDA 4781-VN

("Financing"). This letter ("Disbursement Letter"), as revised from time to time, constitutes the

additional instructions and replaces the previous version dated August 13, 2010.

The attached World Bank Disbursement Guidelines for Projects, dated May 1, 2006,

("Disbursement Guidelines") (Attachment 1), are an integral part of this Disbursement Letter. The

manner in which the provisions in the Disbursement Guidelines apply to the Financing is specified

below. Sections and subsections in parentheses below refer to the relevant sections and subsections

in the Disbursement Guidelines and, unless otherwise defined in this letter, the capitalized terms

used have the meanings ascribed to them in the Disbursement Guidelines.

I. Disbursement Arrangements

(i) Disbursement Methods (section 2). The following Disbursement Methods may be used under

the Financing:

* Advance* Reimbursement* Direct Payment* Special Commitment

(ii) Disbursement Deadline Date (subsection 3.7). The Disbursement Deadline Date is four

months after the Closing Date specified in the Financing Agreement. Any changes to this date will

be notified by the Association.

(iii) Disbursement Conditions (subsection 3.8). Please refer to the Disbursement Conditions in the

Financing Agreement.

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II. Withdrawal of Financin2 Proceeds

(i) Authorized Signatures (subsection 3.1). Applications for this Financing will be signed by theofficial(s) authorized to sign Applications as indicated:1) in the letters dated April 25, 2011 and January 7, 2011 signed by Nguyen Van Binh, DeputyGovernor State Bank of Vietnam (Attachment 2) for the Ministry of Industry and Trade.2) in the letters dated April 25, 2011 and January 7, 2011 signed by Nguyen Van Binh, DeputyGovernor State Bank of Vietnam (Attachment 2) for Vietnam Electricity.3) in the letter dated September 6, 2011 signed by Nguyen Van Binh, Deputy Governor State Bankof Vietnam (Attachment 2) for Central Power Corporation.4) in the letter dated March 9, 2012 signed by Le Minh Hung, Deputy Governor State Bank ofVietnam (Attachment 2) for Southern Power Corporation.

(ii) Applications (subsections 3.2 - 3.3). Please provide completed and signed (a) Applications forwithdrawal, together with supporting documents, and (b) Applications for special commitments,together with a copy of the commercial bank letter of credit, to the address indicated below:

The World Bank23 th FloorTaipan Place BuildingOtigas Center, Pasig City, Manila, PhilippinesAttention: Loan Department

(iii) Electronic Delivery (subsection 3.4). The Association may permit the Recipient toelectronically deliver to the Association Applications (with supporting documents) through theAssociation's Client Connection, web-based portal. The option to deliver Applications to theAssociation by electronic means may be effected if: (a) the Recipient has designated in writing,pursuant to the terms of subparagraph (i) of this Section, its officials who are authorized to sign anddeliver Applications and to receive secure identification devices ("Tokens") from the Associationfor the purpose of delivering such Applications by electronic means; and (b) all such officialsdesignated by the Recipient have registered as users of Client Connection. If the Associationagrees, the Association will provide the Recipient with Tokens for the designated officials.Following which, the designated officials may deliver Applications electronically by completingForm 2380, which is accessible through Client Connection(https://clientconnection.worldbank.ora). The Recipient may continue to exercise the option ofpreparing and delivering Applications in paper form. The Association reserves the right and may,in its sole discretion, temporarily or permanently disallow the electronic delivery of Applications bythe Recipient.

(iv) Terms and Conditions of Use of Tokens to Process Applications. By designating officials toaccept Tokens and by choosing to deliver the Applications electronically, the Recipient confirmsthrough the authorized signatory letter its agreement to: (a) abide by the Terms and Conditions ofUse of Secure Identification Devices in connection with Use of Electronic Means to ProcessApplications and Supporting Documentation ("Terms and Conditions of Use of Tokens") providedin Attachment 3; and (b) to deliver the Terms and Conditions of Use of Tokens to each such officialand to cause such official to abide by those terms and conditions.

(v) Minimum Value ofApplications (subsection 3.5). The Minimum Value of Applications forReimbursement, Direct Payment, and a Special Commitment is 20% of the Fixed Ceiling of theDesignated Accounts.

(vi) Advances (sections 5 and 6).

* Type of Designated Accounts (subsection 5.3): Five Segregated Accounts that wereopened under the existing Original Financing and will continue to be maintainedunder the Additional Financing.

* Currency of Designated Accounts (subsection 5.4): United States Dollars (US$).

* Financial Institutions at which the Designated Accounts are opened (subsection 5.5):The same financial institutions that currently hold the existing DesignatedAccounts.

* Ceilings (subsection 6.1):1) Ministry of Industry and Trade: Total Ceiling of US$ 500,000 for both theOriginal Credit and the Additional Financing.2) Vietnam Electricity: Total Ceiling of US$ 2 million for both the Original Creditand the Additional Financing.3) Northern Power Corporation: Total Ceiling of US$ 1 million for both the OriginalCredit and the Additional Financing.4) Central Power Corporation: Total Ceiling of US$ 1 million for both the OriginalCredit and the Additional Financing.5) Southern Power Corporation: Total Ceiling of US$ 1 million for both the OriginalCredit and the Additional Financing.

