'History puts us in an unprecedented confrontation', and how Petrovietnam 'weathers the storm'

On the morning of August 3, the Vietnam National Oil and Gas Group (Petrovietnam) held the 4th Party Congress of the Group for the 2025-2030 term, with the participation of Prime Minister Pham Minh Chinh.

Mr. Le Ngoc Son - General Director of Petrovietnam - Photo: T.NGOC

In his political report, Petrovietnam General Director Le Ngoc Son said that the past term was a period of extremely challenging trials. "We entered the term in the middle of a storm, when the aftershocks of the previous period were still heavy, especially the decline in confidence, ideology, and mood of cadres and party members," Mr. Son expressed.

Entering a challenging term is "unprecedented"

Mr. Son recalled the early period of his term, when "history put us in an unprecedented confrontation". Not only was there pressure from management, human resources, and the business environment, but the peak at the end of 2019 was the risk of an existing cash flow imbalance, pushing the group to face a double storm.

In fact, oil prices have plummeted, reaching a historic low on April 20, 2020, when WTI oil prices fell to minus 37.63 USD, a historic low. Along with that, economic recession, geopolitical instability, natural disasters and global trade wars have created a state of instability, uncertainty and unpredictability.

With the spirit of "one team, one goal", Mr. Son said that the group has persistently and proactively removed a series of bottlenecks and bottlenecks in mechanisms and institutions. With a "set of fluctuation management solutions" to shape a "management culture", it has helped the group overcome the "double storm".

Prime Minister Pham Minh Chinh attends the congress - Photo: T.NGOC

As a result, Petrovietnam has exceeded 12/12 targets, with a brand value of nearly 1.4 billion USD in 2023. The legal framework for oil and gas industry activities has been completed, developing in the direction of industry - energy - innovation. The leadership and direction of the Party has been enhanced, the governance system has been perfected, the organization has been reorganized towards streamlining and efficiency, and comprehensive digital transformation has been promoted.

In particular, many long-standing projects have been focused on and brought results. That is the Song Hau 1 Thermal Power Plant, which was revived and became the "best new power plant of 2024". Thai Binh 2 Power Plant reached the 10 billion kWh milestone after only 20 months. Thi Vai LNG Warehouse marked a historic milestone when Vietnam imported and supplied LNG for the first time.

After more than 20 years of waiting, the Lot B - O Mon gas - power project chain has been restarted. Dinh Vu Fiber Factory, Petroleum Shipbuilding and Mechanical Industry Company (formerly DQS) are on the way to recovery.

Petrovietnam achieved remarkable growth, setting many records. For the first time, revenue reached over 1 quadrillion VND, and total consolidated assets also exceeded 1 quadrillion VND. The Group innovated its operating model, ready to take a pioneering role, leading the energy transition process.

Despite the decline in natural production, the group has discovered 7 new oil and gas fields, put 19 fields into operation; meeting over 75% of gasoline demand, 75% of LPG market share, 73% of fertilizer demand, and supplying over 10% of the country's total electricity output.

Social security work was also focused with more than 3,500 billion VND, supporting the construction of more than 10,000 solidarity houses, launching the planting of 1.2 million trees, donating more than 25,000 units of blood; and spending nearly 1,000 billion VND to support people during the COVID-19 pandemic.

However, General Director Le Ngoc Son acknowledged the limitations such as the slow implementation of resolutions in some Party committees, and the inspection and supervision work at the grassroots level that sometimes did not meet the requirements. Some backlogged projects, especially the Blue Whale project, could not be implemented due to objective factors from foreign investors, or some units still facing difficulties.

Aiming for the top 10 region

Prime Minister Pham Minh Chinh attends the congress - Photo: VGP

In the 2025-2030 period, with the focus determined on green, efficient and sustainable development, Mr. Son emphasized that Petrovietnam's goal is to maintain its No. 1 position in Vietnam, be in the top 10 in the region, and be listed in the Fortune Global 500.

Accordingly, the key solution is to build a strong, comprehensive, "ethical and civilized" Party, improve the effectiveness of inspection, supervision and Party discipline work, and resolutely prevent corruption, waste and negativity.

Develop a corporation with strong potential, modern management, pioneering in energy transition and sustainable green growth. The three major pillars are energy, industry and high-quality technical services, firmly implementing the "dual transformation" journey.

Chairman of the Board of Members of Petrovietnam Le Manh Hung emphasized that the congress needs to focus on analyzing the causes and lessons learned in leadership, direction and operation, synchronizing the Party's leadership methods with innovative thinking, especially in times of volatility and crisis; and developing directions for the next term with the goal of high growth in the context of great difficulties and challenges, associated with three strategic pillars.

Focus on discussing documents, linked to the practical situation of the oil and gas industry, corporate culture, selecting and electing the next term executive committee with the aspiration to conquer difficulties and challenges, continuing the tradition of those who seek fire to become a leading corporation in the country, with a position in the region and the world.

NGOC AN

Source: https://tuoitre.vn/lich-su-dat-chung-ta-vao-cuoc-doi-dau-chua-tung-co-tien-le-va-cach-petrovietnam-vuot-bao-20250803113319317.htm