Petrovietnam: Affirming its leadership in the national industrial and energy sector

Vietnam National Industry - Energy Group (Petrovietnam): A new milestone – a new vision for a sustainable development journey

PM3 CAA Block: A Symbol of International Partnership for Peace and Sustainable Development

Petrovietnam is regarded as a cornerstone of Vietnam’s national energy sector. The Group is not only active in petroleum exploration, production, refining, electricity generation, and technical services but also plays an important role in defending national maritime sovereignty through its offshore operations.

In recent years, Petrovietnam’s business and production activities have undergone significant transformation in line with the global energy transition trend.

A pillar in five key national security dimensions

Throughout its 50-year journey of formation and development, Petrovietnam has affirmed its role as a pillar contributing to five critical national priorities: energy security, food security, economic security, sovereignty over maritime territories, and social welfare. It has played a central role in establishing major industrial zones across provinces such as Bà Rịa - Vũng Tàu, Đồng Nai, Cà Mau, Quảng Ngãi, Hà Tĩnh, and Thanh Hóa. These large-scale, coordinated investments have fundamentally reshaped regional economies, generated substantial state revenue, and met the country’s demand for energy and fertilizers.

Projects like the Dung Quất Refinery, the Cà Mau Gas - Power - Fertilizer Complex, and the facilities in Vũng Tàu continue to operate effectively, contributing significantly to national socio-economic development—both broadly and locally. These large-scale, regionally significant projects are a clear testament to the technical capabilities of Petrovietnam’s engineers and staff, laying the foundation for the Group’s further expansion into industrial and energy sectors.

Leading in power generation and energy transition

In the electricity sector—an essential pillar of energy security—Petrovietnam holds the second-largest installed capacity nationwide, following only Vietnam Electricity (EVN). This achievement not only demonstrates Petrovietnam’s internal strength and its strategic role in the national power structure but also ensures the balance and stability of the electricity grid amid rising energy demands.

Prime Minister Phạm Minh Chính has repeatedly emphasized Petrovietnam’s crucial role in ensuring national energy security and reducing reliance on imported energy sources, thereby safeguarding the long-term stability and development of the economy.

Prime Minister Phạm Minh Chính has repeatedly emphasized Petrovietnam’s vital role in ensuring national energy security and reducing dependence on imported energy. This, he noted, is key to maintaining the long-term stability and growth of Vietnam’s economy.

At Petrovietnam’s 2024 year-end conference, the Prime Minister commended the Group for its achievements and highly appreciated its proactive and innovative approach to executing major state-assigned tasks. He underscored the need for the Group to continue building on its governance and management experience.

Expanding into renewable energy and global markets

One of the most prominent aspects of Petrovietnam’s development strategy is its strong shift from traditional fossil fuels to renewable energy, particularly offshore wind power. The Prime Minister praised the Group for successfully exporting offshore wind turbine foundations and equipment—an important step that signifies Vietnam’s emerging role on the global renewable energy map. This strategic shift not only reaffirms Petrovietnam’s leadership in the green transition but also aligns with global trends toward sustainable development, addressing the urgent need for environmental protection and greenhouse gas emission reduction.

By becoming the Vietnam National Industry - Energy Group, Petrovietnam is now taking strategic steps to advance renewable energy development, foster international partnerships, and build a long-term sustainable growth model. These achievements not only enhance the Group’s global position but also create significant opportunities to participate more deeply in global energy supply chains.

The Prime Minister also emphasized that Petrovietnam must not only maintain its robust growth but also lead in innovation, digital transformation, and the adoption of advanced technologies. The government envisions Petrovietnam as not only a national leader but a globally competitive industrial and energy conglomerate.

Trusted with strategic national projects

In early 2025, the Party and Government reaffirmed their deep trust in Petrovietnam by assigning it to lead research and development of the Ninh Thuận 2 Nuclear Power Plant—a strategic project that marks a breakthrough in the nation’s sustainable energy future. This reflects recognition of Petrovietnam’s governance capacity, scientific and technological foundation, and especially its deeply rooted corporate culture based on the core values: Aspiration – Intelligence – Professionalism – Compassion.

These foundations have enabled Petrovietnam to swiftly adapt to advancements in governance, science, and high technology—especially in new, innovation-driven sectors. This intrinsic strength empowers Petrovietnam to fulfill every mission entrusted by the Party and State, especially in ensuring energy security and shaping the nation’s future energy landscape.

As of April 9, 2025, the Vietnam Oil and Gas Group officially operates under its new name—Vietnam National Industry - Energy Group—marking a new level of stature, position, and mission.

A new identity, a greater mission

From April 9, 2025, the Vietnam Oil and Gas Group officially operates under its new name: Vietnam National Industrial and Energy Group, reaffirming a new level of leadership, stature, and mission.

At the renaming ceremony, Deputy Prime Minister and Minister of Foreign Affairs Bùi Thanh Sơn, on behalf of the Prime Minister, congratulated Petrovietnam on this major milestone coinciding with its 50th anniversary. He stressed that this transformation signifies not only a change in name but also the Group’s continuous growth and expanded strategic vision—broadening its operational scope and elevating its role in both traditional and emerging industrial and energy sectors. He also expressed full confidence in Petrovietnam’s capacity to fulfill its new responsibilities and contribute to national development in the years to come.

It is clear that the Party and State have placed immense trust and high expectations in Petrovietnam. The Group not only ensures national energy security but is also at the forefront of Vietnam’s transition to clean and sustainable energy. With steadfast leadership from the Party and Government, Petrovietnam has both the capability and momentum to lead the way—affirming its position in the industrial and energy sectors and continuing to play a crucial role in building and defending the nation in this new era.

PVN