III. Reportinz on Use of Financinge Proceeds

(i) Supporting Documentation (section 4). Supporting documentation should be provided witheach Application for withdrawal as set out below:

* For requests for Reimbursement.

o Statement of Expenditure in the form attached (Attachment 4) for all expenditures/contracts not subject to the Association's prior review.

o List of payments against contracts in the form attached (Attachment 5), together withrecords evidencing eligible expenditures (e.g., copies of receipts, supplier invoices) forall contracts subject to the Association's prior review as indicated in the FinancingAgreement.

* For reporting eligible expenditures paid from the Designated Accounts.

o Statement of Expenditure in the form attached (Attachment 4) for all expenditures/contracts not subject to the Association's prior review.

" List of payments against contracts in the form attached (Attachment 5), together withrecords evidencing eligible expenditures (e.g., copies of receipts, supplier invoices) forall contracts subject to the Association's prior review as indicated in the FinancingAgreement.

o DA reconciliation Statement (Attachment 6)

* For requests for Direct Payment.

o Records evidencing eligible expenditures, e.g., copies of receipts, supplier invoices.

(ii) Frequency of Reporting Eligible Expenditures Paid from the Designated Accounts(subsection 6.3): Quarterly.

IV. Other Important Information

For additional information on disbursement arrangements, please refer to the DisbursementHandbook available on the Association's public website at http://www.worldbank.org and its securewebsite "Client Connection" at http://clientconnection.worldbank.org. Print copies are availableupon request.

If you have not already done so, the Association recommends that you register as a user ofthe Client Connection website (https://clientconnection.worldbank.org). From this website you willbe able to download Applications, monitor the near real-time status of the Financing, and retrieverelated policy, financial, and procurement information. All Recipient officials authorized to signand deliver Applications by electronic means are required to register with Client Connection beforeelectronic delivery can be affected. For more information about the website and registrationarrangements, please contact the Association at <clientconnection(worldbank.org>.

If you have any queries in relation to the above, please contact the Loan Department team inManila, the Philippines, at ctrln-manila@worldbank.org using the above reference.

Yours sincerely,

Miguel-Santiago OliveiraSenior Finance Officer

AttachmentsA. World Bank Disbursement Guidelines for Projects, dated May 1, 2006

. Authorized Signatures Letters ReceivedV3. Terms and Conditions of Use of Secure Identification Devices in connection with Use of

Electronic Means to Process Applications and Supporting Documentation, dated January 20,2010

'4. Form of Statement of ExpenditureV'5. Form of Payments Against Contracts Subject to the Association's Prior Review

16. Form of Designated Account Reconciliation Statement

cc: Mr. Vu Huu Hoang, MinisterMinistry of Industry and Trade54 Hai Ba Trung Hanoi, VietnamTelephone no.: (04) 2220 2211Fax no.: (04) 2220 2359Email address:hungcq@moit. gov.vn

Mr. Dinh Quang Tri, Vice PresidentVietnam Electricity18 Tran Nguyen Han, Hanoi, VietnamTelephone no.: (844) 2220 1387Fax no.: (844) 2220 1386Email address: Tridq@evn.com.vn

Mr. Nguyen Phuc Vinh, General DirectorNorthern Power Corporation20 Tran Nguyen HanTelephone no.: (844) 2210 0676Fax no.: (844) 3934 3798Email address: huehm@pcl.com.vn

Mr. Tran Dinh Thanh. General DirectorCentral Power Corporation393 Trung Nu Vuong, Danang, VietnamTelephone no.: (84511) 221 0367Fax no.: (84511) 362 5071Email address: lienptd@pc3.com.vn

Mr. Nguyen Thanh Duy, General DirectorSouthern Power Corporation72 Hai Ba Trung, District 1, HCM city, VietnamTelephone no.: (848) 3824 4709Fax no.: (848) 2220 0352Email address: qldt@pc2.evn.com.vn

Attachment 1

THE \VORLD BANK

DISBURSEMENTGLIDELINESFOR PROJECTS

M...........

WORLD BANK

DISBURSEMENT GUIDELINESFOR PROJECTS

LOAN DEPARTMENT

May 1, 2006

Pil-

Copyrigh .. '091he Intem ationa.l 1:, -fr b"... -,.• andi D. e*.i .-

IS18 11 ~- -. , N. .Washington,. DC .I i ;;L.S A.

CONTENTS

II. Piirp.h 5

2, D iJ lir- tuitj w ........ ~ .....

3. Vitldrawal of Loan dr cl6 .

4. Supporting Docirnttion To ..i. 9

5. rrxigilat a l C Cou' n ts«. . .. . ....... ..... ....... 11

6. Termis and A v e.pphi ablm, to A okiil,

7 . Iril i-l -ih lf- ....ii ' r ... .. .......... .. ..

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2. Disbursement Methods

2.1 f fi- B,"k,-i disbunserrient irniuw,ija nz- f r aeration in consultation with the borrower and into

l, r-Lli' -ii. klju Y, (111(1. all msmýsslneill of the 1,, -1 r- -k... : s-I i Tr: di i JUVI tri in, ni - the

I)rc)<,lirenit,iit 1, 11 and , :i -'-. flow iimis of the operation. kuidåts disburv--riit,,rit experience with the borrower.

