Vietnam’s state energy group Petrovietnam has reportedly signed a VND 7.3 trillion (about $290 million) credit agreement with BIDV and VietinBank to finance construction of the O Mon 4 combined-cycle power plant. The agreement was reportedly signed in Hanoi on July 24, and is described as a follow-on financing step after the EPC contract previously awarded to Doosan Enerbility.
The O Mon 4 combined-cycle power plant is a CCGT (Combined Cycle Gas Turbine) facility being built at the O Mon power center in Can Tho City, Vietnam, serving as a key downstream facility in the Block B – O Mon gas-to-power value chain. The EPC contract was previously awarded to a consortium of Doosan Enerbility and Vietnam’s PECC2 (Power Engineering Consulting Joint Stock Company 2), and this credit agreement is reportedly the step that arranges financing for its construction.
The credit agreement is valued at VND 7.3 trillion (about $290 million), and the plant’s capacity is reported at 1,155MW (megawatts). Total investment across the Block B – O Mon value chain is reportedly about $12 billion, with associated gas reserves of approximately 112 billion cubic meters and plateau-phase annual supply of about 5.06 billion cubic meters. Construction on the plant reportedly began in August 2025, targeting completion in 2028.
This credit agreement is reportedly seen as a sign that actual construction financing for a large power project, whose EPC contract was already signed, is now moving forward in earnest.
For large power projects, moving from an EPC contract award to actual construction often requires a separate financing arrangement, making the signing of such credit agreements a useful indicator of a project’s progress.
Attention is on whether this credit agreement will help the O Mon 4 project stay on track for its 2028 completion target.