On October 7, 2025, in Hà Nội, Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) and Vietnam National Industry - Energy Group (Petrovietnam) signed two credit agreements worth more than US$1 billion to finance the Block B&48/95 and Block 52/97 gas field development projects, as well as the Block B – Ô Môn gas pipeline project.

Mr. Nguyễn Việt Cường, Deputy General Director of Vietcombank, and Mr. Dương Mạnh Sơn, Deputy General Director of Petrovietnam, signed the credit agreements in the presence of senior leaders from the Government, central ministries and agencies, and both organisations

These are among the largest credit agreements ever signed in Vietnam’s energy sector, supporting the country’s most extensive gas project to date. The deal reaffirms Vietcombank’s pioneering role in financing national key projects and demonstrates Petrovietnam’s strong initiative in mobilising funds for the energy industry.

Mr. Hồ Đức Phớc, Member of the Party Central Committee and Deputy Prime Minister of Vietnam delivered a speech at the signing ceremony

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. The financing process received timely and close guidance and support from the Government Office, the State Bank of Vietnam, and the Ministry of Finance.

Ms. Nguyễn Thị Hồng, Member of the Party Central Committee and Governor of the State Bank of Vietnam  gave remarks at the signing ceremony

Under the agreements, Vietcombank will provide medium- and long-term credit facilities for Petrovietnam to implement the upstream and midstream components of the Block B – Ô Môn Gas-to-Power Project Chain. Earlier, in March 2024, the two sides signed a framework credit arrangement for the entire project chain, laying a solid foundation for this agreement.

Mr. Nguyễn Thanh Tùng, Member of the Government Party Committee, Party Secretary, and Chairman of the Board of Directors of Vietcombank addressed the signing ceremony

Mr. Lê Mạnh Hùng, Member of the Government Party Committee, Member of the National Assembly’s Economic and Financial Committee, Party Secretary, and Chairman of the Members’ Council of Petrovietnam made a speech during the signing ceremony

Leaders of both organisations and distinguished guests joined for a commemorative photo

The Block B&48/95 and Block 52/97 gas field development projects, along with the Block B – Ô Môn gas pipeline, are large-scale projects that will supply a stable gas source to power plants in the Mekong Delta. The projects are expected to reduce import dependence, enhance national energy security, and contribute to the implementation of the government’s adjusted Power Development Plan VIII and its emission reduction commitments under COP26.

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