Petrovietnam establishes partnership network to enhance the business’ competitive capacity

Petrovietnam establishes partnership network to enhance the business’ competitive capacity

In order to implement development strategy in the new era, meeting the Communist Party and the State leaders’ trust, expectation, realizing the Conclusion no. 76-KL/TW, dated 24^th April 2024, issued by the Political Bureau, which also aligns with the global energy transition trend, Petrovietnam has adopted a new development model, revolving around 3 new strategic pillars - energy, industry and service - with energy as its core. Petrovietnam will also extend its leading role in fostering the economic growth across other sectors of the economy system through the establishment of collaborative network with leading corporations nation-wide and within the region.

In addition to the actualization of more than 30 investment and production collaborations – thereby contributing to the formation of a highly modern and integrated industrial ecosystem – in recent times, Petrovietnam, as a leading state-owned corporation in Vietnam within the energy, industry and service sectors, has launched numerous comprehensive partnerships with other corporations from various fields. These initiatives aim at optimizing resource usage, strengthening co-operation, leveraging core advantages, broadening business opportunities and enhancing both the national and the enterprise’s competitive capacity.

One of the most compelling evidence that affirms Petrovietnam’s proactive effort in expanding collaboration network, following its designation as the Vietnam National Industry & Energy Group, is the signing of a comprehensive partnership agreement with Vietnam National Coal and Mineral Industries Group (VINACOMIN).

This partnership agreement draws on the strengths and resource between the 2 groups, especially in safeguarding national energy security, and seeking potential room for innovation, providing even more towards national development objectives in the new era. This partnership agreement is not only a solid bond between the 2 leading corporations in the energy and mineral fields, but also a practical initiative, translating the Communist Party and State’s guidelines on enhancing collaboration between state-owned corporations in energy transition, green development, realizing the nation’s aspirations in the new era into action.

Petrovietnam leads the economic value chain from energy to industry and services

Petrovietnam and the Airports Corporation of Vietnam (ACV) have also entered into an extensive collaboration agreement, fostering and strengthening business operations and contribution to the development of the nation’s socio-economy. This is a solid opportunity for Petrovietnam and ACV to create growth values in aviation fuel supplies, sustainable energy development, logistic, digital transformation, science and technology research and implementation, etc.; thus, boosting mutual sustainable development and contribution to the nation’s development objectives in the new era.

With both being the state-owned enterprises operating in foundational industries, Petrovietnam and Vietnam Chemical Group (VinaChem) have established a holistic collaboration, with the goal of promoting existing strengths and resources, unfolding the way for mutual breakthrough. The collaboration agreement focuses on research and development in high-tech and core industrial sectors such as: material research and chemical production that serves high-tech industry, semiconductor industry; research and application of science and technology, digital transformation, along with other sectors including: mineral extraction and processing, basic, consumer and pharmaceutical chemicals, renewable energy development and logistics.

Petrovietnam always defines science and technology as the pivotal development leverage; as such, the Group has initiated collaborative agreements with technological companies and corporations domestically and internationally. In late 2024, Petrovietnam and Viettel Group has officially reinforced technological co-operation. The operation of the oil and gas digital database and signing of a new collaboration agreement, a new milestone in this partnership is established. During the previous collaboration agreement, dated back in 2019, the two corporations had backed the exploration of potentials and supported each other within operational capacities. In addition, Petrovietnam is also promoting partnership with other technological companies in digital transformation and operational optimization, such as with NGS in the implementation of ERP.

Within the economic sector, Petrovietnam has launched comprehensive agreements with Vietcombank and Agribank to bring individual advantages into play, facilitating business operations, and contributing to the sustainable development of the national socio-economy.

In summary, besides Petrovietnam’s accomplishments in establishing global partnerships, such as contracts with Petronas, building relationship with international energy groups; the activity of consolidating collaboration linkages in the field and expanding co-operation with corporations outside the ecosystem will continue to be Petrovietnam’s goal in the forth coming period. This serves as a solid affirmation of Petrovietnam’s strategy, following its new designation: being not only a traditional oil, gas and energy group, but also a center of industry, service, and a national cornerstone in the energy sector.

PVN