2.2 flie Bank froin t be Iman Account vstab-i, L- for 4,, t ch .t,, to or on the order of the borrower, -i

Mle or rnore i,:' , i ii oi iJP, .r - i i ý# i år met hods; set förth below,

determined ti.-, the-, Banký

(a) Rcirnbru-,,- rya, Pit The Barik may reimhurse the bor-rosver for :j-lif lin- forfin-in. in.c plirslukrit 10the Lokm A.2To, iiii jii ui,'igilllc IAJ11 T111111111~ ) that, l-.-borrt)wer 1, , preftlinticed :r-:n it., own resources,

(b) ..1 tiva w? t-, l 11,, Bank m-,v advancc Inan provec(6 inioa -1 accomit ..f -Iw Imrrower to finance -expetiditlirt-, as thry are incurred and- for m mcli silp-

%\;'1 be provided at a later date (sce

(e) Dili-ect P,jjelion vid l ;j- Bank inav make l qaot'11111'ý al,the borrower's requesa, Jm, -k to a third partysupplier. coutravtor. consultant) ý,-i exlwtidi-t u r es.

(d) Special Coi-fýintitytteitt- '111,- Bank may Imv atriouittsto a tjlir(1 ;.,-i for 4 under special

efitt-,-T-(,d into. iii ik nål at the borrower'salld on terins, and coråditions agrec-d lwtwcen the

Bank ý. -f ý 1. - borrower,

3. Withdrawal of Loan Procieeds

3.1 Before Imm pro-týc-d,: be,witli<irýkwit or the Imall ACC1-1.111 tll( nu-

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thorized represcntative of the borrower (as designated in theLoan Agr'-Ii-un must furnish to the Bank (a) the name(s)of the ffin authorized to sign applications for with-drawal and .ppli..'ion- for a sprial commitment I(ll, -

tively, "Applications"), and (b) the authenticated specimen-itnatur () of the alks.d - The borrower must indicateclearly if more than one signature is required on Applic:t-tions and must not ify the Bank promptly of any changes insignature authority.

3.2 Applications. Applications must be provided to the RIOin such form and include such information as the Bank mayreasonably request. Application forms are available onlinefrom the Client Connection W' b si- at http://clientconnmr-tion, worldbank, a' or ir-i the Bank upon request.

3.3 For withi1r.i..;l from the Loan Account for advances, theborrower should provide an .- iril.al signed application forwithdrawal. I withdrawal from the Loan Account for re-imbursements and direct payments and for reporting on theuse of advances, t I borrower should provide an original-i a applit i1 for withdrawal together with one copyof -upporling documents (see section 4, -- ipptorting I)ocu-miientation Requirements"). For a special commitment fromthe Loan Account, the borrower should provide an original!.igm d pp li.iu11 for a special commitment together withone copy of the letter of cr-,lit The Bank reserves the rightnot to accept or review duplicate copies of Applications andupp1. ir2 documents and may at its discretion return or

destroy the duplicates.

3.4 Electronic Delivery. The Bank may authorize the bor-rower to use electronic means, in a manner and on termsand conditions I,tc ificti by the Bank, to deliver Applicationsand iipp,Oing. documentation to the Bank. Applicationsand supporting documentation Icli.rt d in accordance withthis subsection wil I be deemed to have been provided to theBank for the purposes of satisfying the requirements of sub-sections 3.2 and 3.3 of these Guidelines.

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4. Supporting Documentation Requirements

4.1 Il e borrower provides -Upp rt documentation to theBank to shw that loan proceds have been or are 1-, in-!used to un:. he 1 ii os

4.2 For -p, .i "1.1Lne1- the commercial bank provides itsconfirmation direetly to the Bank that conditions for releaseof payliments commuted b withdrawa 1 u been Iet.

4.3 Tipcs of SuJpiinitq Documentation. The Bank re-quires cither copies -, the original documents e. id, achi.'Clha expenditures ( -l ihrd, ) or uiirp pr , of ex-pe<nditure( 11 i. ii leports") ii su, forni and substane,as the Bank ,.v . %i i'. c, ar. L- include such documentsas invoices and receipts. A Sinumary fcp,,rt n.av be citherka) the interin un-audited fiancial report required undertbc Loan i i. I i'r in I Financial Report") or (b)a Statement -i : .. AHa uuaiie,lgN pntures paid d'ri:.c a stated period ( cn:iit of r '.!-ture"). all cases. the borrower is :-p'nihl for dIinithe r 1 i1ic dociuments , ' i :., in j i iL.h'' - i-if Iditml andni.kiij them available for .10w or i 0.]. Ii. bli

4.4 The R k .k determincs the , p- of supporting docurnentationthat tc borrower should ...i-b kiný into considerationthe dini -en ni mevthod used. Tbe supporting documenta-tion n.t be the iX- m-

{a) Fmr appjilicuiinii. fia reimsburs#emiet (i) Interiml ai., .l Rep1rs, in S un! of O i".li m (iiR,., ~id.-. or (iv' Records required by the Bank for spe-

cifc xp n. Nr., ad i -esa -of Expenditurefora".other l .p. 1d, 1 1,

(b) For r jmtine on u e of advancesx (i) Interim1 1r i t T-, pt r , - i i i iii of Expenditure. (iiil ecords, or (iv) Records required by the Bank for spe-cific expen-l,Iu:- and 'f*1?e i-Ne ni - of Expenditure for allother i i- il .i

911

(r) For applicationär for direct paynv ma Reords;and

(d) \nl-- otther lp 'in doiimentation that the H,a':S1. 11 -C by notice to the borrower.

