Petrovietnam - Marking a comprehensive transformation in the new era

Over half a century of formation and development, the Vietnam National Industry and Energy Group (Petrovietnam) has affirmed its pivotal role, successfully completing the glorious mission associated with the five words "An", contributing to the cause of industrialization and modernization of the country.

Entering a new era in the context of fierce global competition, with great expectations and responsibilities, Petrovietnam is determined to turn challenges into opportunities to transform and break through to fulfill its mission of leading the national energy transition.

Glorious mission - preserving 5 "An" for the country

After the country was unified, on September 3, 1975, the General Department of Oil and Gas of Vietnam (the predecessor of Petrovietnam) was established, marking a new page in the history of the oil and gas industry, opening the way for the construction and development of Petrovietnam to become a pillar economic group. The birth of Petrovietnam not only realized the wish of President Ho Chi Minh during his lifetime of "building a strong oil and gas industry" but also the belief of generations of leaders of the Party, State and People of Vietnam in an economic sector that could be the "locomotive" of the country in new stages of development.

Petrovietnam Chairman of the Board of Directors Le Manh Hung inspects the Dai Hung Phase 3 Mine Development Project. Photo: Petrovietnam

Realizing that strong aspiration, up to now, Petrovietnam has formed a team of nearly 60,000 highly qualified workers, with a sense of responsibility, discipline, professionalism, creativity, truly mastering the modern and complex science and technology of the industry and reaching out to the world.

Throughout the country’s development process, Petrovietnam has become the core force firmly ensuring the five fundamental elements for national stability and development. Each pillar is a concrete demonstration of the ability to realize President Ho Chi Minh’s strategic vision through action, intelligence and Vietnamese will.

In particular, national "energy security" is strengthened thanks to Petrovietnam's strategic regulatory role in the entire oil and gas value chain. Since 1986, Petrovietnam has safely and effectively exploited more than 460 million tons of crude oil and 200 billion cubic meters of gas. About 9 - 11 billion cubic meters of gas are supplied annually for power generation, industrial production and household consumption, contributing 35% of electricity output... The supply of gasoline and LPG from the Group also meets more than 70% and 75% of the national market share, respectively, creating a stable foundation for production, daily life and economic growth.

Petrovietnam has safely and effectively exploited more than 460 million tons of crude oil and 200 billion cubic meters of gas. Photo: Petrovietnam

"Economic security" is reinforced by the Group's ability to contribute large, stable and continuous budgets for many decades. At its peak, the oil and gas industry accounted for 30% of the total national budget revenue and still plays an important role in the economic structure. In the period 2010 - 2024, Petrovietnam paid nearly 1.3 million billion VND to the budget, currently continuing to contribute an average of 9 - 10% of GDP and about 9 - 9.5% of the total state budget revenue. Petrovietnam is also a Vietnamese enterprise that proactively generates foreign currency through exporting crude oil, petrochemicals and technical services to international markets.

Each drilling rig and project is a "watchtower" affirming national sovereignty, a fulcrum for the people's border defense posture. Photo: Petrovietnam

"Food security" is strengthened through the stable supply of gas to nitrogen fertilizer plants - a decisive factor in agricultural productivity. Ca Mau and Phu My Nitrogen Plants invested and operated by Petrovietnam have met over 70% of domestic fertilizer demand, contributing to reducing import dependence and enhancing the competitiveness of Vietnamese agriculture in the region.

"National security and defense" is reinforced by the solid presence of the oil and gas industry on Vietnam's continental shelf. Each drilling rig, each survey vessel, each oil and gas project is a "guard" in the middle of the East Sea - contributing to economic development, affirming national sovereignty, and becoming a fulcrum for the people's border defense.

"Social security" is implemented by Petrovietnam with consistent responsibility. The Group creates stable jobs for hundreds of thousands of direct and indirect workers. At the same time, it is always a pioneer in community activities such as building schools, medical stations, and charity houses; supporting the prevention of natural disasters and epidemics... From 2006 to 2024, the total amount of money Petrovietnam spends on social security activities has exceeded 8,400 billion VND. That is also the culture of the Group with the mission for people, for the community and the sustainable future of the country.

