Petrovietnam's growth target aligns with the nation’s development goals

Petrovietnam accelerates E&P activities as a foundation for sustainable “double-digit growth”

Petrovietnam enhances economic and trade cooperation with US partners

Petrovietnam Continues to Make Significant Contributions to the State Budget

Assessing the results of the first two months of the year, Petrovietnam’s General Director Le Ngoc Son noted that the Group’s production and business activities were affected by global market fluctuations, including a decline in oil prices compared to the same period in 2024 and changes in tariffs. However, thanks to proactive management efforts, Petrovietnam promptly implemented responsive solutions.

On February 25, the Thai Binh 2 Thermal Power Plant reached a production milestone of 10 billion kWh after nearly two years of operation for power generation.

Petrovietnam’s production and business activities continued to achieve positive results, showing growth compared to the same period. In February 2025, the Group accelerated the development of the Ca Mau Gas-Power-Fertilizer Complex into a key industrial-energy hub. Additionally, Petrovietnam expedited key projects such as the Block B - O Mon Gas Pipeline Project and the Long Phu 1 Thermal Power Plant Project.

During the first two months of the year, Petrovietnam's total revenue reached VND 155,000 billion, while its contribution to the State budget amounted to VND 20.6 trillion, marking an increase from 2024.

Innovation in Management and Operations

At the start of 2025, Petrovietnam adopted "innovation" as its guiding principle, driving strategic changes in management and operations to navigate market fluctuations. The Party Committee and the Members' Council of Petrovietnam issued policies and resolutions to shape the Group's strategic management and sustainable development approach for 2025. These policies focus on optimizing operations, promoting digital transformation, and enhancing corporate governance to adapt to the global energy transition.

Right from the beginning of 2025, Petrovietnam adopted "innovation" as its main operating motto, thereby leading to innovation in management and operation to respond to market fluctuations.

From the management apparatus to its subsidiaries, Petrovietnam has embraced decentralization and delegated authority to streamline business operations. Alongside its regular monthly executive meetings, the Group’s Members’ Council has, for the first time, introduced quarterly "Management Board Meetings" with representatives from its subsidiaries.

These meetings aim to strengthen collaboration, align strategic priorities, and ensure effective corporate governance. They also serve as a platform for assessing progress, addressing challenges, and making timely adjustments to operational plans. Through structured discussions, Petrovietnam proactively identifies bottlenecks and formulates targeted solutions.

With this approach, alongside its monthly CEO coordination meetings, the "Management Board Meeting" will serve as a key forum for driving breakthroughs in corporate governance and business operations. It fosters coherence and alignment in executing the Group's objectives, ensuring seamless implementation of assigned tasks, particularly in achieving government-mandated growth targets.

Looking ahead, Petrovietnam and its subsidiaries will conduct a comprehensive review of the Group’s ecosystem, establishing interconnected value chains with industry-leading centers to enhance business efficiency and achieve strategic management goals.

Chairman of the Members' Council, Mr. Le Manh Hung, emphasized that this innovation process will enhance management efficiency, ensure flexibility, and accelerate the adoption of advanced technology and digital transformation. The Group is committed to strengthening corporate governance, increasing transparency, and reinforcing accountability among enterprise leaders and representatives of Petrovietnam's capital investments in subsidiaries. Petrovietnam is actively integrating scientific advancements, innovation, and digital transformation into its operations. By implementing an Enterprise Resource Planning (ERP) system, the Group ensures real-time updates on production and business performance across its plants. Additionally, artificial intelligence (AI) is being utilized to enhance operational efficiency, optimize resource allocation, and improve overall performance.At the Q1/2025 "Management Board Meeting" held on March 12, Petrovietnam, for the first time, leveraged AI for data analysis, market forecasting, and the development of business strategies for the upcoming months and quarters.

Commitment to Driving Growth Alongside the Nation

Entering a new development phase, Petrovietnam is focused on enhancing operational efficiency, strengthening competitiveness, and modernizing its governance model in line with global standards. The Group is committed to evolving into Vietnam’s National Oil and Gas Corporation, maintaining its leadership in the regional energy sector while ensuring economic growth aligns with environmental sustainability and social responsibility.

To achieve these goals, Petrovietnam’s leadership has directed subsidiaries to implement sector-specific strategies. The Group is expanding its presence in domestic and international markets, fostering industry linkages, and diversifying into industrial and service sectors. Additionally, Petrovietnam is optimizing capital and asset utilization, applying scientific and technological solutions, and embracing continuous innovation in all areas of operation.

Looking ahead, the Group will continue refining its business ecosystem, forming strategic partnerships within each sector to drive sustainable development. Furthermore, Petrovietnam prioritizes talent management, enforcing corporate discipline, and fostering a culture of accountability.

In 2025, Petrovietnam will celebrate its 50th anniversary. As the Group marks this milestone, its foremost objective remains to contribute to Vietnam's national GDP growth target of 8% in 2025 and to achieve double-digit growth in the years to come.

PVN