BIDV and VietinBank signed an agreement on July 24 to provide Petrovietnam with a VND7.3 trillion ($281 million) credit package for investment in and construction of the O Mon IV Thermal Power Plant.
The agreement marks a significant milestone in arranging financial resources for downstream projects in the Block B - O Mon gas-to-power chain.
The O Mon IV Thermal Power Plant is a component project of the Block B - O Mon gas-to-power chain invested by Petrovietnam. Located in the O Mon Thermal Power Centre in Can Tho city, the plant will have a capacity of 1,050 MW and use modern combined-cycle gas turbine technology.
Construction of the plant began in August 2025. The engineering, procurement, and construction contract has been signed, and several work items are under implementation. The project is scheduled for completion in 2028.
Once operational, the O Mon IV Thermal Power Plant is expected to efficiently use natural gas from the Block B field and convert domestic energy resources into electricity. The project will provide a large-scale power supply for the Mekong Delta, contributing to national energy security, green growth, job creation, and state budget revenue.
Le Ngoc Son, chairman of Petrovietnam’s Board of Directors, said offshore natural gas can only realise its full value when downstream power plants are ready to receive it.
“The partnership of Vietnam’s two largest state-owned commercial banks in providing a $281 million credit package is the key to unlocking capital flows, ensuring that the entire value chain — from extraction and transportation to power generation — is implemented in a coordinated manner and according to the established timeline,” Son said.
Le Ngoc Lam, chairman of BIDV’s Board of Directors, said the successful arrangement of a large local-currency capital source for a major energy project demonstrates the strong financial capacity, deep understanding, and readiness of BIDV and VietinBank to shoulder national responsibilities.
“The event is not merely a business lending decision but also demonstrates the pioneering role of leading financial institutions in promoting the mobilisation of the economy’s internal strengths, as well as prioritising projects that are significant in the process of developing green energy in accordance with BIDV’s environmental, social, and governance standards,” Lam said.
