HDBank signs $76.7 million credit agreement with PV Power

The move is part of HDBank's efforts to lead green finance and realise its sustainable development strategy. PV Power will use the credit facility to import liquefied natural gas (LNG) to fuel the Nhon Trach 3 and Nhon Trach 4 power plants.

They have been classed as key national projects and the first of their kind to use LNG as their main fuel, contributing to a cleaner, more stable, and less emission-intensive energy mix. With a total capacity of 1,642 MW and investment capital of $1.4 billion, the two plants are expected to supply approximately 9-12 billion kWh of electricity annually to the national grid.

Nhon Trach 3 power plant is ready to be put into commercial operations in the third quarter of 2025, while Nhon Trach 4 is slated to begin operations in the fourth quarter of 2025.

Nguyen Duy Giang, deputy general director of PV Power, said, "The credit facility from HDBank will strengthen the company's financial capability to import LNG, ensuring the progress and efficient operation of two key projects."

The tie-up between HDBank and PV Power is an essential step to connecting finance with energy transition, contributing to realising Vietnam's sustainable development goals and net-zero emissions commitment by 2050.

Tran Hoai Nam, permanent deputy CEO of HDBank, said, "The bank always supports businesses and the government in key projects related to energy transition, renewable energy, and LNG power. This is consistent with the bank's contributions to the development of a green economy and advancing Vietnam's net-zero emissions goal."

As a leading bank in green credit, HDBank is financing many areas that have a positive impact on the environment and society, such as renewable energy, organic agriculture, high-tech applications, and LNG projects – an important transitional energy source. Since 2019, HDBank has disbursed VND31 trillion ($1.19 billion) to green sectors.

The Nhon Trach 3 power plant, Vietnam's first liquefied natural gas (LNG) power plant, was connected to the national grid on February 5, reaching a capacity of 50MW.

HDBank released its first-quarter financial statements on April 28, revealing solid business performance and reaffirming its status among the sector’s most efficient banks.

PetroVietnam Gas Corporation (PV GAS) and PetroVietnam Power Corporation (PV Power) announced on March 2 that the corporations are contracted to supply liquefied natural gas (LNG) for the commercial operation of Nhon Trach 3 and Nhon Trach 4 power plants.