Petrovietnam manages to meet new development demands
The Vietnam Oil and Gas Group (Petrovietnam) has managed to develop a complete oil and gas industry, but it is also facing new challenges that require the firm to show stronger determination to become a national industry - energy group with high competitiveness in the region and the world.
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| Liquefied petroleum gas (LPG) storage tanks at the terminal of PV GAS, a subsidiary of Petrovietnam, in Vung Tau city. (Source: VNA) |
With the comprehensive development of the oil and gas industry supply chain, Petrovietnam has established itself as the core in the formation of many industrial zones in the provinces of Ba Ria - Vung Tau, Dong Nai, Ca Mau, Quang Ngai, Ha Tinh, and Thanh Hoa, among others.
Its investments have helped create fundamental changes to the country’s economic structure, generated major revenues for the state budget, and met energy and fertiliser demand nationwide. Such projects as the Dung Quat Oil Refinery and the Ca Mau Gas - Power - Fertiliser Complex have been operating efficiently, contributing to socio-economic development of Vietnam as well as the regions and localities they are based in. They are also important prerequisites for the group to step up the export of oil and gas services.
Petrovietnam is a State-owned firm contributing the most to national development. On December 31, 2023, its consolidated assets were valued at over 1 quadrillion VND (about 43 billion USD) while the State's equity stood at 532 trillion VND (22.6 billion USD).
From 1986 to 2023, its total revenue topped 524 billion USD, equivalent to 10 - 13% of Vietnam’s gross domestic product (GDP). It contributed more than 129 billion USD to the state budget during the period, statistics showed.
Vietnam’s oil and gas sector has made great strides, but the scale of Petrovietnam remains relatively modest compared to those in the regional countries with a developed oil and gas industry such as Thailand, Malaysia, and Indonesia.
This requires the group to shift its business model and make more breakthroughs to keep up with others in the region and the world.
Le Manh Hung, Chairman of Petrovietnam’s Council of Members, said the firm is not satisfied with what it has achieved but has set up a new development orientation to contribute more to the country.
He noted the perfection of related documents, policies, and mechanisms will provide support for Petrovietnam to overcome difficulties and stay confident to realise the goal of becoming a national industry - energy group with high competitiveness in the region and the world.
It has identified certain groups of tasks and solutions for implementation, including closely coordinating with authorities to overhaul regulations and policies to facilitate fast and sustainable development in the industry. Comprehensive, smart, and advanced infrastructure comparable to those in ASEAN will be developed to help guarantee national energy security and catch up with the energy transition trend.
The group will press on with improving corporate governance, enhance investment attraction, better investment efficiency, step up digital transformation as well as technological research, application and transfer, and further promote the quality of human resources, according to Hung.
(Source: VNA)
