New opportunities and prospects for Petrovietnam's sustainable development.

After 49 years of development and growth, the Vietnam Oil and Gas Group ( Petrovietnam ) is facing new opportunities and prospects to transform itself – becoming a national industrial and energy group.

Position the self-elevating rig at the drilling location.

Looking back on 49 years of construction and development, the leadership and employees of Petrovietnam throughout the years have every right to be proud of what they have contributed and are contributing to the socio-economic development of the country.

Born immediately after the country's complete reunification, thanks to the brilliant foresight of President Ho Chi Minh, amidst the numerous difficulties and shortages caused by the country's blockade and embargo, with extraordinary willpower and determination, those working in the oil and gas industry rose from "nothing to something"; from the position of "employees" and "apprentices," they have now basically mastered the most advanced technologies in the world's oil and gas industry.

" Aspiration, intelligence, professionalism, and compassion " are the "genetic code" of Petrovietnam's staff and workers, serving as the driving force and foundation for today's generation to move forward confidently.

With the special attention of the Party and the State, Vietnam's oil and gas industry has continuously developed, increasingly affirming itself as a crucial and key economic and technical sector of the country. Petrovietnam plays a pivotal role in ensuring the four important aspects of national security: national energy security; national food security; national economic security; and national sovereignty security at sea. This has been affirmed and acknowledged in many important documents of the Party and the State, and most recently in Conclusion No. 76-KL/TW dated April 24, 2024, of the Politburo.

Petrovietnam has built a complete and integrated oil and gas industrial system, from oil and gas exploration and production to the development of gas-electricity-processing industries and high-quality oil and gas technical services; forming a workforce of nearly 60,000 highly skilled employees with a sense of responsibility, discipline, professionalism, creativity, mastery of modern and complex science and technology in the industry, and a global reach.

With the synchronized development of the oil and gas industrial chain, Petrovietnam has become the core and nucleus in the formation of concentrated industrial zones in: Ba Ria-Vung Tau, Dong Nai-Hiep Phuoc, Ca Mau, Dung Quat-Quang Ngai, Vung Ang-Ha Tinh, Nghi Son-Thanh Hoa… This synchronized investment has fundamentally changed the economic structure, bringing in large revenues for the national budget, and basically meeting the country's energy and fertilizer requirements.

Projects such as the Dung Quat Oil Refinery and the Ca Mau Gas-Electricity-Fertilizer Complex are still operating very effectively, making a significant contribution to the socio-economic development of the country as a whole and to the regions and localities where the projects are located. These large-scale regional projects are clear evidence of the expertise and capabilities of Vietnamese oil and gas engineers and technicians, and are an important foundation for Petrovietnam to boost the export of oil and gas services abroad.

From a financial perspective, Petrovietnam's production and business operations are highly efficient. Petrovietnam is the state-owned enterprise that makes the largest contribution to the country's socio-economic development. As of December 31, 2023, Petrovietnam's consolidated assets amounted to over 1 trillion VND, equivalent to approximately 43 billion USD, while its equity at the same time was 532 trillion VND, equivalent to 22.6 billion USD.

From 1986 to 2023, Petrovietnam's total revenue reached over US$524 billion, equivalent to 10-13% of the country's GDP; Petrovietnam contributed over US$129 billion to the national budget. Prior to 2010, it contributed 25-30% of the total national budget revenue; from 2011-2015, it contributed 20-25%; and from 2016 to the present, due to the development of other economic sectors in the country, Petrovietnam has consistently contributed 9-10% of the total national budget revenue.

These statistics demonstrate the strong and undeniable influence of Petrovietnam on the socio-economic development of the country, and oil and gas workers have every right to be proud of these contributions!

At Petrovietnam, in its management and operations, this perspective and spirit, emphasized by the Party Secretary and Chairman of the Board of Members, Le Manh Hung, is that there can be no regression; it must either move sideways or forward. There are no limits to growth targets, the market potential is vast, and Petrovietnam is not satisfied with what it has achieved or with its contribution to the country. This is also the essence of generations of oil and gas workers: the aspiration to conquer, the desire to overcome challenges, and the desire to contribute to the mission of "Finding oil to enrich the nation."

