According to the 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 amount of 7,300 billion VND, meeting the domestic currency loan capital for Petrovietnam to implement investment items and build the O Mon IV Thermal Power Plant.
The successful arrangement of large-scale credit is an important milestone in mobilizing financial resources for downstream projects belonging to the Gas - Electricity Project Chain Block B - O Mon, contributing to ensuring project progress, and at the same time affirming the key role of State-owned commercial banks in accompanying key national infrastructure and energy projects.
Key energy projects, making practical contributions to national energy security
O Mon IV Thermal Power Plant is an important component project of the Gas-Power Project Series Block B - O Mon invested by Petrovietnam. The project is built at O Mon Power Center (Can Tho City), with a designed capacity of 1,155 MW, using modern mixed cycle gas turbine technology, high efficiency and more environmentally friendly.
Started in August 2025, the project is implementing key items and is expected to be completed in 2028. When put into operation, the plant will supplement an important power source for the national power system, especially the Mekong Delta region; contributing to proactively supplying energy, reducing dependence on imported fuels, and promoting energy transition towards a greener direction, creating jobs and contributing to socio-economic development.
The companionship of financial institutions for national strategic projects
Speaking at the signing ceremony, Chairman of Petrovietnam's Member Council Le Ngoc Son said that the Gas - Electricity Project Chain Block B - O Mon is a large-scale integrated energy value chain comprehensively mastered by Vietnam from gas exploitation, transportation to power generation. In which, O Mon IV Thermal Power Plant plays an important downstream link.
According to Mr. Le Ngoc Son, the fact that Vietnamese banks arranged the entire amount of domestic credit capital for the project continues to affirm the financial system's confidence in Petrovietnam's management capacity, potential and investment efficiency.
Representing the two banks, Chairman of BIDV's Board of Directors Le Ngoc Lam emphasized that the 7,300 billion VND credit is not only a large-scale transaction but also demonstrates the responsibility of state-owned commercial banks in mobilizing resources to serve key national projects.
BIDV and VietinBank highly appreciate Petrovietnam's role in implementing the Gas - Electricity Project Chain Block B - O Mon and commit to close coordination, ensuring timely and effective capital supply throughout the project implementation process. The two banks will also continue to promote financial capacity and capital arrangement experience to accompany infrastructure, energy and green transformation projects, contributing to realizing the socio-economic development goals of the Party, State and Government.
Affirming the capacity to arrange capital for large-scale projects
Participating in sponsoring the O Mon IV Thermal Power Plant Project continues to affirm the capacity, prestige and experience of BIDV and VietinBank in arranging capital for large-scale projects, especially in the fields of infrastructure and energy.
Over the years, the two banks have accompanied corporations, general corporations and large enterprises in implementing many key projects. With a solid financial foundation and risk management experience, BIDV and VietinBank continue to play the role of a bridge to mobilize and effectively allocate financial resources to the economy, contributing to promoting the Gas - Electricity Project Series Block B - O Mon, strengthening energy security, supporting energy transition and sustainable development in Vietnam.
INFORMATION ABOUT THE BLOCK B - O MON GAS-ELECTRICITY PROJECT CHAIN
The gas - electricity project chain Block B - O Mon is a national important project with a total investment of nearly 12 billion USD, synchronously connecting three stages: upstream, midstream and downstream. The project has an estimated recovered gas reserve of about 112 billion m3, providing about 5.06 billion m3 of gas/year during the stabilization phase for power plants at O Mon Power Center. The project is in accordance with the adjusted Power Plan VIII, contributing to ensuring energy security, reducing dependence on imported fuels and implementing Vietnam's energy transition commitment and emission reduction according to COP26.
