Two leading enterprises of the country cooperate to implement a breakthrough project according to Resolution 70-NQ/TW

(Chinhphu.vn) - On the afternoon of October 7, Deputy Prime Minister Ho Duc Phoc attended and spoke at the signing ceremony of a credit contract worth more than 1 billion USD for a series of gas exploitation development projects in Block B&48/95, Block 52/97 and the Block B - O Mon gas pipeline project between the Vietnam National Industry and Energy Group (PetroVietNam) and the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank).

Deputy Prime Minister Ho Duc Phoc congratulated Vietcombank and PetroVietnam - the country's two leading enterprises - for signing a credit contract to implement a project with a very large total investment - an initial, breakthrough project to implement Resolution No. 70-NQ/TW.

Speaking at the event, Deputy Prime Minister Ho Duc Phoc congratulated Vietcombank and PetroVietnam - the country's two leading enterprises that signed a credit contract to implement a project with a very large total investment - the initial, breakthrough project to implement Resolution No. 70-NQ/TW, dated August 20, 2025 of the Politburo on ensuring national energy security until 2030, with a vision to 2045.

The contract between PetroVietnam and Vietcombank is one of the largest credit contracts in the energy industry, for the largest-ever gas project in Vietnam.

According to the signed credit contract, Vietcombank provides medium and long-term credit to Petrovietnam to implement two upstream and midstream projects of the Block B - O Mon gas and power project chain.

Deputy Prime Minister Ho Duc Phoc emphasized that this is not only the common joy of the two enterprises but also the common joy of the Party, Government and people in investing in large economic projects, creating spillover effects, maintaining national energy security, and contributing to developing the country to new heights.

The Deputy Prime Minister informed: There are still more than 2 months left until 2025 ends. With the forecasts, we can achieve very good results in the macro economy, promoting the breakthrough process for development according to the resolutions of the Politburo. Accordingly, this year, the Government strives to achieve growth of over 8%; import-export turnover reaching about 911 billion USD, trade surplus of about 25 billion USD... in general, the major balances and macro indicators are good.

Through this, the Deputy Prime Minister praised Vietcombank and PetroVietnam for their great contributions to the country's socio-economic development in the recent period, hoping that in the coming time, businesses will continue to promote the spirit of innovation, promote the application of science and technology, invest in production and do business effectively to promote the country's development.

The Deputy Prime Minister requested PetroVietnam to coordinate and cooperate closely with partners; carry out the exploitation and construction of gas pipelines, ensuring safety, progress, quality and efficiency of the project.

The Deputy Prime Minister praised Vietcombank and PetroVietnam for their great contributions to the country's socio-economic development.

Speaking at the signing ceremony, Petrovietnam Chairman Le Manh Hung emphasized that today's event is an important milestone of a key project in the national oil, gas and energy sector, which is of great significance to the country's energy security and economic development.

The Block B - O Mon gas - power project chain includes: Gas exploitation development project at Block B & 48/95 and Block 52/97 in the upstream; Block B - O Mon gas pipeline project in the midstream and 04 O Mon thermal power plant projects in the downstream with an investment capital of more than 12 billion USD.

Gas from Block B is expected to provide a stable and long-term supply for the gas power plant cluster in the Mekong Delta, contributing to reducing dependence on fuel imports, increasing autonomy and operational flexibility of Vietnam's national power system, in line with the orientation of Power Plan VIII (adjusted), realizing the commitments of the Vietnamese Government on energy transition and emission reduction in the spirit of COP26.

PetroVietnam leaders believe that with timely financial resources, a smooth coordination mechanism between state management agencies, banks and localities, and the support of Vietcombank and partners, the Block B - O Mon project chain will be implemented on schedule, bringing gas ashore soon, supplying fuel to power plants in the Mekong Delta; making an important contribution to ensuring energy security, improving national competitiveness, contributing to the country's industrial - energy and green growth.

Governor of the State Bank of Vietnam Nguyen Thi Hong speaks at the event.

Speaking at the signing ceremony, Chairman of the Board of Directors of Vietcombank Nguyen Thanh Tung emphasized that today's event affirms the shift in the position of corporations and state financial institutions from following along to leading and creating; from dependence on foreign capital to a domestic resource management structure that effectively connects with domestic capital according to the "rules of the game" of the market; from the mindset of waiting for gas and capital to the mindset of synchronously implementing the entire project chain, optimizing overall proactive risk management... to jointly create an autonomous value chain of Vietnamese enterprises.

"Vietcombank is committed to providing optimal financial solutions, accompanying Petrovietnam in successfully implementing the Block B - O Mon Project Chain. This is not only a contribution to energy security, but also a responsibility to support the country's sustainable development aspirations," Mr. Nguyen Thanh Tung emphasized.

Appreciating Vietcombank's efforts in arranging large capital sources for the project chain in the context of the volatile international foreign exchange market, Ms. Nguyen Thi Hong, Governor of the State Bank of Vietnam, requested Vietcombank to seriously implement the State Bank's instructions on foreign currency balance, risk management and disbursement in accordance with the loan contract signed today.

At the same time, Governor Nguyen Thi Hong requested Petrovietnam to fully implement its commitments and current legal regulations in using Vietcombank's loans for the right purposes, safely and effectively.

Governor Nguyen Thi Hong said that in the coming time, the State Bank will continue to coordinate with relevant ministries and branches to perfect the foreign exchange credit institution and direct credit institutions to prioritize credit capital for priority areas and large projects, including both VND loans and foreign currency loans. The State Bank will also coordinate with local ministries and branches to promote reasonable medium- and long-term development capital sources.

Deputy Prime Minister Ho Duc Phoc and delegates witnessed the signing ceremony between PetroVietNam and Vietcombank.

* The Block B - O Mon gas - power project chain is a national key energy project with the participation of investors including: Petrovietnam, Oil and Gas Exploration and Production Corporation (PVEP), Mitsui Petroleum Exploration Company (MOECO) - Japan, PTT Petroleum Exploration and Production Company (PTTEP) of Thailand.

In which, the Vietnamese side holds 70% and the foreign side holds 30% to jointly invest under the petroleum product sharing contract (PSC) in the upstream stage. When fully completed, the Block B-O Mon project has the potential to contribute greatly to economic growth and the estimated State budget revenue for the entire project life is up to 30 billion USD.

For Petrovietnam, the Block B – O Mon project chain has strategic significance in the process of transforming into the Vietnam National Energy Industry Group, optimizing the value chain from upstream (gas exploitation) to midstream (gas transportation) and downstream (electricity production).

Tran Manh

Source: https://baochinhphu.vn/hai-doanh-nghiep-hang-dau-cua-dat-nuoc-hop-tac-trien-khai-du-an-dot-pha-theo-nghi-quyet-70-nq-tw-102251007203236082.htm