On October 7, 2025, Vietcombank and Petrovietnam signed two credit agreements totaling over US$1 billion in Hà Nội. The financing will support the development of the Block B&48/95 and Block 52/97 gas fields as well as the Block B – Ô Môn gas pipeline project. The agreements were signed by Nguyễn Việt Cường, Deputy General Director of Vietcombank, and Dương Mạnh Sơn, Deputy General Director of Petrovietnam. Senior government officials and representatives from both organizations attended the event.
These credit agreements are among the largest ever signed in Vietnam’s energy sector. They aim to fund what is described as the country’s most extensive gas project so far. According to statements at the ceremony, this deal highlights Vietcombank’s role in financing key national projects and demonstrates Petrovietnam’s efforts to secure funding for energy initiatives.
Hồ Đức Phớc, a member of the Party Central Committee and Deputy Prime Minister of Vietnam, spoke at the signing ceremony. In his remarks he said: “In a context where arranging foreign loans for fossil fuel-related oil and gas projects has become increasingly challenging — as most international financial institutions and foreign banks have restricted or ceased financing such activities — this strategic partnership between two leading Vietnamese corporations in finance, industry, and energy plays a crucial role in successfully securing funding for Petrovietnam’s projects.” He noted that support from government agencies was instrumental throughout the process.
Nguyễn Thị Hồng, Governor of the State Bank of Vietnam, also gave remarks at the event.
The agreements stipulate that Vietcombank will provide medium- and long-term credit facilities for Petrovietnam to carry out upstream and midstream components of the Block B – Ô Môn Gas-to-Power Project Chain. A framework agreement had previously been established between both parties in March 2024.
Nguyễn Thanh Tùng, Chairman of Vietcombank’s Board of Directors; Lê Mạnh Hùng, Chairman of Petrovietnam’s Members’ Council; along with other leaders from both organizations addressed attendees during the ceremony.
The supported projects are expected to supply stable gas resources to power plants in Vietnam’s Mekong Delta region. This is intended to reduce reliance on imports while strengthening national energy security. The initiatives also align with government plans under Power Development Plan VIII and commitments made at COP26 regarding emission reductions.
