According to the signed contract, the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) and the Joint Stock Commercial Bank for Industry and Trade of Vietnam (VietinBank) arranged a credit of a total value of 7,300 billion VND for the domestic currency loan of the Project for the Vietnam National Industry - Energy Group (Petrovietnam) to implement investment items and build the O Mon IV Thermal Power Plant.
This is an important milestone in the capital arrangement for downstream projects of the Gas - Electricity Block B - O Mon Project Chain, contributing to ensuring financial resources for the project to be implemented according to the roadmap and completing the overall financial plan of the project.
O Mon IV Thermal Power Plant is a component project of the Gas - Electricity Project Series Block B - O Mon invested by Petrovietnam, built at O Mon Power Center, Can Tho City, with a capacity of 1,155 MW, using modern mixed cycle gas turbine technology, high efficiency and more environmentally friendly.
The project was started in August 2025; the EPC contract for the main plant has been signed. The project is focusing on constructing items, expected to be completed in 2028.
When put into operation, the Project will not only contribute to proactively supplying domestic energy sources, ensuring national energy security, promoting green and sustainable growth, but also create billions of VND in additional revenue each year, making significant contributions to the state budget, creating many jobs for workers.
Speaking at the signing ceremony, Chairman of Petrovietnam's Member Council Le Ngoc Son emphasized that the gas - electricity project chain Block B - O Mon is the largest integrated energy value chain comprehensively owned by Vietnam - from gas exploitation upstream, gas pipelines in the midstream, to power plants downstream. In general, O Mon IV Thermal Power Plant is a key downstream link.
According to Chairman of Petrovietnam's Member Council Le Ngoc Son, the signing ceremony will continuously follow the milestones of capital arrangement of the entire chain, showing the national financial system's belief in Petrovietnam's management capacity, financial potential and investment efficiency. At the same time, affirming the spirit of promoting the internal strength of Vietnamese enterprises when the entire amount of domestic credit capital of this national key project is arranged by Vietnamese banks themselves.
Representative of the 2 Banks, Chairman of BIDV's Board of Directors Le Ngoc Lam affirmed that BIDV and VietinBank's arrangement of a credit of 7,300 billion VND to finance the O Mon IV Thermal Power Plant project demonstrates the strong commitment of state-owned commercial banks to accompany Petrovietnam in implementing key national energy projects.
Leaders of the two banks believe that the project will contribute to ensuring energy security, promoting energy transition and creating momentum for sustainable economic growth. BIDV and VietinBank will continue to promote their role as key financial institutions, accompanying businesses and key projects, contributing to realizing the country's development goals.
Block B - O Mon gas - electricity project chain is a national important project of the energy industry, with a total investment scale of nearly 12 billion USD, synchronously connecting three stages in the value chain including: upstream stage of gas exploitation at Block B&48/95 and Block 52/97; midstream stage is a gas pipeline system more than 430 km long from offshore to shore; downstream stage is gas power plants at O Mon Power Center, in which Petrovietnam is the investor of O Mon III and O Mon IV Thermal Power Plants.
The project has an expected recovered gas reserve of about 112 billion m3, providing about 5.06 billion m3 of gas/year in a stable phase. When completed, the chain of projects will ensure long-term gas sources for gas power plants in the Mekong Delta region, contributing to improving energy security, reducing dependence on imported fuels, increasing proactiveness for the national power system, and at the same time being consistent with the adjusted Power Plan VIII orientation and the goal of energy transition and emission reduction according to COP26 commitments.
