PVN achieved revenue of 482.3 trillion VND

Following closely market developments and implementing synchronous and timely management and operational solutions, the Vietnam Oil and Gas Group (PVN) has overcome difficulties and exceeded the planned targets for the first half of 2024, with growth compared to 2023.

Conference overview

On July 14, in Hanoi, PVN held a conference to review the first 6 months of the year and deploy tasks for the last 6 months of 2024. Accordingly, the increase in reserves in the first 6 months of the year reached 4.38 million tons of oil equivalent. The Group has 2 new oil and gas discoveries (at Block 09-1, Rong field and Block PM3-CAA, Bunga Aster field). This is a very encouraging result because during the 2019-2023 period, only in 2023, the Group had 2 oil and gas discoveries in one year. This proves that the Group has well implemented the motto of action for 2024, which is "Adding new driving forces, renewing old driving forces" for development. Regarding production, except for the electricity production target (reaching 95.9%) due to objective factors, all remaining key production targets exceeded the 6-month plan by 2.7 - 33.1%, an increase of 1.4 - 21.8% over the same period in 2023. In financial activities, PVN continued to perform well in governance, therefore, most financial targets exceeded the plan, maintaining a higher growth rate each month than the previous month; Total revenue of the Group in the first 6 months is estimated at 482.3 trillion VND, up 15% over the same period in 2023. Budget contribution is 71.1 trillion VND, up 9% over the same period in 2023. Investment work is prioritized by PVN to promote in 2024. With support from the Government, Prime Minister and ministries/sectors, "bottlenecks and bottlenecks" in investment in the Group's key projects have been gradually reviewed and resolved. The value of investment disbursement in the first 6 months is estimated at 15.55 trillion VND, up 81.3% compared to the implementation in 2023.

Labor safety work on oil and gas projects is closely monitored and seriously implemented.

Regarding innovation and corporate restructuring, PVN identifies this as a key task that needs to be organized methodically, urgently and drastically, ensuring that it is consistent with the Group's operational practices and development trends in the new period. Digital transformation, ERP implementation and network security throughout the Group are focused on being actively and effectively implemented. The parent company - the Group has officially put into operation the ERP system phase 1; currently continuing to deploy the construction of the Database system: E&P sector - Phase 1, Electricity and Renewable Energy Industry sector; Gas Industry, Petrochemical Refinery, Oil and Gas Services sector; ERP construction phase 3, etc. The work of ensuring network security throughout the Group's system is focused on implementation, contributing significantly to ensuring information security and network security. The Group continues to research and deploy technological solutions for Smart Factories at a number of units such as BSR, PVCFC, Vietsovpetro, PV Power, Thai Binh 2, Song Hau 1;... Security, oil and gas safety, environmental safety, labor safety, fire prevention and fighting at oil and gas projects are closely monitored and seriously implemented. Social security work continues to be implemented according to commitments. In the first 6 months of the year, the Group and its capital-funded units have implemented social security programs with a total budget of 456.4 billion VND; The work of saving and fighting waste reached 1,200 billion VND, equal to 53% of the reduction plan for 2024. At the conference, leaders, representatives of professional departments and member units focused on exchanging and discussing the difficulties and problems that the Group and its member units encountered, thereby providing solutions, proposals and recommendations to ensure the implementation of strategic and development goals.

Chairman of PVN Board of Members Le Manh Hung spoke at the conference.

Chairman of the Board of Members of PVN Le Manh Hung said that in the coming time, the Group will continue to be consistent with its direction and management viewpoint with the determination to maintain the set management goals; continue to overcome difficulties and limitations, with solutions to realize the set planning goals, creating a premise for implementing the 5-year development plan goals and the Group's restructuring project. Currently, 10/12 targets according to the Group's 5-year plan have been completed, especially 2 very important targets: profit and budget payment. Mr. Le Manh Hung also requested the Group to continue to improve the internal management system, promote decentralization and delegation of authority so that units in the fields are proactive in implementing work; at the same time, study and issue mechanisms to encourage units to operate effectively. Focus on building the development strategy of the Vietnam Oil and Gas industry and the Group in sync with the strategy of each field; Continue to accelerate the completion of proposed policy institutions, remove institutional bottlenecks, legal regulations on: LNG, domestic gas, tax rates, complete regulations according to the implementation guidelines of the Petroleum Law, ... to create motivation for work implementation. In addition, continue to focus on promoting the formation and implementation of value chains within the Group, thereby creating conditions for monitoring and urging units to actively coordinate in implementing assigned tasks, completing the management plan; focus on evaluating the implementation results of solutions to create new motivations, promote investment in the coming time; research, evaluate and implement new business models in line with the development strategy of the Group as well as the units. Source: https://nhandan.vn/pvn-dat-doanh-thu-4823-nghin-ty-dong-post819085.html