PVOIL fuel depot - energy for life.

Looking at countries with developed oil and gas industries such as Thailand, Malaysia, and Indonesia, we see that Petrovietnam's scale is still quite modest. "Compared to national oil and gas corporations and companies in the region, Petrovietnam is still small in scale and has room for growth; therefore, Petrovietnam needs to shift its business model more strongly and innovatively to catch up with these enterprises and contribute more to the socio-economic development of the country in the new period," emphasized Le Manh Hung, Chairman of the Board of Members of Petrovietnam.

Looking ahead, with the great expectations placed on the Group by the Party and the State, and in light of new opportunities, Petrovietnam is determined to build and develop PetroVietnam into a leading national industrial and energy group, with high competitiveness in the region and internationally; playing a core, leading, and pioneering role, possessing strong financial potential and advanced scientific capabilities; highly competitive, and successfully implementing the development strategy of Vietnam's oil and gas industry.

To achieve that goal, Petrovietnam's Chairman of the Board of Directors, Le Manh Hung, stated that the Group has developed an Action Plan for the Group's Party Committee to implement Conclusion No. 76-KL/TW. Accordingly, to effectively implement Vietnam's oil and gas industry development strategy, Petrovietnam must identify and determine the impacts from the global and regional environment, the difficulties and challenges, and assess resources. Based on this, it will determine development goals, orientations, and solutions for implementation in the coming period, ensuring the successful achievement of the development goals for Vietnam's oil and gas industry approved by the Politburo in Resolution No. 41/NQ-TW and Conclusion No. 76-KL/TW.

Chairman of the Board of Members of Petrovietnam, Le Manh Hung, also affirmed that the documents, policies, and strategic development orientations, along with the improvement of related mechanisms and policies that create favorable conditions for Petrovietnam's development, are opportunities and a foundation for Petrovietnam to overcome difficulties and confidently pursue its goal of becoming a national industrial and energy group with regional and international competitiveness. To realize that goal, Petrovietnam has identified 7 groups of tasks and solutions that need to be implemented decisively, synchronously, and effectively immediately, including:

Actively coordinate closely with competent authorities to build and improve institutions and policies that facilitate the rapid and sustainable development of the oil and gas industry, with Petrovietnam as the main driver;

To improve the oil and gas industry infrastructure in a synchronized, smart manner, reaching advanced levels in the ASEAN region, meeting the requirements of ensuring national energy security and the energy transition trend;

Improving corporate governance across Petrovietnam;

Strengthening the attraction and improving the efficiency of investment capital utilization for development, and effectively managing the investment project portfolio;

Develop a development strategy and restructuring plan for Petrovietnam according to the model of a national industrial-energy corporation, in line with the strategic direction of Vietnam's oil and gas industry development, ensuring the goal of continuing to maintain market share in the traditional oil and gas sector with high quality and economic efficiency, while expanding the scope of operations through participation in the new energy and renewable energy value chains;

Promoting digital transformation, boosting research, application, and technology transfer, fostering innovation, and improving the quality of human resources.

Strengthening international cooperation, ensuring national defense, security and foreign relations, and protecting resources and the environment.

With the results and achievements attained throughout nearly half a century of construction and development, with the honed courage and intelligence, coupled with the precious qualities of oil and gas workers summarized in the core values ​​of " Aspiration - Intelligence - Professionalism - Compassion, " and especially with the attention, leadership, and guidance of the Party and the State, the leadership and employees of Petrovietnam will soon realize the goal of making Petrovietnam a national industrial and energy group with regional and international competitiveness, as expected by the Party and the State.

Source: https://baochinhphu.vn/thoi-co-moi-van-hoi-moi-de-petrovietnam-phat-trien-ben-vung-102240904083435891.htm