Petrovietnam: Pioneer in linking state-owned enterprises and private enterprises

Creating a launch pad for long-term economic growth

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 and private enterprises are considered two strategic pillars to promote the process of industrialization, modernization and international integration.

Petrovietnam pioneers, demonstrating increasingly modern management capacity

With a leading role in many key sectors such as energy, infrastructure, finance, oil and gas, aviation and telecommunications, state-owned enterprises are carrying out the mission of ensuring economic security in key areas and implementing long-term development goals. In recent years, many state-owned corporations and groups 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 enterprise sector has been given a new development momentum 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 people: The State will be the creator, enterprises will be the center, and private economic development will be a long-term strategy.

To help the private sector fulfill its mission and grow stronger to become steadfast "economic warriors", cooperation and linkage between state-owned enterprises and private enterprises is more necessary than ever. Resolution No. 68-NQ/TW clearly stated 8 important tasks and solutions, emphasizing "Strengthening connections between private enterprises, private enterprises with state-owned enterprises and FDI enterprises".

Prime Minister Pham Minh Chinh also requested that state-owned enterprises 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 with private enterprises better to achieve the long-term growth target of the national economy.

Petrovietnam - Leading the strategic chain

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. 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.

Petrovietnam and Hoa Phat Group discussed comprehensive cooperation content on April 22, 2025

This orientation both demonstrates the concretization of Petrovietnam's new strategy when it is named Vietnam National Industry and Energy Group, and proactively implements the Prime Minister's direction for state-owned enterprises on the task of strengthening 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 76-KL/TW dated April 24, 2024 of the Politburo, as well as be consistent with the energy transition trend; Petrovietnam has identified a new development model with 3 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 alliances 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 has also had early cooperation in the financial sector since previous years with the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), the Agricultural Bank of Vietnam (Agribank)...

The cooperation agreements aim to promote the existing strengths and resources of Petrovietnam and the parties, especially in carrying out responsibilities, 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.

Spreading the power of the value chain

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 and private enterprises demonstrate the Group's efforts in building a strong business ecosystem, serving as a bridge connecting the public and private sectors, contributing to promoting sustainable economic development and enhancing Vietnam's position in the international arena.

Source: https://daibieunhandan.vn/petrovietnam-tien-phong-trong-lien-ket-doanh-nghiep-nha-nuoc-va-doanh-nghiep-tu-nhan-10372173.html