Petrovietnam set to begin work on two thermal power plants in Mekong Delta
State-owned Petrovietnam plans to begin work this year on the O Mon 3 and O Mon 4 gas-fired thermal power plant projects in the Mekong Delta.
The plants are targeted to receive their first gas flow in late 2026, the oil and gas giant said Thursday at a ceremony held to receive the projects from state utility Vietnam Electricity (EVN).
The O Mon 3 and O Mon 4 plants, with a capacity of 1,050 MW each, were assigned to EVN in 2016 under the national power development plan VII (PDP VII). The two projects, also added to PDP VIII, are in the preparatory investment phase.
Representatives of Electricity of Vietnam and Petrovietnam sign an agreement on the transfer of O Mon 3 and O Mon 4 thermal power projects at a ceremony in Hanoi on June 29, 2023. Photo courtesy of Petrovietnam.
With the EVN facing challenges in executing the projects, Vietnam's Prime Minister Pham Minh Chinh transferred the implementation to Petrovietnam earlier this month.
Petrovietnam said that based on its experiences in implementing the 1,200 MW Thai Binh 2 thermal power plant, it was capable of meeting the new projects’ deadlines.
It also highlighted its experience in successfully implementing and operating combined cycle power plants with a total capacity of 2,700 MW.
The O Mon 3 and O Mon 4 Power Plant projects are components of the Block B - Gas-to-Power project chain, which includes upstream projects (gas fields), midstream projects (gas pipeline projects), and downstream projects (power plants).
In March, EVN, then the project investor, expressed concerns about the O Mon 3 project's progress, citing problems related to official development assistance (ODA) procedures.
The VND25.24 trillion ($1.07 billion) project, part of the mega Block B gas project in the Mekong Delta city of Can Tho, has received VND9.93 trillion ($419.26 million), or 40% of the investment, in reciprocal capital from EVN. The other 60% is to be sourced from Japanese ODA.
However, EVN said no domestic commercial banks meet the conditions to be an on-lending agency for the ODA loans, which must also bear credit risks as required by the Ministry of Finance.
In May, concerned ministries asked the Prime Minister to transfer the two delayed gas-fired power projects in the Mekong Delta from EVN to PVN.
The zoning plan for Can Tho City's O Mon Power Center, home to the four power plants of O Mon 1, 2, 3, and 4. Photo courtesy of the center.
Block B, 300 kilometers away from the southernmost province of Ca Mau, is expected to supply 5.06 billion cubic meters of gas annually for the 3,810-MW O Mon power complex, featuring the O Mon 1, 2, 3, and 4 power plants. Petrovietnam has pledged to deliver the first gas flow from Block B in Q4/2026.
- Related News
- Read More
Vietnam-flagged vessel transits Strait of Hormuz, Vietnamese shipping firms seek support from authorities
The successful transit of the NV Sunshine through the Strait of Hormuz to load cargo in the UAE has raised strong expectations for subsequent voyages.
Economy - Wed, April 15, 2026 | 12:20 pm GMT+7
Novaland says revenue, profit inflection point to come from 2027
Major Vietnamese developer Novaland said it expects a meaningful pickup in revenue and profit from 2027, as 2026 will only see limited recognition despite the resumption of sales.
Companies - Wed, April 15, 2026 | 8:17 am GMT+7
Vietnam's central bank to continue easing bias on interest rates
State Bank of Vietnam said it will continue steering interest rates lower to support economic growth, while maintaining a careful balance with inflation control.
Banking - Tue, April 14, 2026 | 9:16 pm GMT+7
Vinhomes targets record $1.9 bln profit, bets on transit-oriented development strategy
Vinhomes, a subsidiary of conglomerate Vingroup (HoSE: VIC), has outlined a record-breaking 2026 business plan, targeting net profit of VND50 trillion ($1.9 billion), up 18.7% year-on-year, as Vietnam’s largest listed developer positions for a selective recovery in the property market.
Companies - Tue, April 14, 2026 | 4:55 pm GMT+7
Hanoi eyes mega underground reservoir system to tackle flooding
Hanoi is planning an ambitious underground infrastructure network, including a massive “super reservoir” system, as part of a 100-year urban development vision aimed at tackling chronic flooding.
