Petrovietnam identifies pioneering role in achieving “double-digit” growth target

The target of “double-digit” growth on the basis of high growth in 2024 is a great pressure for Petrovietnam in the context of many challenges. Immediately after the 2024 Year-end Conference, the Group developed Resolution 01/NQ-DKVN on the main tasks and solutions to implement the Development and Production and Business Plan (SXKD) and Investment in 2025.

Party Secretary, Chairman of the Board of Directors of Petrovietnam Le Manh Hung chaired the meeting.

On January 7, the Board of Directors of Petrovietnam met to listen to the Executive Board report on the implementation of the production and business plan and investment in 2025. Secretary of the Party Committee and Chairman of the Board of Directors of Petrovietnam Le Manh Hung chaired the meeting. Also attending were Mr. Le Ngoc Son, General Director of Petrovietnam; Mr. Tran Quang Dung, Standing Deputy Secretary of the Party Committee of the Group; members of the Board of Directors, Deputy General Directors and representatives of the Group's professional departments.

Balanced growth among sectors

In 2025, Petrovietnam sets out the motto of action: "Innovation from the core - Developing outstanding models - Integrating into global chains - Enhancing energy knowledge - Breakthrough in growth - Creating a sustainable green shift".

With 6 guiding viewpoints: Thoroughly grasp, strictly comply with, synchronously, resolutely, effectively and substantially implement the resolutions and plans of the Party, Government and State; Promote the strength of the entire Petrovietnam system; Promote investment work, in parallel with consolidating the investment portfolio management system; Focus on handling investment procedures/investment decentralization; Apply and develop science and technology in the medium and long term; Streamline the apparatus to create development momentum, improve operational efficiency, focus on discovering, training, fostering and using talents.

To achieve the set goals and plans, Petrovietnam drafted Resolution 01/NQ-DKVN with 7 main groups of tasks and solutions: Group one, prioritizing sustainable development, restructuring the operating model, innovating the growth model to ensure goals; renewing traditional growth drivers and effectively exploiting new growth drivers; maintaining position, transforming into a National Industry - Energy Group.

Group two, implementing the 2025 Management Plan and the 5-year Plan for the period 2026-2030. Group three, planning and balancing resources throughout the system for 2025 and the period 2026-2030. Group four, investment activities and investment portfolio management: identifying 2025 as a breakthrough year in implementing and disbursing investment capital. Group five, focusing on developing high-quality human resources associated with promoting scientific research, technology development and application, and innovation. Group six, restructuring and streamlining the apparatus. Group seven, resolving existing problems in production, business and investment activities, ensuring growth targets.

In 2025, Petrovietnam aims for “double-digit” growth.

Participating in contributing opinions to the draft Resolution 01/NQ-DKVN, Petrovietnam Deputy General Directors Le Manh Cuong and Le Xuan Huyen both said that it is necessary to adjust the plan to suit the potential of each block, balance growth between blocks and units, not pour it equally into all areas to ensure feasibility and create a foundation for the following years. To achieve the "double-digit" growth target, revenue and profit drivers need to be classified according to blocks with corresponding strengths, allocated to each field, and identify key units.

Regarding the electricity sector, Petrovietnam Deputy General Director Phan Tu Giang acknowledged that to achieve "double-digit" growth, it is necessary to ensure raw material sources (coal and gas) and increase investment and expansion.

Regarding breakthrough thinking, Mr. Duong Manh Son, Deputy General Director of the Group, proposed focusing on 3 points: Digital transformation in a substantial way; focusing on personnel work; thoroughly handling existing problems.

Contributing opinions, Petrovietnam Board of Directors members expressed the view that in order to achieve “double-digit” growth, it is necessary to identify the focus in which units and fields; the role of the Group’s parent company is to allocate and remove bottlenecks, promote production and business plans in units; the Resolution needs to be concise, comprehensive, reflecting the orientation of the Board of Directors; and have solutions for each block, carefully review, clarify qualitative and quantitative goals.

Mr. Tran Quang Dung, Standing Deputy Secretary of the Party Committee of the Group affirmed that 2025 is a very special year for Petrovietnam, so the issuance of the Resolution is extremely necessary, it is necessary to review the indicators on the implementation space, creating momentum for the next stage with the spirit of determining this is the year of "the start of all starts" .

