At a recent briefing meeting of the Board of Members of the Vietnam National Energy and Industry Corporation ( Petrovietnam ), Chairman of the Board of Members Le Manh Hung emphasized that the entire Corporation is steadfast in its goal of overcoming difficulties, adhering to the plan, setting new records, taking advantage of opportunities from new development spaces, and soon being included in the Fortune Global 500.
Overcoming challenges and maintaining growth momentum.
In the context of a volatile and unpredictable global economy , and under immense pressure to achieve national growth targets in 2025, Petrovietnam faces significant challenges in maintaining its business growth momentum.
The Cuu Long drilling rig is drilling well 24001 at the BK-24 platform. Photo: PetroTimes.
In particular, the continued downward trend in oil prices has put significant pressure on the Group's financial indicators. However, in the face of these challenges, Petrovietnam has proactively and decisively implemented many solutions, focusing on maximizing production capacity at existing blocks and fields, thereby ensuring stable production and effectively offsetting the decline in market prices.
Besides bringing two new fields/projects into production ahead of schedule (Dai Hung Phase 3 field, Kinh Ngu Trang - Kinh Ngu Trang Nam field), in October, Petrovietnam received the first commercial oil flow from the BK-24 platform, part of the Bach Ho field. This is the second project completed by the Vietsovpetro Joint Venture in 2025, setting a record for progress, exceeding the plan by 65 days, clearly demonstrating its comprehensive capabilities and proactive approach in the field development value chain, including: Geology and field design: Ensuring the feasibility and efficiency of the project; Drilling and production: High-speed and precise implementation; EPCI: Proactively carrying out all stages from design, procurement, construction to connection and commissioning.
In addition, Petrovietnam maintained stable operation of its oil and gas processing plants at record high capacities (Dung Quat Refinery, Nghi Son Refinery, Ca Mau Fertilizer Plant, Phu My Fertilizer Plant, etc.); and power plants operated at maximum capacity as directed by the National Power System Dispatch Center. Efforts to expand into international markets and create new growth opportunities continued to be intensified, with several significant advancements such as PVOIL expanding its business operations in Singapore and BSR signing a cooperation agreement for the supply and sale of petroleum products in the Laotian market.
Delegates perform the ceremony of unveiling the plaque commemorating the 14th National Congress of the Communist Party of Vietnam for the foundation of the Central Processing Platform (CPP) - Block B & 48/95 and Block 52/97 gas field development project. Photo: PetroTimes.
As a result, in October 2025, the Group recorded many targets that met and exceeded the plan, showing growth compared to the same period last year, including: Crude oil production; Gas production; LNG import; Petroleum production (excluding NSRP); NPK, LPG, Condensate, and Polypropylene production.
For the first 10 months of the year, many indicators achieved high growth compared to the same period in 2024, such as: Crude oil production exceeded the set plan; LNG imports increased by 14%; electricity production increased by 10.5%; petroleum production (excluding NSRP) increased by 17.8%; NPK increased by 73.6%; LPG increased by 9.7%; polypropylene increased by 24.2%...
Petrovietnam identifies scientific research and innovation as one of the breakthrough solutions to enhance competitiveness and promote sustainable growth. In the past 10 months, revenue from the Group's new products and services reached over 8 trillion VND. In particular, the successful implementation of digital technology and the transformation of the Ca Mau Fertilizer Plant into its first "Smart Plant" has laid the groundwork for Petrovietnam to transform other facilities and plants into "smart plants" in the future.
Petrovietnam leaders listen to a presentation on the operation process of the smart plant - Ca Mau Fertilizer Plant. Photo: PetroTimes.
Simultaneously, revenue from international business is estimated at over 112 trillion VND, accounting for nearly 21% of consolidated revenue, demonstrating the Group's efforts to expand its market.
Petrovietnam's efforts in saving and combating waste during the first 10 months reached VND 5,266 billion, exceeding the plan by 26% and achieving the target 3 months ahead of schedule, largely thanks to savings in raw materials, fuel, management costs, sales, and finance.
Thanks to efforts to maintain growth in production and business activities, Petrovietnam's financial indicators for October and the first 10 months of 2025 all achieved positive results. Total revenue for the entire Group in October 2025 is estimated at VND 92.4 trillion. Cumulative revenue for the first 10 months is estimated at VND 891 trillion, an increase of 8% compared to the same period in 2024.
