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Building Petrovietnam into the country’s leading energy industry group

On 25th October, the Prime Minister issued Decision No. 1243/QD-TTg approving the “Project on restructuring Vietnam National Oil and Gas Group (PetroVietnam) until the end of 2025”

The objective of the Project is to build and develop Petrovietnam into the leading energy industry group in the country and the region, in line with the new development trend, the fourth industrial revolution, green transformation, digital transformation, new energy transformation; to have a key position and role in ensuring national energy security, perform functions, tasks and powers as prescribed by the Law on Petroleum, the Charter on organization and operation, have a high level of technology, modern management and specialization suitable to Vietnamese conditions; contribute to ensuring energy security, food security and protecting national sovereignty at sea. Consolidate and develop PetroVietnam and its member units, especially those operating in key fields, forming the value-added chain of the oil and gas industry, with strong potential in finance and science & technology, high competitiveness, effective operation, sustainable development, proactive market expansion and active international integration. Mobilize all resources to invest in the development of PetroVietnam and Vietnam’s oil and gas industry. 

Headquarters of Vietnam National Oil and Gas Group

The restructuring, organization and consolidation is conducted under the model of Economic Group including the parent company - Petrovietnam and its member companies, operating in accordance with the objectives, development strategies and development plans of Vietnam’s oil and gas industry approved by the Politburo/Prime Minister. Continue to restructure, focus on maintaining core areas and main business areas, and divest all capital in areas and enterprises not in the main business areas. Restructure financial resources from own resources and resources that need to be supplemented. Maintain its position as the leading supplier of gas sources (LPG, LNG, CNG...) of Vietnam; promote petrochemical development, deep processing of gaseous products and high-quality oil and gas services; develop clean energy sources, renewable energy, new energy such as offshore wind power, marine energy, H2, NH3... acccording to the approval of the competent authority, low-carbon emission fuel... in line with the orientation of energy transition and environmental protection. 

Actively handle entangled projects, works and enterprises (if any) according to market principles, comply with the provisions of law and approval of competent authorities. 

Adopt modern governance methods; review and promote decentralization; improve the system of processes and internal regulations, publicity and transparency of information, lean organizational apparatus, effective efficiency, rearrange human resources in accordance with capacity, qualifications and each level of staff, strengthen supervision, inspection, internal audit and risk control; early detection and timely handling of shortcomings and weaknesses; comply with the policy guidelines of the Party and the State and the provisions of law. Strive for the Group’s revenue to grow on average from 3-6.5%/year, increase annual budget revenue by about 10%; restructuring to make Petrovietnam stronger, especially participating in the construction of renewable power plants, contributing to the development of the renewable power industry. 

By the end of 2025, most of PetroVietnam’s member enterprises will be joint stock companies, with a lean organizational model, healthy financial situation, efficient operation, level of modern technology and production techniques equivalent to other countries in the region, fully meeting international standards on corporate governance; formation of a professional, highly qualified management team with good moral qualities.

At the same time, consolidate and develop a number of member enterprises with large scale, effective operation, regional and international competitiveness in the main business fields of Petrovietnam; may consider the establishment of new companies, branches (if any), mergers, consolidations, M&A of a number of units with suitable lines and fields of operation to concentrate resources, improve competitiveness and operational efficiency after restructuring, process exists, improve efficiency. 

The Prime Minister requested that in the fourth quarter of 2023, Petrovietnam would have to disseminate and thoroughly understand the views, objectives and contents of the Project throughout the Group in order to create high consensus from Petrovietnam to member units, from leaders of units to employees in the implementation process. In addition, formulate a production and business organization plan in accordance with the approved restructuring plan; financial plan to implement the assigned main tasks and handle financial shortcomings during the restructuring process. Direct the restructuring and arrangement of member enterprises in accordance with this Decision.