Petrovietnam and the new growth engine of expanded Ho Chi Minh City

Over the past three decades, Petrovietnam has made its mark not only through its projects and economic contributions, but also through its close cooperation and companionship with localities.

The milestone of discovering Bach Ho mine in 1975 and putting it into operation in 1986 opened a new era for the energy industry, and laid the foundation for the modern development of the Ba Ria - Vung Tau region.

Following that, the Rong, Dai Hung, Lan Tay – Lan Do mines were effectively exploited, making Vung Tau the largest oil and gas exploitation center in the country. On this foundation, a complete industrial – energy ecosystem gradually formed with oil and gas service ports, PTSC energy industry, Vietsovpetro, Sao Mai – Ben Dinh, Nam Con Son, Bach Ho – Dinh Co pipeline systems and large-scale gas processing plants.

Bach Ho field's central rig cluster. Photo: PetroTimes.

In the 2020 - 2024 period alone, the energy sector in the area contributed more than 172,000 billion VND; in 2022, revenue from crude oil reached nearly 45,000 billion VND, accounting for 41.84% of GRDP of the old Ba Ria - Vung Tau province - a clear demonstration of Petrovietnam's "locomotive" role in the regional economic structure.

Petrovietnam makes a breakthrough in green transformation and energy transition. Photo: PetroTimes.

Under the leadership of Petrovietnam Group, a large-scale industrial-energy ecosystem has been formed here, ranging from gas, chemicals - petrochemicals (Phu My Fertilizer) to rig manufacturing (PV Shipyard), marine logistics services and shipbuilding. The region is also entering a period of strong energy transition with LNG Thi Vai projects, LNG gas power plants and offshore wind power... continuing to position Petrovietnam as a pioneer in the green energy trend.

Along with industrial development, Petrovietnam pays special attention to social security work. In the expanded Ho Chi Minh City (merged from Ho Chi Minh City, Ba Ria - Vung Tau and Binh Duong from July 2025), since 2020, Petrovietnam and its member units have implemented many practical social security programs in the fields of education, health, for the poor, Covid-19 prevention, natural disaster relief... with a total value of 172 billion VND. Of which, the majority of the resources, 145.6 billion VND, are for the Ba Ria - Vung Tau area, through many programs rich in humanity and having a profound impact on the community.

Comrade Le Manh Hung - Chairman of the Board of Directors of Petrovietnam and representatives of the former Ba Ria - Vung Tau province presented gifts to the Cho Ro ethnic people. Photo: PetroTimes.

In particular, in order to accompany the development of education and implement corporate social responsibility, Petrovietnam has approved a support of 10.5 billion VND to build and equip STEM classrooms under the Petrovietnam STEM Innovation Program for 3 schools in Ho Chi Minh City. This is an activity affirming the Group's pioneering role in nurturing the young generation, contributing to improving the scientific and technological capacity of the region's future human resources.

In addition, Petrovietnam invests heavily in education and training, with the Petroleum College (PV College) and the Vietnam Petroleum University (PVU) training tens of thousands of engineers and experts for the region.

Petrovietam's university and college system has made practical contributions to the education career of Ho Chi Minh City. Photo: PetroTimes.

The cooperative relationship between Petrovietnam and the locality has been highly appreciated by leaders of all periods. Mr. Nguyen Van Tho - Permanent Vice Chairman of the Ho Chi Minh City People's Committee emphasized that Petrovietnam is an important pillar of the local economy, contributing greatly to budget revenue, industrial - service development and social security. This is the foundation for Ho Chi Minh City to expand and Petrovietnam to continue to strengthen comprehensive cooperation in the new development period.

Local people also acknowledge the “breakthrough” role of the oil and gas industry, now the national industry - energy, in changing the face of Vung Tau - from seaports, transportation to high-quality jobs and urban life. Mr. Huynh Ngoc Son (Vung Tau ward, Ho Chi Minh City) shared that the presence of Petrovietnam has created a strong economic boost, upgraded infrastructure, created thousands of good jobs and contributed significantly to making Vung Tau become the dynamic industrial - service center it is today.

Petrovietnam's port system in Ba Ria - Vung Tau area, Ho Chi Minh City. Photo: PetroTimes.

In the context of increasingly deep regional connectivity, the strategic connection between Ho Chi Minh City with Ba Ria - Vung Tau and Binh Duong is forming a new development space, where Petrovietnam is the core to ensure energy security and an important driving force of regional industry. Projects such as Thi Vai LNG Warehouse, LNG power plants or offshore wind power will continue to play a pivotal role in supplying energy to the entire key economic region of the South.

The fire from the sea not only helps Petrovietnam overcome challenges, but also symbolizes the journey of cooperation and development to a new height. The signing of a comprehensive cooperation agreement between the two sides is expected to open an important turning point, promoting the green, modern and sustainable development of the expanded Ho Chi Minh City and the entire Southern economic region.

Under the leadership of the Party and State, Petrovietnam has spent 50 years accompanying the country, being the driving force for socio-economic development through the mission of ensuring "5 An": energy security, economic security, food security, national defense security and national sovereignty at sea, while contributing to ensuring social security.

By carrying out the mission of “5 An”, Petrovietnam has affirmed its reputation and position as a leading economic group in the country with the achievements of “5 Nhat”:

The largest enterprise, with total consolidated assets exceeding 1 million billion VND, equity of more than 556 trillion VND.

The unit has the highest budget contribution, with an average of 160 trillion VND/year in recent years, accounting for 80.3% of the total budget contribution of 18 Groups and General Corporations in the state-owned enterprise sector.

The highest profit will be in the 2020-2025 period, reaching 316 trillion VND, equivalent to an average of 2.2 billion USD/year.

The only enterprise to have won many prestigious awards in science and technology, including 6 Ho Chi Minh Awards and 4 State Awards, along with dozens of prestigious domestic and international inventions.

In particular, as a leading enterprise achieving the highest level in social security activities, in the 2020-2025 period alone, it has spent more than 5.13 trillion VND.

Source: https://nongnghiepmoitruong.vn/petrovietnam-va-dong-luc-tang-truong-moi-cua-tp-hcm-mo-rong-d783064.html