Petrovietnam's total contribution to the State budget in October 2025 is estimated at 10.6 trillion VND. For the first 10 months of the year, Petrovietnam's contribution to the State budget has exceeded 40% of the annual plan, reaching the target 4 months ahead of schedule, estimated at 128.8 trillion VND.
Petrovietnam's total investment disbursement value in the first 10 months of the year is estimated at over 39 trillion VND, higher than the national average disbursement rate and a 54% increase compared to the same period in 2024. Many key projects such as Block B, O Mon 4, Nhon Trach 3 and 4, and the Dung Quat Refinery upgrade and expansion project are being accelerated, aiming to celebrate the 14th National Party Congress and create new growth momentum for the 2026-2030 period.
October also marked a significant milestone for Petrovietnam, which was honored by the National Research Program on Leading Value-Creating Enterprises in Vietnam, organized by Viet Research in collaboration with the Finance - Investment Newspaper (Ministry of Finance), as the leading enterprise in the Top 10 Leading Value-Creating Enterprises in Vietnam 2025, in the energy and oil and gas sector. Petrovietnam affirmed its superior position with 7 member units included in the Top 10, including: Vietnam Gas Corporation - JSC (PV GAS), Vietnam Petroleum Technical Services Corporation (PTSC), Vietnam Oil and Gas Power Corporation - JSC (PV Power), Vietnam Exploration and Production Corporation (PVEP), Binh Son Refining and Petrochemical Corporation (BSR), Vietnam Drilling and Drilling Services Corporation (PV Drilling), and Vietnam Oil Corporation - JSC (PVOIL).
Deputy Secretary of the Petrovietnam Party Committee Tran Quang Dung visits and encourages people affected by Typhoon No. 10 in Quang Tri. Photo: PetroTimes.
Not only did Petrovietnam make its mark in production and business activities, but in October and the first 10 months of the year, in the face of the difficulties and losses of people in areas affected by storms and floods, Petrovietnam and its member units upheld the tradition of compassion - always focusing on the community, promptly being present to share and encourage people in Nghe An, Ha Tinh, Quang Tri, Ninh Binh, Thanh Hoa, Hung Yen, Thai Nguyen...
Petrovietnam is also one of the key units that collaborates with the Government in improving the quality of education in remote, mountainous, and border areas. Notably, the Group has commenced construction of the Bat Mot Primary and Secondary Boarding School and the Yen Khuong Primary and Secondary Boarding School in Thanh Hoa province.
In particular, inspired by General Secretary To Lam's idea, Petrovietnam launched the "STEM Innovation Petrovietnam" program. The program was initiated on September 21, 2025, with the participation of General Secretary To Lam, Prime Minister Pham Minh Chinh, and other Party and State leaders. Currently, the program is being accelerated with the goal of building 100 internationally standardized STEM practice rooms in 34 provinces and cities nationwide. This is not only the largest-scale educational project ever undertaken by a state-owned enterprise, but also a strategic national step in training human resources in science and technology, contributing to the formation of a new generation of knowledgeable energy citizens in Vietnam.
Petrovietnam's social welfare activities are implemented in a coordinated and timely manner, clearly demonstrating the social responsibility of a key national economic group, and receiving high praise and positive recognition from the community and all levels of government.
The STEM practice room in Hanoi is part of the “STEM Innovation Petrovietnam” program, implemented by Petrovietnam based on an idea from General Secretary To Lam. Photo: PetroTimes.
Take advantage of opportunities from new development spaces.
In the last two months of the year, Petrovietnam acknowledges that the market remains volatile and unpredictable. The Group is committed to implementing its plan to ensure the completion of targets assigned by the Government. The Board of Directors and the Executive Board of Petrovietnam have outlined a series of key solutions, emphasizing strong investment growth, especially in the Exploration and Production sector, creating a solid foundation for 2026; focusing efforts on completing key power projects such as Nhon Trach 3 and 4; accelerating strategic technology projects and restructuring research units to ensure overall efficiency…
At the meeting, Petrovietnam General Director Le Ngoc Son directed that high priority be given to forecasting the situation in the last two months of the year, controlling risks, and optimizing overall efficiency. At the same time, key investment activities in the five-year plan should be updated; outstanding projects should be reviewed and resolved definitively; and digital transformation should be accelerated.
