Petrovietnam: Energy pillar and national enterprise model

Petrovietnam: Trụ cột năng lượng và hình mẫu doanh nghiệp quốc gia- Ảnh 1. — Speakers attending the seminar - Photo: VGP

After 50 years of construction and development under the leadership of the Party and the State, Petrovietnam has become an important driving force of the economy. Chairman of the Vietnam Petroleum Association, Dr. Nguyen Quoc Thap emphasized that Petrovietnam plays the role of national energy pillar, main economic force and symbol of Vietnam's bravery at sea.

Over the past half century, the Group has exploited more than 440 million tons of oil, brought nearly 200 billion m³ of gas ashore, stably operated Phu My Fertilizer Plant and Ca Mau Fertilizer Plant, and maintained a sustainable source of revenue for the budget. Petrovietnam's role goes beyond economics. Under the leadership of the Party and State, the Group carries out the mission of ensuring "5 An": energy security, economy, food, national defense and maritime sovereignty , along with social security, becoming an important driving force for national development.

From that foundation, Petrovietnam created "5 Best": Largest scale with total consolidated assets exceeding 1 million billion VND, equity of more than 556 trillion VND; highest budget contribution, an average of 160 trillion VND/year, accounting for more than 80% of the budget contribution of state-owned enterprises; highest profit, in the 2020-2025 period reaching 316 trillion VND (an average of 2.2 billion USD/year); the only enterprise to receive many noble science and technology awards, including 6 Ho Chi Minh Awards and 4 State Awards.

What moved Mr. Thap the most was the spirit of those who "search for fire": Persistence, resilience, passion for the profession, mastery of technology and mutual support, the values that create the identity of oil and gas workers.

From the perspective of economic policy supervision, Deputy Head of the National Assembly's Economic and Financial Committee Pham Thuy Chinh assessed that Petrovietnam holds a special position in many components of the economy, making an important contribution to growth, macroeconomic stability and job creation. The closely linked oil and gas value chain from exploration to distribution ensures strategic supply for petroleum, gas, electricity and fertilizer, helping Vietnam avoid energy shocks and making practical contributions to the marine economy and maritime defense missions.

Petrovietnam: Trụ cột năng lượng và hình mẫu doanh nghiệp quốc gia- Ảnh 2. — Petrovietnam's offshore wind power base construction site in Vung Tau, Ho Chi Minh City

Energy ecosystem – the foundation for creating widespread value

According to Associate Professor Dr. Nguyen Thuong Lang (National Economics University), to understand the role of Petrovietnam, we need to look at the industrial - energy ecosystem that the Group has created. Energy technology is a strategic technology and Petrovietnam has formed a complete interconnected structure: Exploration - exploitation, refining - petrochemical, gas - electricity - fertilizer, along with oil and gas services, manufacturing, and maritime transport. This ecosystem creates great spillover value, supports many economic sectors and leads the transition to green energy.

From a management perspective, expert Nguyen Van Phung believes that Petrovietnam's success stems from financial discipline, long-term investment thinking and human development. Cash flows, investments, revenues and expenditures are transparent, approaching international standards, becoming one of the few large enterprises that tax authorities are completely confident about real figures. Oil and gas - electricity - fertilizer, and petrochemical projects have long life cycles and high complexity, requiring operational discipline, risk management and high-quality human resources.

According to experts at the Forum, Petrovietnam faces great demands for energy transition, high-tech development, emission reduction and ESG compliance. The Group has the potential to pioneer in renewable energy, hydrogen, deep processing, gas industry and LNG infrastructure. However, a specific national mechanism is needed for Petrovietnam to maximize its resources and continue to play a pivotal role in the economy and energy security.

Vice Chairwoman of the Economic and Financial Committee Pham Thuy Chinh said she highly appreciated Petrovietnam's management thinking on changes, as shown through new strategic research documents. She emphasized the need to build a stable legal framework and tax-financial policies, suitable for the long-term investment characteristics of the energy industry, especially for LNG, hydrogen or deep petrochemical projects.

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