HDBank, PV Power sign $76.7 million deal to boost sustainable energy transition

HDBank, PV Power sign $76.7 million deal to boost sustainable energy transition

HDBank has signed a VNĐ2 trillion (US\$76.7 million) credit agreement with PetroVietnam Power Corporation (PV Power), a subsidiary of Petrovietnam.

At the signing ceremony. — Photo doanhnghieptiepthi.vn

Furthering its leadership in green finance and commitment to sustainable development, Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank) has signed a VNĐ2 trillion (US$76.7 million) credit facility agreement with PetroVietnam Power Corporation (PV Power), a leading power producer and subsidiary of the Vietnam Oil and Gas Group (Petrovietnam).

PV Power will mainly use the credit facility to import liquefied natural gas, which serves as the fuel for the Nhơn Trạch 3 and 4 power plants, two strategic projects in Việt Nam’s energy transition roadmap.

These are national key projects and the first in Việt Nam to use LNG as their primary fuel, contributing to the development of a cleaner, more stable and lower-emission energy structure.

With a combined capacity of 1,624 MW and cost of $1.4 billion, the plants are expected to supply approximately 9-12 billion kWh of electricity annually to the national grid.

Nhơn Trạch 3, which saw ground broken in 2022, is ready for commercial operation from the third quarter of 2025, while Nhơn Trạch 4 is scheduled to come online in the fourth.

Speaking at the signing ceremony in Hà Nội on June 11, Nguyễn Duy Giang, deputy general director of PV Power, said the credit facility from HDBank would bolster the company’s capability to import LNG, ensuring the timely progress and efficient operation of the two critical projects.

The partnership between HDBank and PV Power marks a practical move to align financial solutions with the national energy transition, supporting Việt Nam’s sustainable development goals and its net-zero emissions commitment by 2050 pledged at COP26.

At the signing ceremony. — Photo doanhnghieptiepthi.vn

As a leading bank in green credit, HDBank has been actively financing sectors that positively impact the environment and society, including renewable energy, organic agriculture, high-tech applications, and, more recently, LNG projects – a vital transitional energy source from fossil fuels and renewables.

HDBank has disbursed around VNĐ31 trillion (nearly $1.19 billion) to green sectors since 2019.

Trần Hoài Nam, permanent deputy CEO of HDBank, affirmed the bank’s strong commitment to supporting businesses and the Government in key projects related to energy transition, renewable energy and LNG power.

This reflects HDBank’s consistent strategy to contribute to Việt Nam’s green economic growth and journey towards net-zero emissions.

Upholding the principle of “responsible credit”, HDBank has fully integrated ESG (environmental, social and governance) principles into its corporate lending process through its environmental and social risk management system; all loans are appraised based on sustainable development criteria.

Through concrete action programmes, HDBank is steadily realising its vision of “Pioneering Sustainability – Elevating the Nation”, contributing to the development of a modern financial ecosystem that supports the country in its energy transition and sustainable development efforts. 

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