Infrastructure - Tue, April 14, 2026 | 4:33 pm GMT+7
Shipping behemoth MSC selected as major investor for mega port project in southern Vietnam
Authorities in Ho Chi Minh City have approved a consortium consisting of Vietnam Maritime Corporation (VIMC), Saigon Port, and Terminal Investment Limited Holding S.A. as the investor for the $4.98 billion Can Gio international transshipment port project.
Infrastructure - Tue, April 14, 2026 | 2:27 pm GMT+7
GG Power launches internationally standard energy storage battery plant
GG Power, a wholly Vietnamese-owned firm, has debuted a battery energy storage system (BESS) manufacturing plant in Hung Yen province, marking a milestone in the country’s push into high-tech energy industries.
Industries - Tue, April 14, 2026 | 11:47 am GMT+7
Firms need legal clarity, non-criminalization of business risks to invest boldly: lawyer
Businesses will only commit to large-scale investments and long-term strategies when the legal framework is transparent and consistent, without mechanical criminalization of business risks, said a lawyer at Baker & McKenzie.
Economy - Tue, April 14, 2026 | 8:58 am GMT+7
Generational transition must strengthen, not just transfer, leadership: SHB bank vice chairman
Do Quang Vinh, vice chairman of Vietnamese private bank SHB, said generational transition in Vietnamese companies should focus on strengthening capabilities rather than simply transferring authority, as firms enter a new phase of development.
Companies - Mon, April 13, 2026 | 10:33 pm GMT+7
Vietnam’s textile giant Vinatex posts 31% profit jump in Q1, braces for potential trade risks
Vietnam National Textile and Garment Group (UPCoM: VGT) reported Q1 profit rising 31% year-on-year, as improved yarn margins and stable garment orders helped offset a volatile global backdrop.
Companies - Mon, April 13, 2026 | 5:07 pm GMT+7
Private sector – 'one most important growth driver': legislator
After 40 years of Doi moi (reform), Vietnam's private sector has surged to become "one most important growth driver", helping build a more autonomous, self-reliant and resilient economy, says Phan Duc Hieu, a member of the National Assembly's Economic and Financial Committee.
Economy - Mon, April 13, 2026 | 4:37 pm GMT+7
Vietnam conglomerate Thaco’s 2025 profit jumps 65% to $251 mln
Vietnamese conglomerate Thaco posted strong earnings growth in 2025, with net profit from its core operations surging over 65% on the back of its real estate segment, according to newly released disclosures from Singapore-based shareholder Jardine Matheson.
Companies - Mon, April 13, 2026 | 2:58 pm GMT+7
Vietnamese private economic groups: Achievements, efforts and paradoxes
If we place Vietnam's private sector in the context of the region and the world, a clear paradox emerges: numerous but not yet strong, dynamic but not yet profound, making significant contributions but maintaining a modest position in the global value chain, writes Dau Anh Tuan, deputy secretary general of the Vietnam Federation of Commerce and Industry (VCCI).
Economy - Mon, April 13, 2026 | 1:57 pm GMT+7
Dung Quat oil refinery operator BSR posts strong Q1 profit amid energy market volatility
Binh Son Refining and Petrochemical JSC (HoSE: BSR), the operator of Vietnam’s first oil refinery Dung Quat, reported estimated Q1 net profit of nearly VND3.35 trillion ($127.1 million), more than eight times higher than a year earlier, despite global energy market disruptions linked to Middle East tensions.
Companies - Mon, April 13, 2026 | 11:57 am GMT+7
Unlocking and mobilizing resources for the development of Vietnam’s leading economic groups in new growth era
Only when a development structure where large firms lead, SMEs diffuse growth, and the State enables development is formed, can Vietnam build a sufficiently strong enterprise foundation for a new growth model, write deputy director Dr. Bui Thanh Minh and researcher Tran Duc Anh at the Private Sector Development Research Board (Board IV) Office.
Economy - Mon, April 13, 2026 | 8:00 am GMT+7
The Investor to host conference '40 years of reform: The leading role of economic groups'
The Investor (www.theinvestor.vn) and Nha dau tu (www.nhadautu.vn) will host a conference titled "40 years of reform: The leading role of economic groups" at 1:30 p.m. Monday, April 13 in Hanoi.
Economy - Mon, April 13, 2026 | 7:00 am GMT+7
