Petrovietnam pioneers in promoting cooperation and enhancing national competitiveness

In the context of an increasingly volatile and unpredictable world market, the coordination between state-owned enterprises and private enterprises has become a vital factor. Playing a pioneering role, the Vietnam National Oil and Gas Group ( Petrovietnam ) has proactively linked up with leading corporations in the public and private sectors, creating a combined strength, increasing national competitiveness, contributing to the Vietnamese economy's breakthrough and steady integration.

Petrovietnam is a pioneer, demonstrating increasingly modern management capacity, making great contributions to the State budget and investing in strategic projects.

Public-private partnership creates momentum for breakthrough goals

In the context of Vietnam aiming for “double-digit” GDP growth, the role of the business community becomes especially important. In particular, state-owned enterprises (SOEs) and private enterprises (PPEs) are considered two strategic pillars to promote the process of industrialization, modernization and international integration.

With a leading role in many key sectors such as energy, oil and gas, infrastructure, finance, aviation and telecommunications, SOEs are on a mission to ensure economic security and implement long-term development goals. In recent years, many State-owned corporations and groups such as Petrovietnam, EVN, Viettel , Vinachem, ACV, TKV, etc. have demonstrated increasingly modern management capacity, making great contributions to the State budget and investing in strategic projects.

Meanwhile, the private enterprise sector is also increasingly showing its central position in the economy. Recently, the private enterprise sector has been given new momentum for development when Resolution No. 68-NQ/TW dated May 4, 2025 of the Politburo was issued. This is a breakthrough in development thinking and a strong political commitment to the business community, business households and all the people: The State is the creator, enterprises are the center, and private economic development is a long-term strategy.

To contribute to supporting the private enterprise sector to fulfill its mission and grow stronger to become steadfast "economic warriors", cooperation between state-owned enterprises and private enterprises is more necessary than ever.

Resolution No. 68-NQ/TW clearly states 8 important tasks and solutions, emphasizing "strengthening the connection between private enterprises, private enterprises with state-owned enterprises and FDI enterprises".

Prime Minister Pham Minh Chinh also requested that SOEs continue to promote their pioneering and leading role in the economy, being the pioneering force in innovation, changing thinking and working methods... At the same time, they must coordinate with each other, learn from each other, support each other and work better with private enterprises to achieve the long-term growth target of the national economy.

Petrovietnam and Vinachem signed a comprehensive cooperation agreement on April 16, aiming to take advantage of each side's strengths and create a synergy effect, improving the efficiency of production and business activities.

Cooperation, promoting the leading role of state-owned enterprises

Over the years, Petrovietnam has always actively promoted and effectively performed its role as the country's economic locomotive, actively contributing to market stabilization, ensuring energy security, food security, and national economic security. In addition, Petrovietnam is also a pioneer in international cooperation, integration, and expanding investment abroad.

Early recognition of the requirements and responsibilities in the new development stage of the country, Petrovietnam has proactively and pioneered in expanding links and cooperation with leading domestic and international state-owned and private enterprises to expand the market and increase the value of the supply chain.

This orientation both demonstrates the concretization of Petrovietnam's new strategy when it is named the National Industry - Energy Group, and proactively implements the Prime Minister's direction for SOEs on the task of enhancing mutual coordination in the face of challenging international context.

In order to realize the development strategy in the new period, meet the trust and expectations of the Party and State leaders, realize Conclusion No. 76-KL/TW dated April 24, 2024 of the Politburo, as well as be consistent with the energy transition trend, Petrovietnam identifies a new development model with three strategic pillars: Energy, industry and services, in which energy is the core pillar.

Accordingly, Petrovietnam will play a leading role in promoting the development of other sectors and fields of the economy through creating linkage chains and cooperating with leading corporations and companies in the country and region, expanding business space, and increasing national and corporate competitiveness.

Petrovietnam's strategy to expand its cooperation was demonstrated immediately after the Prime Minister issued a decision to change the Group's name to Vietnam National Industry and Energy Group. Petrovietnam signed comprehensive cooperation agreements with state-owned enterprises in the fields of fundamental industries: Vietnam National Coal and Mineral Industries Group (TKV), Vietnam Airports Corporation - JSC (ACV), Vietnam Chemical Group (Vinachem), Military Industry and Telecommunications Group (Viettel)... Petrovietnam also had early cooperation in the financial sector in previous years with the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), Vietnam Bank for Agriculture and Rural Development (Agribank);...

The cooperation agreements aim to promote the existing strengths and resources of Petrovietnam and the parties, especially in fulfilling the responsibility of ensuring national energy security and seeking new development spaces, contributing more to the country's development goals in the new era.

Development cooperation is not only a connection between Petrovietnam - the pillar of the industry and energy sector with other pillars in the national economy, but also a practical step, concretizing the orientation of the Party and State in improving the effectiveness of the connection between State economic groups in energy conversion and green development activities, contributing to realizing the aspiration for national development in the new era.

Petrovietnam and Hoa Phat discussed comprehensive cooperation on April 22.

Creating synergy from linking state-owned enterprises and private enterprises

Petrovietnam's orientation to expand cooperation and linkages also targets private enterprises, with the role of a bridge to promote the economy. Promoting the pioneering spirit of a "leading enterprise", Petrovietnam has recently worked and exchanged with many leading private enterprises in the fields of e-commerce, digital technology, industrial production, logistics, etc. to promote cooperation.

Specifically, Petrovietnam and Hoa Phat Group held a working session to discuss comprehensive cooperation opportunities. The two sides agreed that the cooperation would create mutual complementarity, with Petrovietnam providing energy and fuel, and Hoa Phat providing high-quality steel products. The common goal is to contribute to the country's economic growth and develop the competitiveness of domestic manufacturing enterprises.

Previously, Petrovietnam also had many connections and cooperation with private enterprises through its member units: PV Power cooperated with Vingroup; PVEP, PVOIL, PVFCCo signed a digital transformation agreement with FPT Digital; PVcomBank cooperated with Prudential...

These cooperations show that Petrovietnam is proactively connecting with private enterprises with high technology capacity, strong finance and international experience, thereby not only optimizing the Group's operations but also contributing to spreading the power of the domestic energy - industry - service value chain.

Petrovietnam's cooperation and agreements with state-owned enterprises and private enterprises are the Group's efforts in building a strong business ecosystem, a bridge connecting the public and private sectors, contributing to promoting sustainable economic development and enhancing Vietnam's position in the international arena.

Ha An

Source: https://vtcnews.vn/petrovietnam-tien-phong-thuc-day-hop-tac-nang-cao-nang-luc-canh-tranh-quoc-gia-ar942813.html