On October 7, 2025, in Hanoi, Vietnam, Vietcombank and Petrovietnam signed two credit agreements totaling over USD 1 billion. These loans finance the Gas Development and Exploitation Project Lot B&48/95, Lot 52/97, and the Gas Pipeline Project Lot B - O Mon. Mr. Nguyen Viet Cuong, Deputy General Director of Vietcombank, and Mr. Duong Manh Son, Deputy General Director of Petrovietnam, represented their organizations in signing the contracts for the upstream and midstream segments of the Lot B - O Mon Gas-Power Project Chain.

Strategic Partnership and Government Support

The contracts represent the largest credit agreements in the energy sector for Vietnam's largest-scale gas project to date, affirming Vietcombank's pioneering role and Petrovietnam's proactive approach in arranging capital for national key projects. The arrangement process for these projects received timely and close guidance and support from the Government Office, the State Bank of Vietnam, and the Ministry of Finance.

Market Context and Financial Significance

In the context where arranging foreign loans for oil and gas projects related to fossil energy faces increasing difficulties, as most international financial institutions and foreign banks have stopped or limited credit financing for oil and gas projects, the strategic cooperation between two leading enterprises in finance and industrial energy of the country is extremely important for successfully arranging loans for Petrovietnam's oil and gas projects.

According to the signing content, Vietcombank serves as the medium and long-term credit provider for Petrovietnam to implement two upstream and midstream projects within the Lot B - O Mon Gas-Power Project Chain. Previously, in March 2024, both parties had signed a framework credit arrangement contract for the entire project chain, creating a solid foundation for this contract.

Project Scope and National Impact

The two projects, Gas Development and Exploitation Lot B&48/95, Lot 52/97 and the Gas Pipeline Lot B - O Mon - are large-scale projects that play a role in providing stable gas supply for power plants in the Mekong Delta, contributing to reducing import dependence, ensuring energy security, and realizing the strategy for developing the gas and clean energy industry according to the adjusted Power Plan VIII as well as the Government's emission reduction commitments at COP26.

At the signing ceremony, Deputy Prime Minister Ho Duc Phoc congratulated Vietcombank and Petrovietnam on signing the credit contract for the Gas-Power Project Lot B, a national key project with strategic significance in implementing Resolution 70 of the Politburo on national energy development until 2030. The Deputy Prime Minister affirmed that Vietcombank's arrangement of over USD 1 billion in capital for the project demonstrates the bank's strong financial capacity, pioneering role, and sense of responsibility as the nation's leading bank in accompanying the Government in achieving sustainable development goals and ensuring energy security.

Leadership Statements and Vision

State Bank Governor Nguyen Thi Hong praised the significance of the signing ceremony, affirming it as a concrete step in implementing the Party and State's major policies to ensure national energy security, linked to the goal of achieving net-zero emissions by 2050. The Governor emphasized that Vietcombank is among the few banks with sufficient potential and credibility to execute large-scale, medium, and long-term foreign currency loans, demonstrating superior capacity in mobilizing, balancing, and managing international capital sources.

She noted that the bank had previously served as the focal point for arranging financing for the Long Thanh Airport project, valued at USD 1.8 billion, with Vietcombank contributing USD 1 billion, demonstrating the bank's outstanding financing capability. Vietcombank Chairman Nguyen Thanh Tung, who is a member of the Government Party Committee and Party Secretary, stated that the event affirms the shift in position of state-owned corporations and financial institutions, from following and accompanying to leading and creating, from dependence on foreign capital to structuring resource management domestically, effectively connecting with international capital flows according to market rules.

He emphasized the transition from the mindset of “electricity waiting for gas, gas waiting for capital” to implementing the entire project chain synchronously, optimally managing overall risk proactively. Petrovietnam Chairman Le Manh Hung, who is a member of the Government Party Committee and a member of the National Assembly's Committee on Economics and Finance, emphasized that the contract is clear, concrete evidence of both parties' creative efforts to optimize promoting domestic strength.

It replaces foreign currency capital, which must be arranged from foreign markets, with more competitive borrowing conditions and terms, better risk control, disbursement, and debt repayment compared to foreign borrowing. He expressed confidence that with timely financial resources and smooth coordination mechanisms among state management agencies, ministries, localities, and Vietcombank's support, the Lot B O Mon project chain will be completed on schedule, bringing gas to shore early and providing stable fuel for the power plant cluster in the Mekong Delta.

Throughout 27 years of cooperation, Vietcombank and Petrovietnam have implemented many large projects across various fields and member units. Since 2022, when both parties signed a comprehensive cooperation agreement, the relationship has been elevated to a new level. These two credit contracts, with a total value exceeding USD 1 billion, serve as clear evidence of the strategic cooperation relationship, continuing to affirm the leading roles of Vietcombank and Petrovietnam in implementing important tasks assigned by the Party and State.

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