Two Leading National Enterprises Partner to Launch Groundbreaking Project Under Resolution 70-NQ/TW

Addressing the event, Deputy Prime Minister Ho Duc Phoc praised Vietcombank and PetroVietnam for their historic credit agreement, which marks the beginning of a transformative project aligned with Resolution No. 70-NQ/TW. Issued by the Politburo on August 20, 2025, this resolution aims to ensure national energy security by 2030, with a vision extending to 2045.

Deputy Prime Minister Ho Duc Phoc emphasized that this milestone is not only a triumph for both companies but also a shared victory for the Party, the Government, and the people. It signifies a major economic investment that will strengthen national energy security and propel Vietnam’s development to new heights.

With just over two months left in 2025, the Deputy Prime Minister noted that Vietnam is on track to achieve impressive macroeconomic results, including a projected growth rate exceeding 8% and a trade turnover of approximately $911 billion, with a surplus of around $25 billion. These achievements reflect the nation’s robust economic balance and stability.

He commended Vietcombank and PetroVietnam for their significant contributions to Vietnam’s socioeconomic development and urged them to continue driving innovation, leveraging technology, and enhancing operational efficiency to further advance the nation’s progress.

The Deputy Prime Minister also called on PetroVietnam to collaborate closely with partners to ensure the safe, timely, and efficient construction of gas pipelines, thereby securing the project’s success.

Speaking at the signing ceremony, PetroVietnam Chairman Le Manh Hung highlighted the event’s significance as a critical milestone for the national oil and gas industry. The Lot B – O Mon Gas-to-Power Chain is vital for energy security and economic growth.

The project encompasses gas development at Lot B&48/95 and Lot 52/97 (upstream), the Lot B – O Mon gas pipeline (midstream), and four O Mon thermal power plants (downstream), with a total investment of over $12 billion.

Gas from Lot B will reliably supply power plants in the Mekong Delta, reducing fuel imports and enhancing Vietnam’s energy autonomy. This aligns with the revised Power Development Plan VIII and supports Vietnam’s COP26 commitments to energy transition and emissions reduction.

PetroVietnam’s leadership expressed confidence that with timely financial support, seamless coordination among stakeholders, and Vietcombank’s partnership, the Lot B – O Mon project will meet its deadlines. This will ensure a stable gas supply for the Mekong Delta’s power plants, bolstering energy security and national competitiveness while fostering green growth.

Vietcombank Chairman Nguyen Thanh Tung emphasized the event’s role in transforming state-owned enterprises and financial institutions into leaders of innovation. This shift from reliance on foreign capital to domestic resource optimization reflects a new era of market-driven growth and risk management.

“Vietcombank is committed to delivering tailored financial solutions to support PetroVietnam in successfully executing the Lot B – O Mon project. This initiative not only strengthens energy security but also advances Vietnam’s sustainable development goals,” he stated.

State Bank Governor Nguyen Thi Hong praised Vietcombank’s efforts in securing funding for the project amid volatile foreign exchange markets. She urged Vietcombank to adhere to the central bank’s directives on foreign exchange management, risk governance, and loan disbursement.

Governor Hong also called on PetroVietnam to comply with legal requirements and ensure the efficient use of Vietcombank’s funds.

Looking ahead, she noted that the State Bank will work with relevant agencies to enhance foreign exchange credit policies and prioritize funding for key sectors and large-scale projects, including both VND and foreign currency loans. The bank will also collaborate with local authorities to promote medium and long-term development capital.

The Lot B – O Mon Gas-to-Power Chain is a flagship national energy project involving PetroVietnam, PVEP, Japan’s MOECO, and Thailand’s PTTEP. With a 70% stake held by Vietnamese entities and 30% by foreign partners, the project is structured under a Product Sharing Contract (PSC) for upstream operations. Upon completion, it is expected to contribute significantly to economic growth and state revenue, with a projected lifetime impact of up to $30 billion.

For PetroVietnam, the Lot B – O Mon project is a strategic step toward transforming into a National Energy Industry Group, optimizing the value chain from upstream gas extraction to midstream transportation and downstream power generation.