Promoting science and technology, Petrovietnam grows double digits after 9 months

(Chinhphu.vn) - In the first 9 months of 2025, the world context was volatile, crude oil prices dropped sharply by 14% compared to the same period, but with management solutions, Vietnam National Energy Industry Group (Petrovietnam) achieved impressive production and business results, with consolidated revenue growing by double digits compared to the same period in 2024.

Leaders of the Government, Petrovietnam , PVEP, PVEP POC performed the ceremony to welcome the first commercial oil flow from the Dai Hung phase 3 field development project.

Science and technology are the driving force for growth

Science, technology (KHCN) and Innovation (ĐMST) are identified as the driving force for growth and breakthroughs. Petrovietnam has promoted the application of scientific solutions, optimized technology, increased the operating capacity of factories and projects to 115 - 120% of capacity. These include: Ca Mau Fertilizer Plant, Phu My Fertilizer Plant reaching capacity of over 110-115%, Dung Quat Oil Refinery, Nghi Son Oil Refinery capacity up to 115-120%. Along with that, the continuous operating time (uptime) of drilling and exploitation rigs has increased very high, many mines reaching 99.99%...

The Group is determined to implement the strategic technology development program and key products until 2030, with a vision to 2045, bringing to the market many new products and services; promoting the formation of ecological energy industrial centers, creating new growth drivers based on science and technology.

Deputy Prime Minister Bui Thanh Son and leaders of the Ministry of Industry and Trade and Petrovietnam performed the valve opening ceremony, officially welcoming the first commercial oil flow from Kinh Ngu Trang - Kinh Ngu Nam fields.

In the first 9 months of 2025, the Group's revenue from new products (science and technology, innovation) is estimated to reach 6.1 trillion VND; many products and topics have been granted exclusive patents and useful solutions; many proposals for the Ho Chi Minh Prize and the State Prize for Science and Technology are being implemented.

A notable highlight is the implementation of digital technology applications, successfully transforming the Ca Mau Fertilizer Plant into the first "Smart Factory", creating a foundation for converting all of Petrovietnam's projects and factories into "smart projects and factories" in the coming time. This is one of 32 digital initiatives in the Group's digital transformation roadmap to 2030, affirming the drastic steps to transform science and technology and innovation into important driving forces for Petrovietnam's growth and development.

Deputy Prime Minister Bui Thanh Son listened to Chairman of the Board of Directors of Petrovietnam Le Manh Hung introduce the operations of the PV DRILLING VIII rig of the Petroleum Drilling and Well Services Corporation (PV Drilling), a member unit of Petrovietnam.

Investment breakthrough

Petrovietnam also identified 2025 as a breakthrough year in investment work, the investment disbursement value in the first 9 months of 2025 of Petrovietnam is estimated at 34.4 trillion VND, an increase of 44.7% over the same period in 2024.

In particular, Petrovietnam has completed and put into operation a number of important construction projects ahead of schedule, creating new momentum to contribute to growth, such as: Completing and putting Dai Hung phase 3 into operation from May 7, 2025, Kinh Ngu Trang - Kinh Ngu Trang Nam mine into operation from July 14, 2025, increasing output by 1,500-1,600 tons of crude oil/day. In addition, Nhon Trach 3 Power Plant Project was synchronously connected to the grid on February 5, 2025, expected to be commercially operated from October 2025;

Nhon Trach 4 Power Plant Project was synchronized with the national grid on June 27, 2025, and is expected to be commercially operational from November 2025. The Block B Project Chain has achieved positive results, including the commencement of construction of the O Mon IV Power Plant Project on August 19, 2025; O Mon III Thermal Power Project, Dung Quat Oil Refinery Upgrade and Expansion Project, Long Phu 1 Thermal Power Plant Project, etc. are all following the set schedule. These are important driving forces for Petrovietnam to make breakthroughs and create growth momentum.

Petrovietnam leaders listen to an introduction to the smart plant operation process - Ca Mau Fertilizer Plant

In line with the cooperation and investment strategy, Petrovietnam has strongly increased international business, considering market development and international business as a key solution in the development strategy to ensure growth targets and demonstrate global competitiveness.

The Group's Board of Members has issued a specialized Resolution on "Market Development and International Business of Petrovietnam in the period of 2026 - 2030"; strongly promoting in strategic and target markets such as: Middle East, Central Asia, Southeast Asia, North America, EU...; at the same time continuing to expand new markets, ensuring appropriate structure to increase competitiveness, adapt to climate change and clean energy.

The Group also focuses on building a specialized international management system and developing a global brand. In the past 9 months, Petrovietnam's international revenue is estimated at VND94.7 trillion, becoming one of the important growth drivers, laying the foundation for the target of international revenue accounting for 30% of total consolidated revenue by 2030.

Innovation in management according to the integrated energy model, value chain, multi-layered, global ecosystem: The Group has deployed management solutions covering all aspects of operations, fluctuation management, risk management, planning management, investment, capital management, assets, cash flow and costs at optimal levels...; implementing interconnected management and operation from exploitation to transportation and processing; from inventory to production and business organization; ensuring security, safety, and smooth production activities at all units/projects/factories/drilling rigs; promptly responding to fluctuations, taking advantage of market opportunities for growth and development...

Petrovietnam also strengthens the implementation of cost-saving and cost-reduction solutions; focuses on streamlining the apparatus, improving the quality of human resources, ensuring the management model and resources meet requirements; reviews and promotes the completion of the system of internal regulations in a modern, synchronous, effective, suitable to the new situation and constructive manner.

After 9 months of 2025, Petrovietnam's production and business activities continued to maintain stability, growing compared to the same period, all production targets were completed and exceeded the plan by 3.3-21.2%. All financial targets were completed and exceeded the plan and grew.

Petrovietnam Chairman of the Board of Directors Le Manh Hung inspected the construction situation at the site and directly directed the removal of difficulties and obstacles of the Long Phu 1 thermal power project.

Total revenue of Petrovietnam in the first 9 months is estimated at 795 trillion VND, up 7% over the same period; Budget contribution of the whole Group is estimated at 109 trillion VND, exceeding the yearly plan by 19%; Consolidated revenue of Petrovietnam is estimated at 484 trillion VND, up 10% over the same period in 2024; Consolidated profit exceeds the plan and has high growth.

In parallel with production and business activities, Petrovietnam continues to actively implement social security work. Notably, the "STEM Innovation Petrovietnam" program is a model for nurturing the country's future science and technology human resources. Up to now, the Group has inaugurated many STEM practice rooms and urgently completed the goal of handing over 100 rooms to localities within the last 100 days of the year with a budget of up to 500 billion VND.

Besides, promoting the culture of "loyalty" and the spirit of "mutual love", with regard to storm No. 10 (Bualoi) at the end of September, the total amount of support from the Group as of early October was more than 21 billion VND.

With proud achievements in 50 years of formation and development (1975 - 2025), especially in the period of 2020 - 2025, overcoming challenges, continuously growing strongly, creating a solid foundation, and impressive results in the first 9 months of 2025, Petrovietnam is determined to exceed the growth target in 2025; contributing to realizing the goal of bringing the Group into the Top 10 of the region, joining Fortune Global 500 by 2030.

Phan Trang

Source: https://baochinhphu.vn/day-manh-khoa-hoc-cong-nghe-petrovietnam-tang-truong-hai-con-so-sau-9-thang-102251006124623315.htm