4,5 Failun1i to Pn,w91li141 A111i4l F11i111.1-w! StibIii. utm. Ifthe borrower fails to 1i. any of the audited [ n... i å.'

ITai Ii , r' iir, -1 in accordance with, and within the pe-riod of time spexcified in. the Loan Ai-,,,n :ia. the Bank mayat its T, T' ii. decide not to auccept aplb* for 1 iLdrawal -upiNil i- 1unLIn.a:. Reporis, everi if- irorare -Iifl b 1! by 1ecords.

5. Designated Accounts

5.1 l, borrower nay open one or more d lInid accountsiito which the l gik may, at the borrower's .. -

posit anounis wiihdrawn frm1 the Loan AcCount for thepurpose of . w :. r 1il I:1 expenditures as h.. .- are in-eurred ',()-:L: .[r-! \. )- Before the lajk aLth-.r.'-establishmnent a a D. -igh ' .\. ' . the borrower must

have ; J. administrative capabilty, internal conirok,and . i . IuIL*ii.. and .cdv':rjv procedures to eisure , !i. , .use of the 1 1en td Account.

5.2 l Bi k i .. decide not lo p. mär the use' of 1inici i:. .'- in new -t' 1 0- if the borrower has faii-d to re-

fimd -in-b :nen.,i advanccs in the De-ignLm.a.r,- Account of.A. other loan to, or guaranteted by, the borrower withintwo mont hc. 1 the I -r- an. ni Deadline Date !-r suchloan.

5.3 TIw of Dc .ignevr, d Account. .\ Duihn.it'i Account ii.be established in one .<the two %Ka set out below. as ap-propriacte '.r the · ·p. 6-1, enerndti, as determined andnotified by the Bu.

i10

(a) S yn iiatid 1, tunt: this is an account of the borrowerinto lhIi 1 i-. proceeds --. the loan in v be deposited:or

(b) Pooled A ccout: t his is an account of the borrowerinto whichl the joan ;1.1 re1- and proceeds of other --r_k.r iii for :L- r. . v horrower resoires .dI

or flij:,.. r. b other development partners) may be de-

5.4 Cup-7, o.f the D,., id/n11 tf d Account. 1. -i.,N 1 Av-counts miust be in a currency acceptable to the Bank. I!countries that bL.' a freel ,n rnbh currency, Iic:o e.!Accounts ni be ' 1 1 in the eurrenv of tie horrower orany h'' ii, nibb currency. The Bank im.,, also wy-to i. urreciy Designated Accounts when, inter alia, the,iir s currency (even if not fry convertible, is -iJ'

and the .. p':1h-ära to be fmanced are pi iui,r il\ in local currency, 1 Ii borrower bears all risks associated v.PL*r' üw , o Lj.my ihIe n In- between (a) the currency of

dlIi iin.I 1 .af The loan and that of the borrower's Di 2-nated .\.. mii and (b) the currency of denomination of theborrower's 1) -i 1 .\ .1& : and tlie currenev or curren-ceis of r 3 * 1 expendi uires.

5.5 kitnuncmtl Institution. D1,-iLr--.,-1 Accounts must beopeied aned in a financial isiiiliiii acep-able to the Bank on terms and * 11ndi' in acceptable to theBTl[k To be .i. pi, to the l.:k.the financial institutionpr op. -d. by th borrower should generally meet all the fol-

(a) be in.-i: 1 1lh sound:

(b) be ..mh,r::44 to maintain the DmiLnted Account inthe r.: t-- , 1 between the Bank and the bor-rower;

(c) be auidited r. ed il'h1~, and rceive sat isfactory audit re-ports;

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(d) i able to execu1e a sre number of transactionspromptly;

(e) be able to 5 rfn.I a wide r;angr of banking services sat-

(f) be able to pr. a detailed stateinent of the D- ie-nated N-n

(g) ,, part of a Katsfcory, - or? -Ii å!,,:1,in net work;and

(h) <li.arj'::i-. 1en.le Gfor its services.

f.6 I he Bank rcerves the i not to accept a ia, LLI inlsti-tition for the !n -in -an/or imaiitenacre of a ), -ii:,..

Account 1 1 n institution ha.s asscrted or asserts a claimnto set 'If -", .or atUch the proceed-s .f anv Bik loan ondeposit in a D-i:u j t 1 Ai c'",ri iaintailed by it.

6. Terms and Conditions Applicable to Advances

.1 Ccifing The :.. :.i'.. the borrower '. the maxirumatnount ''l loani 4. 14d- that in a be on << p"',ii in a J5o.nated Account (tbe ", En ). The Bank, at its -Gr'rmay establish the C iic as either (a) a fixed amount, or(,ban amount that is oljn 1 fron time to time durigr pir-ji i

1 II .L' ii based oi i< kh frecvasts of z- ' i ash9'".'. needs.

6.2 Applications for .4 dan co s. Ti- borrower may . pp-i-, :ian advance in an alontl i to the (cC :lirin iLhs the Iuen -:il amout of '11 advances n (>f ,ll received by the

borrower for a' 1 the borrower has not vet pr.ided sup-porting documentation. N,r iii.tIly, to ,up iPr orderl 1u 1,n1i1

the Loan Account. the Bank does not advance loan pro-ces iito the D, -r ' i Account .- fir the Cl D Date.

