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Petrovietnam: Creating momentum for long-term strategy

In the context of many challenges, Petrovietnam is steadfast in its 2025 growth target, taking speed and time as measures to implement the annual plan and the Group's Development Strategy to 2030, identifying science - technology and innovation as breakthrough driving forces.

Báo Đại biểu Nhân dânBáo Đại biểu Nhân dân06/07/2025

Ensuring growth momentum through volatility management

Production and business activities in the first 6 months of 2025 of Petrovietnam were maintained basically stably, safely, effectively, closely following the set plan targets, making an important contribution to ensure national energy security.

With the motto of action in 2025 being "Innovation from the core, Developing outstanding models, Integrating into global chains, Enhancing energy knowledge, Breaking through in growth, creating a sustainable green transition", Petrovietnam strives towards the goal of completing the highest targets and tasks according to the plan and regulations assigned by the Ministry of Finance .

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Petrovietnam Chairman of the Board of Directors Le Manh Hung and Petrovietnam General Director Le Ngoc Son co-chaired the conference.

Over the past 6 months, oil and gas exploration has been carried out as planned, increasing reserves by an estimated 1 million tons of oil equivalent. Petrovietnam put Dai Hung phase 3 into commercial operation from May 7, 2025, with a flow of more than 6,900 barrels of oil per day, 20 days ahead of schedule, contributing to increasing oil and gas output, ensuring the completion of the Group's exploitation plan in 2025.

The Group has signed two oil and gas product sharing contracts (PSCs) after a long period without new oil and gas contracts, which is of great significance to Petrovietnam's exploration, exploitation and development activities in the coming time.

Some indicators in the first 6 months of the year achieved remarkable results: Oil exploitation output reached 4.82 million tons; gas exploitation output reached 2.99 billion m3; electricity production reached 16.65 billion kWh, up 8% over the same period in the first 6 months of 2024; urea production exceeded the 6-month plan, reaching 950.2 thousand tons; gasoline production (excluding NSRP products) exceeded the plan, reaching 3.78 million tons, up 26.8% over the same period in 2024.

The Group's financial indicators all exceeded the Government's reporting plan, closely following the management plan and growth targets compared to the same period. Of which, the total revenue of Petrovietnam is estimated at 510 trillion VND, consolidated revenue of Petrovietnam is estimated at 310 trillion VND, and the State budget contribution is estimated at 66.5 trillion VND.

The investment disbursement value in the first 6 months of 2025 is estimated at 20.6 trillion VND, an increase of 31.2% compared to 2024. The savings and anti-waste work of units in the whole Petrovietnam reached 3,528 billion VND, an increase of 2.9 times over the same period last year.

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Signing ceremony of oil and gas product sharing contract Block 15-2

This result is the effort of the entire Group, especially in strengthening governance, minimizing the impact of negative impacts in the context of the complicated global economic and geopolitical situation in the first half of 2025, fluctuations in oil prices and input materials creating great pressure on the global supply chain.

In addition, Petrovietnam promptly took advantage of the advantages of the improved legal environment, building strong internal resources in terms of capital, technical infrastructure, technology, management capacity and human resources.

Plan solutions for long-term goals

In its development strategy, Petrovietnam sets general goals by 2030, maintaining its No. 1 position in Vietnam, becoming a top 10 regional and large-scale industrial-energy corporation in the world, entering the Fortune Global 500 list; operating effectively, sustainably, with high competitiveness domestically and internationally, taking science - technology and innovation as breakthrough driving forces.

With that aspiration, 2025 is the pivotal year, creating momentum for the Group to implement its development strategy until 2030. Therefore, looking back at the results of the first 6 months of the year, the Group's Board of Directors and member units have agreed on key solutions.

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Chairman of Petrovietnam Board of Directors Le Manh Hung: "Development strategy is not only Petrovietnam's commitment today, but also the continuation of the development aspirations of Petrovietnam generations".

In particular, the exploration and exploitation sector focuses on hurriedly new contract negotiations, hurriedly the development of key mines, and leveraging technology to exploit existing mines more effectively. In the electricity and gas sector, M&A solutions, optimizing maintenance, expanding international market share, and promoting LNG, hydrogen, and renewable energy projects are considered strategic directions.

Processing and service industry units promote the production of green chemical products, chemical materials, logistics services and offshore wind power, seek new opportunities through joint ventures, and expand international markets.

Units need to focus on completing and exceeding the set targets, proactively seeking and implementing new projects at home and abroad, promoting linkages, innovation, and applying technology to maximize growth potential. All actions must adhere to the Group's development strategy, make the most of the removed mechanisms, and ensure the completion of the targets assigned by the Government's decree in 2025.

Based on the results achieved in the first 6 months of the year and the assessment of difficulties and challenges, Petrovietnam must continue to adhere to the growth target in 2025 according to the set plan.

Regarding the tasks for the last 6 months of the year, Petrovietnam focuses on synchronously implementing groups of solutions to complete the oil production plan, ensure revenue and contribute to the State budget; promote the connection of the gas - electricity chain, develop the non-electric gas market, perfect the flexible gas consumption mechanism; continue to expand cooperation with domestic and foreign enterprises, both public and private sectors to increase national competitiveness, deeply integrating into the international market. Power plants and petrochemical refineries need to operate effectively, diversify products and markets, and flexibly adapt to fluctuations...

Regarding the long-term goals in the development strategy, this is not only Petrovietnam's commitment today, but also the continuation of the development aspirations of generations of Petrovietnam employees. In that spirit, Petrovietnam aims to build economic models suitable for each field, each unit, specifically allocated in the overall strategy.

Among the solutions to create a “turnaround”, science and technology, innovation are the number one breakthrough solutions. Petrovietnam improves labor productivity, rises to the leading group in the industries and fields that Petrovietnam is participating in; focus on expanding domestic and international markets, restructuring the distribution system; shapes long-term financial strategies, restructures the investment portfolio, researches new business opportunities in 34 provinces/cities, aiming to form a model of Petrovietnam's ecological energy industrial center, integrating the energy - oil and gas value chain.


Source: https://daibieunhandan.vn/petrovietnam-tao-da-cho-chien-luoc-dai-han-10378750.html


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