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. Established immediately after the complete reunification of the country, from 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 have risen from "nothing to something"; from the position of "employees" and "apprentices," they have now fundamentally mastered the most advanced technologies in the world's oil and gas industry. " Aspiration - intelligence - professionalism - compassion " is the "genetic code" of Petrovietnam's staff and employees, serving as the driving force and foundation for today's generation to move forward. 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, 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 synchronized oil and gas industrial system, from exploration, production, and exploitation of oil and gas to the development of gas-electricity-processing industries and high-quality oil and gas technical services. This has formed a workforce of nearly 60,000 highly skilled professionals, possessing a strong 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 significant revenue to the national budget and basically meeting the country's energy and fertilizer needs. Projects such as the Dung Quat Refinery and the Ca Mau Gas-Electricity-Fertilizer Complex are still operating very effectively, making a great contribution to the socio-economic development of the country as a whole and to each region and locality where the projects operate. These regional-scale projects are clear evidence of the competence 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. Financially, Petrovietnam's production and business operations are highly efficient. Petrovietnam is the largest state-owned enterprise contributing 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 524 billion USD, equivalent to 10-13% of the country's GDP. Petrovietnam has contributed over US$129 billion to the national budget. Prior to 2010, it accounted for 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 are always emphasized by the Party Secretary and Chairman of the Board of Members, Le Manh Hung: there can be no regression; we must move forward or backward. There are no limits to growth targets; the market potential is still large; Petrovietnam is not satisfied with what it has achieved or content with its contribution to the country. That 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."

Thời cơ mới, vận hội mới để Petrovietnam phát triển bền vững- Ảnh 2.

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 still has room and potential for development; 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 facing new opportunities, Petrovietnam is determined to build and develop PetroVietnam into a leading national industrial and energy corporation with high competitiveness in the region and internationally. Petrovietnam plays a core, leading, and pioneering role, possessing strong financial potential and advanced scientific capabilities; it is highly competitive and will successfully implement the development strategy of Vietnam's oil and gas industry. To achieve this goal, Chairman of the Board of Directors of Petrovietnam, 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 the development strategy of Vietnam's oil and gas industry, Petrovietnam must identify and determine the impacts from the global and regional environment, the difficulties and challenges, assess resources, and thereby determine development goals, orientations, and solutions for implementation in the coming period, ensuring the successful achievement of the development goals of 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-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: Proactively coordinating 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; Completing the oil and gas industry infrastructure in a synchronous, smart direction, reaching the advanced level of the ASEAN region, meeting the requirements of ensuring national energy security and the energy transition trend; Improving corporate governance throughout Petrovietnam; Strengthening the attraction and improving the efficiency of investment capital utilization for development, and effectively managing the investment project portfolio; Developing a development strategy and restructuring plan for Petrovietnam according to the model of a national industrial-energy corporation, in line with the strategic orientation of Vietnam's oil and gas industry, ensuring the goal of maintaining 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, technology transfer, 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 energy and industrial 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

New opportunities and prospects for Petrovietnam's sustainable development.

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Classroom on West Rock A

Happiness in the highlands

The whole family harvested the fish early in the morning.