6.3 »-equency uf 11- prtiIng Eliyibh Expenditure.s Paulfrom #/#, ii iii d Account. i 'v borrower reports onthe use ,f loan proceeds advanced to Ihe Aq :a fl -:[)

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IN D) kX 1, CR, kl

at, intervals , ilo .1 by il Bank by notice io the borrowerRr;m t rin P.ri ~ I7) h borrower should ensure that all

amounts dlpte .in the Dt.i n ai ! Account are accountedfor and Iheir use reported pri,i to the DiIåv,, iw :.1 1 *ji

Iine Date. After tiås date, the borrower must refund to theBank tiiN advances -iil unaccounted for or win.d uin in theD(-1'711.17 1!e Aceomit,.

6. 1 Il,thh abLm q M.dr e11. T - Bank is not required to makeany 1de1 . .- i into ti h. D.-ie k 'd .\. t n -ib if:

(a) The Banik deternines that jp.m met of the d, -,t wouldresult in , .. , . the C. inge. (see subsection A-plications fr Advances");

(b) The Bank is not satisfied that the borrower's plannedpr ject expin i:ir-s justify the deposit. The Bank n.

i'. notice to the borrower, .a-li-t the anotuit it .h p0r withhld]< !,ib. i deposits intm thex D-iP.11fn lcout mitil it is satisfied that the financial needs .f thepr,i, i warrant further deposits;

(c) The borrower fails to take the action required pursuantto the determinations made by the Bank under subsec-ions 7 1 and 72 of these Cuidelines:

(d) The borrower i il- to provide tum\ of the audited lcial t en ii r,i i in il in accordance with, and withinthe period of time specified in, the Loan A r:ne

(e) The Bank deterniines that all further witlidrawals ofloan proermL 1>houl be tiad by tie borrower diremtlyfrom the Loan Avcunt; or

(f) The Bank h ut ii-fid the borrower of its intention iosuspend in whole or in part i borrower's right to makewit hdrawal: from the Loan Account.

6.S Excess Advanccs. If at anv ime the Bank determ,ines thatany amount d1-':'o in the D1-i' <1 Account will not berequired to cover pr r n mritn, for iii expenditures

(xcess A:il.ji , it may, at i f- di roi i i require tlicborrower to take one of the t wo actions listed below. Upon

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1-. the I.r the borrower Ytuas prorptily taketih , act ion :, 11,- -r, -,

(a) Provide evidence - VJL .ry to the Bank within a pe-riod -' 1 by ähe ILk that the 10., Amount willbe - to pay for eligible expenditures. If the evidenceis not furnished within the time period -p# iic i. r..borrower ninst prin pil% refund the Excess .\novu tothe b : k or

(b) Ti fiiii1 j i -iI Amount, proiptly.

7. Ineligible Expenditures

7.1 ln hyrlpli E-rjp iuit ·i. Generally. If thr Bank deter-mines that t ii amount fi the loan was used to pay for an. 1no ur -that is not u hii'.i pursuant to the Loan \r, -

ment ( ni lg. .' expenditure"). the Bank may, at its m--eio, rn -0 the borrower to take one of the two actåons

li--..i below. Up n notification by the Bank, the borrowermust r.iù take the action requested:

(a) 16 Ion an equivalent amount to the Bank: or

(b) 1 , pruun J provide substitute documen ation evi-h .. r other , Såd b expenditures,

7.2 lizcliqibli E.rpuuhtu,.-- Paid from the DesignatedAcrount. If the lock determnines that any pyuint out of;l1 I11 -fL'";.Ni 'Muu was rim jwIed by tev evitnrerrkh d to r bank or was made for an :nuhdä expen-

diture, the B,LLI :u. at its diseretion, require the borrower

to take une -1 the actions hi c d below. Upon notificationby the Bank, the borrower uuist proiptly 1aIke the action:Ivni1l1-1 -1t

(a) Provide ihe .. 'n.u evidence mi c the Bank;

(b) Ieymi an equivalent anount into the Iesignated Ac-

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( ,1 an cquivalent amxoit to the Bank: or(d) 1 e p donkh provide substitute d&iornjeltation ev

Idr '.2 other . e.b i \len m

8. Refunds

8.1 Borrower Decision to Refund. The borrower ix..iv uponnotice to t he li - o i:d all or anv anount of the loan ondeposit in the 11. o .1 \. to the Bank for credit tothe Loanl \ . y.i

8.2 Consequ m of fRcfund.-. ic Bank -j:,11 deterrinewhet her i, I .i, - inade to the Bank in accordance k . se-tions 6 and 7 aund subectio .1 of these Disbursement

will be i,. b to the Loan Account for subsequent wir .fl ri.s or for i , 1k i . Borrowers should beaware that refunds of loan proceeds may r -b ii In -w k;ip ter-tjination bi .1 or 1;!m. in.:Le costs for amounis for A lii.the interest rate v - or currency has been converted or

8.3 ifkip i (leytwe 'niUff# bi.d by 1fiynd.. Refunds ofamounts of the loan do not cr renedies of the Hi.,:under the Loan . .'

