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Will the fact that two state-owned commercial banks jointly grant large-scale credit to O Mon IV create a strong enough push for the entire Block B - O Mon gas-electricity project chain to reach its destination on schedule or are there still many challenges in the implementation phase?
On July 24, 2026, the Vietnam National Industry and Energy Group (Petrovietnam) together with the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) and the Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) signed a credit contract to finance the O Mon IV Thermal Power Plant Project with a total value of 7,300 billion VND.
According to the content announced at the signing ceremony, BIDV and VietinBank will arrange a credit worth 7,300 billion VND to finance the loan capital in Vietnamese Dong, serving the investment and construction of O Mon IV Thermal Power Plant invested by Petrovietnam.
Petrovietnam Chairman Le Ngoc Son said that the Block B - O Mon gas-electricity project chain is a large-scale integrated energy value chain owned by Vietnam from offshore gas exploitation.Oh, the pipeline system that carries gas to power plants that use gas. In this entire chain, O Mon IV Thermal Power Plant is the downstream link that plays an important role.
Mr. Le Ngoc Son also emphasized that the signing of the credit contract continues the capital arrangement process of the entire project chain, and also reflects the companionship of the domestic financial system for key energy projects.
Representative of BIDV, Chairman of the Board of Directors Le Ngoc Lam affirmed that BIDV and VietinBank arranging the credit represents the commitment of state-owned commercial banks in accompanying Petrovietnam in implementing national energy projects.
Previously, on August 19, 2025, Petrovietnam held a groundbreaking ceremony for O Mon IV Thermal Power Plant in Can Tho city. The project belongs to the Block B - O Mon chain, including three main components
* Upstream is gas exploitation at Block B field operated by Phu Quoc Petroleum Operating Company.
* Midstream is a gas pipeline system about 431 km long invested by Southwest Pipeline Company.
* Downstream is a cluster of gas power plants at O Mon Electricity Center.
O Mon IV plant has a design capacity of 1,155 MW, using new generation combined cycle gas turbine technology to enhanceperformance and reduced fuel consumption. The EPC general contractor of the project is the joint venture Doosan Enerbility of Korea and PECC2 of Vietnam.
According to the plan announced by Petrovietnam, the project is expected to be completed and generate commercial electricity by the end of 2028, simultaneously with the time the gas source is brought ashore.
Project summary table
Category Information
Investor Petrovietnam
Credit granting unit BIDV and VietinBank
Credit value of 7,300 billion VND
Contract signing date July 24, 2026
Factory capacity 1,155 MW
Location O Mon Electricity Center, Can Tho
EPC general contractor Doosan Enerbility and PECC2
Expected to operate at the end of 2028
Implications for energy systems
If completed on schedule according to Petrovietnam's plan, O Mon IV Thermal Power Plant will increase the total power capacity managed and operated by Petrovietnam to more than 9,300 MW, equivalent to about 10% of the total capacity of the national power system according to information published by the enterprise.
For the Mekong Delta region, the project is expected to supplement large-scale power sources locally, contributing to increasing electricity supply stability and supporting the region's socio-economic development needs in the coming years. According to official information from Petrovietnam, factory sUsing gas as fuel and applying combined cycle gas turbine technology to improve operating efficiency and use fuel more efficiently than traditional thermal power technologies.
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