Promoting Petrovietnam's pioneering role

Summarizing the comments contributing to the draft Resolution 01/NQ-DKVN, Petrovietnam General Director Le Ngoc Son emphasized that the Resolution needs to focus on implementing the 2025 tasks with the targets set for each field and unit.

Petrovietnam General Director Le Ngoc Son requested to identify the driving forces according to the goals of each field.

Regarding tasks, Mr. Son suggested assigning tasks to each field, especially new fields; at the same time, focusing on the tasks: capital mobilization, innovation, social security, restructuring, improving corporate governance, etc.

Regarding solutions and implementation methods, the General Director of Petrovietnam clearly stated: perfecting institutions, policy mechanisms, accelerating digital transformation, applying digital technology in production and business, developing markets, M&A, forming domestic and regional energy value chains.

Mr. Le Ngoc Son also requested to identify the driving forces according to the goals of each field. In addition to maximizing existing values, it is necessary to promote new driving forces: identifying LNG as the focus of revenue and profit growth; expanding international cooperation, creating growth for the blocks...

Affirming that the development of Resolution 01/NQ-DKVN plays an important role, thoroughly informing units to firmly achieve higher growth targets than the previous year, Chairman of the Board of Directors of Petrovietnam Le Manh Hung emphasized: “Although the pressure is great, this is a requirement in the "Era of national growth", Petrovietnam cannot stand aside. The context of 2025 has changed a lot compared to before, the growth of major countries has slowed down, while the country's growth requirements have high expectations, Petrovietnam is the largest enterprise in the state-owned enterprise sector and must promote its pioneering role".

Chairman of Petrovietnam Board of Directors Le Manh Hung: "Although the pressure is great, this is a requirement in the "Era of national growth", Petrovietnam cannot stand aside and must promote its pioneering role".

Based on the comments, the Chairman of the Board of Directors of Petrovietnam clearly stated some key requirements of the Resolution: The viewpoints in the Resolution are thoroughly implemented according to the direction of the leaders of the Party, State, Government, and Prime Minister; promote the foundations built through many generations of oil and gas; promote the culture of oil and gas workers to achieve the 2025 plan.

At the same time, the Resolution needs to identify specific targets for 2025 within the 5-year Plan 2026-2030 targets: Increase revenue by at least 10%, increase investment by at least 15%, increase budget contribution by 10%, increase profit by 3-5%, reduce management costs by 10-20%, increase labor productivity by 10-15%, to systematically shift to become a National Energy Industry Group.

Regarding the long-term goal, the head of Petrovietnam requested to comprehensively complete the 5-year Plan 2021-2025; build a roadmap to transform into a National Energy Industry Group with domestic and international competitiveness as required by the Prime Minister; gradually realize the Group's transformation into a model management system for other corporations and enterprises to learn from, according to the Government's expectations.

To realize the goal, the Chairman of the Board of Directors of Petrovietnam proposed a set of solutions, including: First, evaluating the efficiency of asset use, proposing a management plan to increase labor productivity. Second, reorganizing the parent company's management model to integrate member units. Third, reviewing the entire internal management and control system, moving towards decentralization and complete delegation of authority to capital representatives.

Fourth, focus on accelerating and strengthening the application of science and technology, digital transformation, innovation in management, and synchronous operation administration from the Group's parent company to its member units; apply 100% of the "electronic office" model throughout the Group system. In particular, Chairman of the Board of Directors Le Manh Hung emphasized that in the era of strong digital transformation, the proficiency of each officer and employee of the Group in English will be the basis for Petrovietnam to "integrate into the global chain". Fifth, talent management, recruitment from outside and from within the unit, based on the recently issued salary policy to attract capable people.

From the issued Resolution, Chairman of the Board of Directors of Petrovietnam Le Manh Hung requested that in January 2025, the Group issue a Decision assigning management planning tasks to units in a synchronous manner, reporting to the Government on the issued plans and decisions, focusing on goals, tasks, and solutions to achieve "double-digit" growth.

Phuong Thao - Hien Anh

Source: https://www.pvn.vn/chuyen-muc/tap-doan/tin/d04e7591-1210-4d54-baaf-1f8c57be6123