15 1

THE WORLD BANK1 Loan D:.-pælt

World Bank1818 H Street, NV

Wshirutý-, DC 204331Email: is 1:distLlrse'm:m-1 e4*~ rs..c

Attachment 2

STATE BANK OF VIETNAM47-49 Ly That To Street Hanoi, Vietnam

Tel: (844) 39343366/1; Fax: (844) 38250612E-mail: u1ongnkQWal.om -' 7 / -/'

OFFICIAL Date: April . , 2011To: Madam VictoriaKwakcwa DOC MEN SfCountyDirector DO0CUMENTS ae7The World Bank in Vietuam Fax: 39346597

Re: Authorired Signature for withdrawal applicadons under Fhmandag Agreements forthe System Efficlmncy Improvement, Equitisation and

Renewables Project (Cr. 3680-VN and-4781VN)

Dear Madam Victoria Kwakwa,

I refor to our letters dated January 07, 2011 on the authorization for withdrawalapplications under the above-mentioned Project.

Please find attached hereto specimen signatures of (i) Mr. Pham Manh Thang, the newlyappointed Director General of the Department of Energy, MO1T; and (ii) Mr. Dang Hay Coong,the newly appointed Director General of the Electricity Regulatory Authority of Vietnam,MOIT, who are duly authorized to sign the withdrwal applications under the MOI's respectiveParts as specified in the Financing Agreements of the above-mentioned Prqject.

Please be advised that the previously authorized signature of Mr. Ta Van Huong is nolonger effective from the date of this letter and the other authorized specimen signatures underthis Project remain unchanged.

This letter is to confirm that the officials who are duly authorized to sign the withdrawalapplications under this Prqject both in the form of paper and by electronic means.

Kindly acknowledge the receipt of this letter and the attached list.

Yours sin y,S

Nguyen Van BinhDeputy Governor

Phyyc 1: Mau chfr kf ngwhi durc iy quy6n r6t vn cAc hqp phin "BO sung ti chink cho d% in tfng thi ang caohi?u sat h thong dion, c phan h6a vi ning lu"g ti t9o (SEIER)

Authorized Signature for withdrawal applications under "Financing Agreements for the System Efficiency Improvement,Equitization and Renewables Project" SEIER Project (Cr. 3680VN vh 4781-VN)

Hq vA t&n/Chirc v- Cic mau chr k

Ful name/Title (Specimens Sign

Vr trrfg V Ning lumg - BO C6ng Thuong

Mr. Pham Manh Thang

Director General, Energy Department - Ministry ofIndustry and-Trade (Mol)

Ong: Dong Huy Cubng

Cuc tru&ng CVc Dilu ti& diin lic - B C6ng Thtong

Mr. D4ng Huy Cuang

General Director of Electricity Regulatory Authority of

Vietnam (ERA V) - Ministry of Industry and Trade (MolT)

STATE BANK OF VIETNAM47-49 Ly Thai To Steet Hanoi, Vietnam

Tel: (844) 39343366/1; Fax: (844) 38250612E-mail: vhonawb@maiLcom

"- - Date: January O 2011To: Madam Victoria Kwakwa F

Country Director &OFFICIALThe World Bank in Vietnam DOCUMENTS1, Fax:39346597

Dear Madam Victoria Kwakwa, 6 .

Re: System Erficiency Improvement, Equitization and Renewables Project(Cr. 3680-VN and 4781-VN)

Authorized specimen signatures

With reference to the Financing Agreement (Amending and Restating DevelopmentCredit Agreement - Cr, 3680-VN and 4781-VN) between the Socialist Republic of Vietnani andthe International Development Association for. the purpose of the System Effi cicn,Improvement, Equitization and Renewables Project, we would like to inform you that theVietnam Bank for Agriculture and Rural Development (VBARD) has been designated as servicebank for this Additional Financing.

Please find attached hereto the original specimen signatures of the officials:

1. From the Ministry of Industry and Trade (MOI):

- Mr Pham Manh Thang. Director General, Electncity Regulatory Authority of Vietnam(ERAV);

- Mr, Ta Van luong. Director General, Energy Department; and- Mr. Le Tuan Phong, Deputy Director General, Energy Department,

who are duly authorized to sign the withdrawal applications under their respective MO1s Parts ofabove mentioned Project.

2. From the Electricty of Vietnam (LVN):

- Mr. Nguyen Manh Hung, Director General, NPT;- Mr. Tran Quoc Lam, Deputy Director General, NPT; and- Mr. Nguyen Duc Cuong. Deputy Director General, NPT,

who are duly authorized to sign the withdrawal applications under respective EVN's Parts ofabove mentioned Project.

- Mr. Nguyen Ngoc Thanh, President and Director GeneraL Dong Nai Power Company (PCDong Nai); and

- Mr. Do Huu Hoang, Deputy Director General, PC Dong Na,

who are duly authorized to sign the withdrawdl applications under respective PC Dong Nai'sParts of above mentioned Projcct.

Please be advised that the previously authorized specimen signaxures of Mr. Nguyen HaDong from NPT and Khuong Van Qua from PC Dong Nai are no longer effective from the dateof this letter.

Kindly acknowledge receipt of this letter and the attached list.

