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Petrovietnam has strong influence on socio-economic development of the country

On 3rd March 2024 morning in Hanoi, the Standing Government had an early spring meeting with typical state-owned enterprises. Prime Minister Pham Minh Chinh, Deputy Prime Ministers Le Minh Khai and Tran Luu Quang co-chaired the event. At the meeting, representing Vietnam National Oil and Gas Group (Petrovietnam), Mr. Le Manh Hung - Secretary of the Party Committee, Chairman of the Board of Directors, President and CEO of the Group reported to the Standing Government on the Group’s activities in recent times as well as future development orientations.

Please find below the content of the speech made by Mr. Le Manh Hung at the event:


Mr. Le Manh Hung reported to the Standing Government at the event

Recently, in addition to common difficulties like the business community nationwide, Petrovietnam has been adversely affected by a number of factors associated with specific operations, such as the complicated geopolitical situation in the world energy centers and the East Sea, rapid pace of energy transition, large fluctuations in supply and demand and sharp decline in prices of energy products in 2023 compared to 2022.

However, under the attention, direction and support of the Party and State leaders, central departments, ministries and branches; especially the close and regular direction of the Prime Minister; and the efforts of nearly 60 thousand oil and gas workers, by the end of 2023, Petrovietnam has continued to set many new records in revenue, profit, payment to the State Budget, and made important contributions to the country’s socio-economic development; particularly focused on solving many difficult projects such as Thai Binh 2 Thermal Power Plant, Block B - O Mon Gas and Power Project chain, Nghi Son Petrochemical Refinery Complex Project. Along with that, Petrovietnam has promoted development and expansion of scale, enhanced international integration, and recreated business models to adapt to the circular economy model, green economy, digital economy and energy transition.

In particular, up to now, Petrovietnam has basically completed institutions and policies for oil and gas activities for stable and long-term development (Law on Petroleum 2022, Decree No. 45 issued on 01/7/2023 guiding the implementation of the Law on Petroleum).

According to Fitch Ratings, Petrovietnam has a strong influence on the country’s socio-economic development; PetroVietnam’s activities have a material impact on the entire energy value chain in Vietnam. The fact that Petrovietnam has been assessed for the 5th consecutive year with an independent credit rating of BB+ is an accurate reflection of Petrovietnam’s strong business and financial situation with a high level of connectivity in all fields of operation.

With 5 core fields of operation: oil and gas exploration and production, gas industry, electricity industry - renewable energy, petrochemical refining industry, high quality petroleum technical services, the total asset of Petrovietnam up to now is about 998 trillion dong.

2024 is a particularly important year in the successful implementation of the 5-year socio-economic development plan 2021-2025. Being aware of its responsibilities and roles, thoroughly understanding the instructions of the Prime Minister at the Group’s 2023 closing ceremony, from the first days of the year, Petrovietnam has urgently organized the implementation of key tasks, striving to fulfill and over-fulfill the tasks, targets assigned by the Government and the State Capital Management Committee at enterprises. In which, focusing on 06 groups of key tasks, including: (1) Organize the implementation of the Strategy and implement the project of synchronous restructuring with optimizing the model and modernizing the Group's management system and risk control system with the goal of Building and developing Vietnam National Oil and Gas Group into a leading Industrial - Energy Group in the country and the region; (2) Implement the Human Resource Development Strategy, focusing on talent management in association with the Project on reinventing and enhancing Petrovietnam’s culture; (3) Promote scientific research (especially long-term scientific research); digital transformation; application of technology and management to refresh, improve the efficiency of traditional dynamics, add new driving forces (new energy, new materials, energy industry) associated with shifting business models in line with the trend of energy transition and green transformation; (4) Strongly implement new management methods: volatility management, value chain management, management of ecosystem inside and outside the Group; expand international business and investment cooperation based on the country’s trade and diplomatic relations; (5) Manage financial and investment portfolios, focus on implementing large projects, thoroughly handle difficult projects and enterprises; (6) Continue to promote the improvement of the system of mechanisms and policies for the Group’s development, especially in the new energy sectors.

Up to now, Petrovietnam’s business results in the first 2 months of 2024 have mostly exceeded the plan by 5-30%; Many production indicators implemented in the first 2 months of the year grow compared to the same period in 2023, for example, gasoline increases by 23.5%; electricity production increases by 11.0%; LPG increased by 6.7%; fertilizer production increases by 2.1%... contributing to market stability and making important contributions to the country’s socio-economic development.

The Group’s financial targets in the first 2 months of the year also exceeded the plan by 16-26%, high growth compared to the same period in 2023. Total revenue of the Group reached 145.4 trillion dong, exceeding 26% of the plan, increasing by 16% over the same period; The Group’s payment to the State budget is estimated at 20.1 trillion dong, exceeding 16% of the plan, increasing by 3.0% over the same period. Especially, the investment implementation value of the whole Group in 02 months reached 3.14 trillion dong, increasing by 58.6% over the same period of 2023; The Group’s consolidated pre-tax profit is estimated at over 7.7 trillion dong, exceeding 48% of the plan.

The Prime Minister said: The Party, State and People trust the State-owned enterprises (SOEs) to allocate huge capital and assets, how should SOEs do to deserve the trust - Photo VGP/Nhat Bac

The State-owned enterprises are increasingly showing their dominant and leading role in important and essential sectors and fields of the economy - Photo by VGP/Nhat Bac

In 2024, there are still many difficulties and challenges ahead, however, with the traditional values of oil and gas workers, along with lessons learned in recent times, especially the attention, encouragement and timely direction for removal of difficulties from the Government,  the Prime Minister, central departments, ministries and branches, Petrovietnam firmly believe to overcome all difficulties and challenges in 2024 to successfully fulfill the tasks assigned by the Party, the Government and the Prime Minister.