Sacred responsibility, aspiration   build a rich and strong country

Petrovietnam has been playing a good role as a pillar of economic security, steadfastly accompanying the country through the ups and downs and historical fluctuations. However, in the context of a global transformation due to climate change, energy crisis and pressure to reduce net emissions, focusing only on oil and gas exploitation will no longer be appropriate. Petrovietnam has quickly decided to take strong, drastic steps towards sustainability.

On April 9, 2025, the Prime Minister signed a decision to change the name of Vietnam Oil and Gas Group to Petrovietnam. This is an important turning point event, reflecting the country's strategic orientation in the new era.

Enhancing knowledge, culture, and developing Petrovietnam in the spirit of "One team - One goal". Photo: Petrovietnam

Petrovietnam leaders commented that the new name represents a broad vision, no longer limited to the oil and gas sector, but expanding to the industrial and energy sectors, affirming the key role in leading the national industrial and energy sector. The major policy of the Party and State is consistent with the world trend towards clean energy and sustainable development. The renaming helps Petrovietnam be more proactive in participating in international alliances and organizations on green energy.

Petrovietnam's member units are actively accelerating the digital transformation process. Photo: Petrovietnam

It can be seen that this is a direction that is in line with the trend of the world's leading energy corporations such as BP, Shell or TotalEnergies - enterprises that have gone beyond the role of oil and gas companies to become global energy - technology - service complexes. Petrovietnam has chosen an ambitious and completely legitimate direction.

2025 is an important milestone for the group after 50 years of construction and development, after 64 years of tradition in the oil and gas industry. Behind the new name is the urgent need to reposition the operating model. To fulfill the new mission, Petrovietnam needs to overcome 3 major challenges: restructuring governance towards transparency - flexibility - efficiency; investing deeply in technology and innovation; upgrading competitiveness on a regional and global scale.

Petrovietnam leaders and KEPCO leaders discuss the MOU implementation plan. Photo: Petrovietnam

Petrovietnam Chairman of the Board of Directors Le Manh Hung emphasized that in order to fulfill the assigned tasks, science, technology, innovation and digital transformation are identified as the key driving force and vital foundation for Petrovietnam to break through and reach regional and international levels. Based on Resolution No. 57-NQ/TW of the Politburo, Petrovietnam identified this as the order for a new historical transformation - from applying technology mastery to breakthrough, innovation and technological autonomy. Thereby, creating momentum for breakthrough and growth at a "double-digit" rate.

At the same time, focus on improving productivity, performance, and efficiency of production and business activities after the process of stabilizing, streamlining the apparatus within the Group; modernizing the management system.

Petrovietnam signed a cooperation agreement with SK Innovation and LS ECO ENERGY. Photo: Petrovietnam

Continue to implement the motto "Adding new motivation - Renewing old motivation"; build a mechanism to promote creative research work, create new development motivation; urgently restore weak projects to operation, build an ecosystem of enterprises in the Group to help each other develop, creating momentum for the "wheel" of growth.

For the Group's core areas, in the immediate future, by 2030, Petrovietnam will focus on increasing reserves and increasing output, making efforts to change the cycle of declining production; urgently implementing new projects, identifying the gas industry as the foundation and solution to make a green transition and make up for the shortage, maintaining oil and gas production.

Petrovietnam carries the sacred responsibility of realizing the nation's strong aspiration to rise up. Photo: Petrovietnam

In particular, the important factor is to improve knowledge, culture, and develop Petrovietnam - the National Energy Industry Group in the spirit of "One team - One goal". That requires building competitive resources, expanding international markets, and promoting strategic alliances with foreign corporations to share technology and enhance brand position.

Continuing the glorious history with the strong aspirations of the nation, the Vietnam National Energy and Industry Group carries on its shoulders the sacred responsibility, the expectation of a model of a state-owned enterprise with substantial innovation, linking national interests with the trend of sustainable development. This is not only a story, the constant efforts to innovate, create and persevere on the journey of serving the Fatherland of Petrovietnam, this is a test for the transformation capacity of the entire economy in the new energy era.

Source: https://daibieunhandan.vn/petrovietnam-danh-dau-buoc-chuyen-minh-toan-dien-trong-ky-nguyen-moi-10385632.html