Yours sincerely, -

Nguyen Van BlahDeputy Governor

DCUMT336PPh Qc: gNj nguri dirgc bä sung Cty quyän rút vän cho cåc tiu d än.thu c phn há song täi chinh d án

SEIER do Cge Diu tikt dien [Vc quån lý7N' ~4 \Icimens Signature of Authorized Persons - No: Cr.368VN and 4781VN

theocéngväns s l -7PT ngåy Af/12/210cia Cuc Diu uét d n ITt

Ho vå tên/Ch*c vy Cc nu chCr kyFul name/Title (Specimens Signature)

-)Tig. 'h4nT Mdib h higCuc tr~òng Cc Diu tiét din luc - Bä C(.ng ThirongMr. Pham Manh ThangDirector General. Electricity Regulatory Authority ofVietnam (ERA AV) - Ministry of Industty and Trade (MOIT)

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OF F 7:-VIL ElNAP*b C, Tl f,

SPECIMENS OF AU1 AORIZED SIGNÀTURES

FOR LOAN No 36810-VN

(Second Transmission and Diuribution Project)

Name and Posi¯io ¯¯ Specirnen Signatures

23

Nguyen Manh Hung- Generat

Director of National Power

TLransmission Corporation

2. Tran Quoc Larn- Deputy General

Director of National Power

Transission Corporation

3.Nguyen Duc Cuong- Deputy

General Director of National Pow cr

Transmnission Corpralikin

Note: Mr Nguyen Manh Hung replace Mr Nguyen Ha DongAdditional :Mr Tran Quoc Lam & Mr Nguyen Duc Cuong

1 Date:.44.lad 4040

Dong Nal v, Cömpany d.,

Specimen of AUheedSjgnature(s) -

t02 fficiency Improvement, Equitization and Renewebles ProjectSA (Cr.36H0-VN and 4781-VN)

Name, Position, Agency Specimen Signature

1. Nguyen Ngoc ThankPresident and DirectorDong Nai PowerCompany Ltd.,(PC Dong Nai)

2. Do Huu HuangDeputy DirectorDong Nai PowerCompany L,td,(PC Dong Nai)

PHÇ LIC 1

f YMA KÝ ROT VÖN DIU ÁN NÂNG CAO HIlfU SUÅT HCHofÑG l PHN HOÅ VA NÅNG LUQNG Tkl TAO S6 TIN

DkING CR.47810

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Tg Vän lung Vo Irulng Vy i iNång luçrng

Lé¯Tua Phong Pho itrumg Vu

Nåang luqng

STATE BANK OF VIETNAM47-49 Ly Thai To Street Hanoi, Vietnam

Tel: (844) 3934 3366/1; Fax: (844) 3825 0612E-mail: icdwb@vnn.vn

To: Madam Victoria KwakwCountry DirectorThe World Bank in Viw in OFFICIALDear Madam Victoria K , = 41MENTS

Re: Sizem Ifficieny Improvement, Equalizaton, and Renewable Project(Credit No. 4781- I.1) - Authorizedspecimten signatures

With regard to the above-captioned Project, we would like to inform you thespecimen signatures of the IdolwlLM in1 officials, who are duly authorized to sign thewithdrawal applications under the respective Part of the Project, namely:

1. Mr. Nguyen Thanh Duy, General Director of the Southern Pov erCorporation;

2. Mr. Pham Ngoc Le, Deputy General Director of the Southern PowerCorporation;

3. Mr. Ngu%,en Van Hop, Deputy General Director of the Southern PO%erCorporation;

4. Mr. Ho Quang Ai. Deputy General Director of the Southem PowerCorporation.

This is to confirm that these olicials are also authorized to accept Tokens andto deliver the Applications and supporting documents to the World Bank byelectronic means.

Your akno% kgeemnct of the receipt of this letter and the attached specimensignatures would be highly appreciated-

Thank you for your kind co-operation and ass istance ,

Sincerely yours,

Ngtsen Van Binh

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AgaNk STATE BANK OF VIETNAM47-49 Ly Thai To Street Ha noll, Vietnwn

qW 'tat: (844) 3934336611; Pax, (844) 382506122-mall: RhongwbogmaHAOM

Date:%fdfLhQ5, 2012OFFIC19L 1, ,& -,

To Madam Victoria Kwakwo p14,Country Director DOCUMENTS 1'The'WoHd Bank in Vietnam

Dear Madam % ictona K %,. ak wa.

Re:.5'ys(e.m t'fhL-1e"CY Improvement, Liu ii:!-zjf,njr,dRerwwableProleri(Cr. 3640J'Xmd478j-FW)-

With regud to the above-rntntio#vd.--*Tc-.- %.-i we woWd like to info, M you the specimensignatures of the following officials, who am, duly to sign the withdrawal -jpp:-.cUiori under therespective Pwt of the Pmject, narnely:

1, Mr. Tran Dinh Thanh, Geneml Director, Cenital Po-*w Carpmtion;1 Mr, Mal Van Than& Deputy Gencra.'DiTwor, Cenuu) Power Corporation; and3. Mr. Nguyen Hun Tani, Chic1 ACc,:=z% Centml Power Corporation,

This is to rAmfirm, W -.otbc offictais aremsa authori7cd to accept Tokens and to deliver theApplications &nJ supponing doeumcrits to the World R&A hy electronic micans,

Your knowi*dgcmcnt of.-cL:cirl oF this letter and anached specimen signatures is highlyapp-eciated-

Thank. yae for your Lind,;o-uperanon and 3:-*-,Lvcc.4 /

14C N-111,11 HuagM-puly GovemoT

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Attachment 3

Terms and Conditions of Use of Secure Identification Devicesin connection with Use of Electronic Means

to Process Applicationsand Supporting Documentation

January 20, 2010

The World Bank (Bank)' will provide secure identification devices (Tokens) to permit theBorrower2 to deliver applications for withdrawal and applications for special commitments underthe Agreement(s) and supporting documentation (such applications and supporting documentationtogether referred to in these Terms and Conditions of Use as Applications) to the Bankelectronically, on the terms and conditions of use specified herein.

