Company deputy director Bui Duy Dung said the project included the upgrade of 110kV electric grids, with a total length of 161.7km, plus the construction of transformer stations and a 220kV electric grid.
Existing power lines and power stations of 6-10kV would be upgraded to 22kV standard to increase capacity and radius, he said.
The company has also invested in building 420 sub-stations and upgrading 359 existing sub-stations.
Meanwhile, hot spells are forecast to hit the country this month, leading to higher electricity demand, which is predicted to sharply increase to an average of 260-265 million kWh per day from 220 million, and less hydro power supply.
The drought was forecast to continue on a large scale. Water levels of hydroelectric lakes in the north had already declined remarkably after 3 billion cubic metres of water was used for the winter-spring crop, while the volume of water flowing into these lakes was at its lowest in the past 100 years, Electricity of Viet Nam said.
Added to the problem, the volume of power bought from China also had to be reduced by 10kWh per day until March 12 because China's Yunnan Power Grid Company was carrying out maintenance and had ceased supplying 220-kV Tan Kieu-Lao Cai and Lao Cai-Ha Khau power lines.
In order to ensure power supply, apart from mobilising power sources from coal and oil, EVN has asked its affiliates to ensure the safe operation of the national grid, particularly the 500-kV north-south power transmission line, and to make sure they had the facilities to cope with any load problems as they arose.
The company, meanwhile, would continue to encourage and advise the public on the economic use of power.
EVN reported it had increased its electricity output in the past two months to 12 billion kWh, an increase of 19.4 per cent over the same time last year.