BIDV Co-Finances the 7,300 Billion VND Ô Môn IV Thermal Power Plant Project
On July 24, BIDV, in collaboration with VietinBank and the Vietnam National Oil and Gas Group (PVN), officially signed a credit agreement to provide financing for the Ô Môn IV Thermal Power Plant Project
BIDV Mobilizes Domestic Financial Resources for a Major National Energy Project
The Ô Môn IV Thermal Power Plant Project is expected to efficiently utilize natural gas from the Lô B field, converting domestic energy resources into electricity. The project is expected to lay a solid foundation for Vietnam’s energy transition and its commitment to achieving net-zero emissions by 2050.
Attending the signing ceremony were Mr. Le Ngoc Son, Chairman of PVN Group; Mr. Le Manh Cuong, CEO of PVN Group; Mr. Le Ngoc Lam, Chairman of the Board of Directors of BIDV; Mr. Hoang Viet Hung, CEO of BIDV; Mr. Tran Minh Binh, Chairman of the Board of Directors of VietinBank; and Mr. Nguyen Tran Manh Trung, CEO of VietinBank. BIDV’s Branch 1 will serve as the central disbursement point for BIDV’s financing.
In the energy sector, PVN plays a vital role in the integrated development of the oil and gas and energy value chain, from exploration, drilling, and production to the processing of oil and gas-related products and electricity generation. With a development strategy focused on modernization and sustainability, PVN continues to invest in key projects, helping to ensure national energy security while driving economic and social development.
Affirming the resilience and pivotal role of Vietnam’s banking system
Speaking at the ceremony, Mr. Le Ngoc Son, Chairman of the PVN Board of Directors, emphasized that offshore natural gas can only realize 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 7,300 tỷ đồng 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.
Speaking on behalf of the two financing banks, Mr. Le Ngoc Lam —Chairman of the Board of Directors of BIDV—affirmed that the successful arrangement of a large local-currency capital source for a large-scale energy project is vivid proof of the strong financial capacity, deep understanding, and spirit of readiness to shoulder national responsibilities demonstrated by BIDV and VietinBank. This event is not merely a business lending decision but also demonstrates the pioneering role of leading financial institutions in promoting the mobilization of the economy’s internal strengths, as well as prioritizing projects that are significant in the process of developing green energy in accordance with BIDV’s ESG standards.
The success of the signing ceremony for the credit agreement to finance the Ô Môn IV Thermal Power Project further strengthens the long-term strategic partnership between PVN, BIDV, and VietinBank. Moving forward, BIDV is committed to maximizing its resources to provide comprehensive and modern financial solutions—ranging from cash flow management and trade finance to premium digital banking products, to support PVN in completing component projects on schedule, ensuring national energy security, and enhancing Vietnam’s economic standing and strength on the path to integration.
The Ô Môn IV Thermal Power Plant project has a capacity of 1,050 MW and utilizes modern combined-cycle gas turbine technology; it is being developed by PVN at the Ô Môn Thermal Power Center in Can Tho City. This is a critical downstream link in the Block B–Ô Môn Gas-to-Power Project Chain—a national energy megaproject with a total investment of nearly 12 billion USD.
The on-schedule completion of the Ô Môn IV Thermal Power Plant will not only ensure the ability to receive the first gas flow from the Lô B field, expected in the third quarter of 2027, but will also play a crucial role in transforming domestic natural gas resources into a stable source of electricity, supporting the sustainable economic growth of the Mekong Delta region and the entire country.
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