The meeting was attended and directed by Petrovietnam Chairman of the Board of Directors Hoang Quoc Vuong; and also attended by leaders of the Group, Divisions/ Administration Office and member units.
Chairman of the Board of Directors Hoang Quoc Vuong directed at the online meeting
Safe, stable, growing production and business
In the first months of 2021, the world economy has strongly recovered, especially in the developed countries with good vaccination strategies such as the US, Europe, and China. However, clear divergence in global growth by region/ economy, and strong growth of trade and service has caused a shortage of supply and is forecasted to lead to a new price increase cycle in raw materials.
From the end of April until now, the complicated development of the 4th wave of the Covid-19 pandemic in Vietnam has affected all aspects of socio-economic activities; and may affect the economy in the next months.
With the efforts to implement solutions for good management and control of the Covid-19 epidemic in the new situation, in May and the first 5 months of 2021, Petrovietnam continued to stick to the set targets and plans, achieved positive results in most fields. In particular, oil production, including overseas oil production is a bright spot in the Group’s operations with the output in May exceeding 18% of the monthly plan, ensuring to complete the set target for cumulative output in the first 5 months of the year.
President and CEO Le Manh Hung delivered closing speech of the meeting
Petrovietnam has over-fulfilled the financial targets for the first 5 months of the year and achieved high growth compared to the same period of 2020. Specifically, in the first 5 months of 2021, the Group’s total revenue reached 227.3 trillion dong, exceeding 14% of the 5-month plan, an increase of 16% over the same period of 2020; the Group’s contribution to the State budget reached 32.4 trillion dong, exceeding 23% of the 5-month plan, an increase of 20% over the same period of 2020; The Group’s consolidated pre-tax profit reached 15.3 trillion dong, 2.3 times higher than the 5-month plan, over 3 times higher than the same period of 2020. All units in the Group maintained stable production and business activities, controlled inventory, and prevention of Covid-19 epidemic was strictly and thoroughly implemented.
Particularly, in the complicated situation of the Covid-19 epidemic, with the determination to ensure absolute safety, not disrupt production and business activities, closely following the direction of the Central Authority, the Government and functional agencies, Petrovietnam promptly issued a series of specific solutions, actively reviewed and updated plans for epidemic prevention and control. The Group has also implemented a series of proactive measures such as: activating emergency situations in disease prevention and control, rehearsing the F0 appearance plan, screening tests for employees and conducting the first round of vaccination against Covid-19 for employees. In the coming time, Petrovietnam and its member units will actively coordinate with ministries, branches and health facilities to continue to deploy Covid-19 vaccination for all employees in the Group.
Chairman of the Board of Directors Hoang Quoc Vuong gave a donation of 400 billion dong to the Covid-19 Vaccination Fund
At the same time, with the spirit of solidarity, mutual love, responsibility for the community, responding to the call of the Government and the Prime Minister, Petrovietnam has recently contributed 400 billion dong to the national Covid-19 Vaccination Fund, actively joined hands with the Government and people nationwide to quickly repel the pandemic, for the highest goal of keeping a safe environment for the people, maintaining production, and contributed to ensuring “dual goals” of effective epidemic prevention, control and socio-economic development. Up to now, the Group and its member units have supported 480 billion dong to the prevention of Covid-19.
Certification of Petrovietnam’s support to the Covid-19 Vaccination Fund
Effort to over-fulfill plan for 2021
Speaking at the meeting, Petrovietnam Chairman of the Board of Directors Hoang Quoc Vuong praised and highly appreciated the positive business results achieved by the units in the first 5 months of the year, including major objective difficulties such as low demand for electricity, gas consumption.
In the coming time, the Group will continue to promote and implement a lot of construction investment projects, including many large projects with long duration, which have long-term effects on the operations of the units in the future. Chairman of the Board of Directors Hoang Quoc Vuong directed the units to pay more attention and focus on the work, strengthen cost management, risk management… well implement investment work and meet such important criteria as “progress, quality, cost”. He also directed specifically for such projects as Block B, Ca Voi Xanh, Song Hau 1 Thermal Power Plant, Thai Binh 2, Nhon Trach 3 & 4, upgrading and expanding Dung Quat oil refinery.
Oil and gas workers on marine works
Concluding the meeting, Petrovietnam President and CEO Le Manh Hung summarized and evaluated the Group’s production and business results in the first 5 months of 2021, recognized the efforts of the units in the difficult situation of the market, the Covid-19 epidemic.
President and CEO Le Manh Hung directed: In the coming time, continue to focus on controlling the epidemic throughout the Group, coordinate with the Ministry of Health and relevant authorities to soon deploy vaccination for all employees of the Group, priority is given to those working in domestic and foreign marine projects, works and factories with a high level of risk; Focus on updating macroeconomic impacts such as new price increase cycle, inflation, exchange rate... in volatility management, especially financial and investment management; strengthen forecasting and assessment of market impacts, especially the impact of the Covid-19 pandemic on production and consumption in order to have response solutions; Manage plan, reduce costs, successfully complete the targets and tasks of the second quarter; Strengthening coordination among units throughout the Group through value chains; Actively implement, monitor and meet requirements on progress, quality and efficiency of projects.
Fast pace of labor on oil and gas works
Regarding production, Petrovietnam President and CEO suggested: Continue to focus on improving oil production to compensate for gas production, ensure production and business efficiency in favorable oil price conditions, in addition to focusing on the long-term solutions as increasing reserves; overcome market bottlenecks, increase gas production, expand consumption markets; maintain stable operation of the oil refining and petrochemical plants, increase production capacity, promptly supply demand and take advantage of market opportunities; promote linkages, develop consumption plans, manage inventory… Continue to promote the spirit of solidarity, coordination, sharing, improve operational efficiency throughout the Group, and successfully complete the tasks of 2021.