Deputy Prime Minister Ho Duc Phoc chaired the meeting on restructuring PVN Group.

(Chinhphu.vn) – On the afternoon of November 14, Deputy Prime Minister Ho Duc Phoc, Head of the Steering Committee for Enterprise Innovation and Development, chaired a meeting on the implementation of the restructuring project of the Vietnam National Energy and Industry Group (PVN).

Deputy Prime Minister Ho Duc Phoc, Head of the Steering Committee for Enterprise Innovation and Development, chaired a meeting on the implementation of the restructuring project of the Vietnam National Oil and Gas Group (PVN) - Photo: VGP/Tran Manh

PVN's production and business activities have made remarkable progress.

PVN's report said that in recent times, with the close attention and direction of the Party, Government, Prime Minister, ministries, branches and localities, along with the sense of responsibility as a pillar economic group with the mission of ensuring the "5 security" of the country (including: Ensuring energy security, economic security, food security, national defense security and social security), PVN has tried and made efforts to comprehensively complete the assigned tasks.

Accordingly, PVN's production and business activities have made remarkable progress with high growth results, setting a new record, far exceeding the targets assigned by the Government in the PVN restructuring project.

Specifically, PVN's total assets in 2025 will reach over VND 1,100 trillion, an increase of VND 247 trillion (equivalent to 29%) compared to the beginning of 2020. PVN's total revenue in 2025 is estimated at VND 1,100 trillion, an increase of 87% compared to the beginning of 2020; the 2020-2025 period will increase by 49% compared to the 2015-2020 period, equivalent to 9-10% of the country's GDP.

PVN's total state budget contribution in 2025 increased by 93% compared to the beginning of the 2020 period, and the 2020-2025 period increased by 37% compared to the previous period; on average, the budget contribution is over 160 trillion VND per year, accounting for 8-9% of the state budget revenue.

PVN also reported specifically on the implementation of the tasks of the PVN restructuring project for member units; contents related to the implementation of the divestment of all capital contributions in a number of enterprises according to the Prime Minister's Decision.

PVN has basically completed restructuring tasks.

PVN's report affirms that after more than 2 years of implementing the restructuring project under Decision 1243/QD-TTg, PVN has basically completed the assigned tasks. On that basis, PVN recommends that the Prime Minister terminate this Decision by December 31, 2025.

Based on the authority prescribed in Law No. 68 and the Decree guiding Law No. 68, PVN will proactively transfer tasks that are being carried out unfinished due to lack of regulations and proactively decide on the next phase of PVN restructuring in accordance with PVN's development strategy to 2030, with a vision to 2050.

At the same time, PVN recommends that the Government soon issue Decrees guiding Law No. 68 so that PVN and related units have a basis for implementation.

Regarding the Decree on the operating mechanism and specific financial mechanism of PVN, the Group said that, implementing the direction of the Deputy Prime Minister in Notice No. 481, dated September 13, 2025, and the direction of the Ministry of Finance, PVN has completed the report (attached with the draft Decree) to submit to the Ministry of Finance; currently, the Ministry of Finance is reviewing, completing, and reporting to the Prime Minister.

Speaking at the meeting, representatives of the Government Office, Ministry of National Defense, Ministry of Industry and Trade, Ministry of Education and Training, State Bank of Vietnam, Ministry of Public Security, Ministry of Home Affairs, Ministry of Justice, Ministry of Finance... highly appreciated the results that PVN has achieved, expressed high agreement with PVN's report; affirmed PVN's very important contribution to the country's economy, as well as its contribution to the state budget, protecting national sovereignty over seas and islands, ensuring social security; in addition, PVN's foreign investment activities were also successfully implemented; said that, among the State-owned corporations and groups, PVN is the "candidate" to become the first Vietnamese enterprise to enter the Top 500 largest enterprises in the world (according to Global Fortune's ranking).

On that basis, representatives of ministries and branches also gave specific opinions on the implementation of restructuring and divestment at some specific enterprises of PVN and the problems that need to be handled and resolved in the coming time.

Deputy Prime Minister Ho Duc Phoc: PVN has excellently completed assigned tasks in many fields, affirming its role as the country's leading economic group - Photo: VGP/Tran Manh

Breakthrough, "advance" into new fields to achieve sustainable development

After listening to the comments, Deputy Prime Minister Ho Duc Phoc highly appreciated the results of PVN's production and business activities, excellently completing assigned tasks in many fields, affirming the role of the country's leading economic group.

Regarding the implementation of the restructuring project according to Decision 1243/QD-TTg of the Prime Minister, after more than 2 years of implementation efforts, PVN has basically completed the assigned tasks well.

Deputy Prime Minister Ho Duc Phoc also gave his opinion on handling some specific contents that PVN had proposed and representatives of ministries, branches and enterprises had commented on (related to PVE, PAP, PVcombank...).

In the coming time, Deputy Prime Minister Ho Duc Phoc requested that on the basis of assigned functions and tasks, PVN Group continue to thoroughly implement the tasks set out in the restructuring project.

Deputy Prime Minister Ho Duc Phoc expressed his wish that PVN focus on immediately building and effectively implementing the group's development strategy in the new era.

Emphasizing the important role in ensuring national energy security, with its stature and capacity, in addition to maintaining its position in traditional fields (gasoline, oil), the Deputy Prime Minister expected PVN to "advance" into potential fields such as: Transition to clean energy, renewable energy, offshore wind power, development of national energy clusters; power transmission, smart grid; industrial development associated with logistics services; supporting industry, rare earth, high technology, innovation, digital transformation... continuing to effectively carry out investment activities abroad...

To achieve the above goals, the Deputy Prime Minister suggested that PVN needs to continue to effectively attract and use elite human resources; promote the application of high technology; manage and operate effectively... continue to promote its core role, make breakthroughs, strive for sustainable development, and make an important contribution to the country's development./.

Tran Manh

Source: https://baochinhphu.vn/pho-thu-tuong-ho-duc-phoc-chu-tri-cuoc-hop-tai-co-cau-tap-doan-pvn-102251114171004499.htm