Petrovietnam General Director Le Ngoc Son presents Thanh Hoa province with a boarding school for primary and secondary levels in a border commune. Photo: PetroTimes.
Looking ahead to 2026, Petrovietnam General Director Le Ngoc Son emphasized the strategic pillars that need to be promoted to maintain outstanding growth momentum: increasing production and reserves from new E&P projects; strongly developing the Power sector (LNG and Nhon Trach plants), the Refining and Petrochemical sector, and Services; along with increasing the proportion of revenue from new products, services, and international business.
In his concluding remarks and directives at the meeting, Chairman of the Board of Directors of Petrovietnam, Le Manh Hung, emphasized that changes in the state management institutions and mechanisms, especially the new Oil and Gas Law, have opened up opportunities for development, helping Petrovietnam quickly seize opportunities to implement key projects, exploit new fields, increase production and reserves, and make significant contributions to the state budget. The Group's key sectors have all recorded positive results; improving capital efficiency, expanding market share, and increasing competitiveness.
Mr. Tran Luu Quang - Secretary of the Central Committee of the Communist Party of Vietnam, Secretary of the Ho Chi Minh City Party Committee - listens as Mr. Le Manh Hung - Secretary of the Party Committee and Chairman of the Board of Directors of Petrovietnam - introduces the Group's typical projects. Photo: PetroTimes.
To accelerate towards the 2025 target, Petrovietnam Chairman Le Manh Hung requested the entire Group to remain steadfast in its set goals; focus on strengthening forecasting, especially in the last two months of the year; ensure close monitoring of supply and demand in the market; develop a set of risk indicators to assess the impact on the ability to achieve the plan and implement timely management solutions. At the same time, absolute safety control must be maintained in all production and business activities.
Petrovietnam's Chairman of the Board of Directors, Le Manh Hung, also directed a thorough market assessment, restructuring of production and import, and expansion of the value chain abroad; the application of artificial intelligence (AI) in production, business, and management, in line with the "AI-First" directive; focusing on developing advanced AI applications for the energy industry; conducting trial operations of the Group's integrated operations center and establishing digital copies of strategic assets.
In addition, we will continue to improve the efficiency of governance by promoting the application of technology, digital transformation, integration, and the development of digital databases; preparing high-quality human resources for new fields, building a talent attraction strategy; and accelerating the progress of the Petrovietnam Eco-Energy Industry Center to seize development opportunities...
“Petrovietnam aims to achieve total revenue of 1.1 trillion VND in 2025. This is a strategically significant figure, reflecting our efforts to expand market share and increase the value chain. The entire Group needs to remain steadfast in its goals, adhere closely to the plan, and be determined to soon be included in the Fortune Global 500 list, affirming its position as a national energy corporation,” emphasized Le Manh Hung, Chairman of the Board of Directors of Petrovietnam.
Under the leadership of the Party and the State, Petrovietnam has spent 50 years accompanying the country, acting as a driving force for the country's economic and social development by fulfilling its mission of ensuring "5 Securitys": energy security, economic security, food security, national defense security, and national sovereignty at sea, while also contributing to ensuring social welfare.
By fulfilling its 5 "Safe" missions, Petrovietnam has affirmed its prestige and position as a leading economic group in the country with 5 "First" achievements: being the largest enterprise in terms of scale, with consolidated total assets exceeding 1 trillion VND, and equity capital exceeding 556 trillion VND.
As the unit with the highest budget contribution, averaging 160 trillion VND/year in recent years, accounting for 80.3% of the total budget contributions of 18 corporations and general companies in the state-owned enterprise sector;
It is expected to be the most profitable, reaching 316 trillion VND during the 2020–2025 period, equivalent to an average of 2.2 billion USD per year.
As the only enterprise to have won numerous prestigious science and technology awards, including 6 Ho Chi Minh Awards and 4 State Awards, along with dozens of reputable domestic and international inventions.
In particular, as a leading enterprise achieving the highest level in social welfare activities, it has spent more than 5.13 trillion VND in the period 2020–2025 alone.
Source: https://nongnghiepmoitruong.vn/petrovietnam-tang-toc-ve-dich-2025-d784075.html
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