A. Identification of Users.

1. The Borrower will be required to identify in a completed Authorized Signatory Letter (ASL)duly delivered to and received by the Bank each person who will be authorized to deliverApplications. The Bank will provide Tokens to each person identified in the ASL(Signatory), as provided below. The Borrower shall also immediately notify the Bank if aSignatory is no longer authorized by the Borrower to act as a Signatory.

2. Each Signatory must register as a user on the Bank's Client Connection (CC) website(https://clientconnection.worldbank.or ) prior to delivery of Tokens. Registration on CCwill require that the Signatory establish a CC password (CC Password). The Signatory shallnot reveal his/her CC Password to anyone or store or record the CC Password in written orother form. Upon registration as a CC user, the Signatory will be assigned a uniqueidentifying account name.

B. Distribution, Initialization and Return of Tokens.

1. The Bank will physically deliver a Token to each Signatory in a manner to be determined byand satisfactory to the Bank.

2. At the time of delivery of a Token to a Signatory, the Signatory will receive a copy of theseTerms and Conditions of Use for purposes of initializing the Token.

3. The Bank will verify that the Token, Temporary Password and Terms and Conditions ofUse have been duly delivered to and received by the CC User.

' "Bank" includes IBRD and IDA.2 "Borrower" includes the borrower of an IBRD loan, IDA credit, or Project Preparation Facility advance and therecipient of a grant.

4. Promptly upon receipt of the Token and Terms and Conditions of Use, the Signatory willaccess CC using his/her account name and CC Password and register his/her Token and seta personal identification number (PIN) to be used in connection with the use of his/herToken, after which the Token will be initialized for use by the Signatory exclusively forpurposes of delivering Applications. Upon initialization of the Token, the Signatory will bea "Token User". The Bank will maintain in its database a user account (Account) for eachToken User for purposes of managing the Token of the Token User. Neither the Borrowernor the Token User will have any access to the Account.

5. Prior to first use of the Token by the Token User for delivering Applications, the Borrowershall ensure that the Token User has received training materials provided by the Bank in useof the Token.

6. Tokens shall be promptly returned to the Bank upon request of the Bank.

C. Management of Tokens.

1 . Tokens will remain the property of the Bank.

2. Use of the Token is strictly limited to use in the delivery of Applications by the Token Userin the manner prescribed by the Bank in the Agreement(s) and these Terms and Conditions.Any other use of the Token is prohibited.

3. The Bank assumes no responsibility or liability whatsoever for any misuse of the Token bythe Token User, other representatives of the Borrower, or third parties.

4. The Borrower undertakes to ensure, and represents and warrants to the Bank (suchrepresentation and warranty being expressly relied upon by the Bank in delivery of a Tokento each Token User) that each Token User is provided, understands and will abide by, theseTerms and Conditions of Use, including without limitation the following:

Security

4.1. The Token User shall not reveal his/her PIN to anyone or store or record the PIN inwritten or other form.

4.2. The Token User shall not allow anyone else to utilize a Token to deliver anApplication to the Bank.

4.3. The Token User shall always logout from CC when not using the system. Failure tologout properly can create a route into the system that is unprotected.

4.4. If the Token User believes a third party has learned his/her PIN or has lost his/herToken he/she shall immediately notify clientconnection@worldbank.org.

4.5. The Borrower shall immediately notify the Bank at clientconnectionaworldbank.orgof any lost, stolen or compromised Tokens, and take other reasonable steps to ensure suchTokens are disabled immediately.

Care of Tokens

4.6. Tokens contain delicate and sophisticated instrumentation and therefore should behandled with due care, and should not be immersed in liquids, exposed to extremetemperatures, crushed or bent. Also, Tokens should be kept more than five (5) cm fromdevices that generate electromagnetic radiation (EMR), such as mobile phones, phone-enabled PDAs, smart phones and other similar devices. Tokens should be carried and storedseparate from any EMR device. At close range (less than 5 cm), these devices can outputhigh levels of EMR that can interfere with the proper operation of electronic equipment,including the Token.

4.7 Without derogating from these Terms and Conditions of Use, other technicalinstructions on the proper use and care Tokens are available at http://www.rsa.com.

5. Replacement

5.1. Lost, damaged, compromised (in terms of 4.5, above) or destroyed Tokens will bereplaced at the expense of the Borrower.

5.2. The Bank reserves the right, in its sole discretion, not to replace any Token in thecase of misuse, or not to reactivate a Token User's Account

6. Reservation of Right to disable Token

6.1. The Borrower shall reserve the right to revoke the authorization of a Token User touse a Token for any reason.

6.2. The Bank reserves the right, in its sole discretion, to temporarily or permanentlydisable a Token, de-activate a Token User's Account or both.

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Attachment 5

Payments Made during Reporting PeriodAgainst Contracts Subject to the Association's Prior Review

Date ofWB'sNon WB's Share of

Objection Amount Paid Amt Paid toContract Contract Contract to to Supplier SupplierNumber Supplier Date Amount Contract during Period during Period 1

Attachment 6DESICNAIED AC~OUN RECONCIUAO>0N STATEMNT

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