Towards the 50th Anniversary of Petrovietnam’s Founding (September 3, 1975 – September 3, 2025): A New Path Has Opened

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After 50 years, Petrovietnam has progressed from having nothing to having everything; from being an apprentice and contractor to mastering the most advanced technologies in exploration, drilling, extraction, and deep processing. Beyond the oil and gas sector, Petrovietnam has also expanded into hydropower, coal-fired power, gas-fired power, and offshore wind power. The company takes pride in manufacturing world-class modern drilling rigs and owning a fleet of oil tankers that are highly regarded in the international market.

From 2020 to the end of June 2024, Petrovietnam achieved a total revenue of 3.6 quadrillion VND, contributed nearly 600 trillion VND to the State budget, and recorded a consolidated pre-tax profit of 230 trillion VND. The corporation successfully fulfilled its financial targets for the 2021–2025 period two years ahead of schedule, as assigned by the Prime Minister.

Notably, 2024 marks the third consecutive year that Petrovietnam has broken its record for total revenue, surpassing 1 quadrillion VND, a 36% increase compared to the pre-COVID-19 period (2019) and equivalent to approximately 9% of the country’s total GDP. Petrovietnam's contributions to the State budget reached 165 trillion VND, accounting for nearly 9% of the nation's total budget revenue, a 52% increase from the pre-COVID-19 period—despite the impact of tax reduction policies on petroleum products. For the first time, Petrovietnam set a comprehensive record across all financial indicators, achieving significantly higher growth compared to the pre-COVID-19 period, including a 51% increase in consolidated revenue and a 27% rise in the revenue of the Parent Company – the Group. These impressive figures vividly illustrate Petrovietnam’s strong growth and substantial contributions in 2024. Over the past five years, Petrovietnam has annually contributed to the State budget an amount equal to the combined contributions of all other state-owned enterprises. These are truly remarkable and meaningful numbers!

Looking back at history, shortly after the country's reunification, the Vietnam General Department of Oil and Gas—the predecessor of Petrovietnam—was established on September 3, 1975, under Decision No. 170/CP of the Council of Government.

Petrovietnam CEO Lê Ngọc Sơn reviewing a report on the Ca Mau Gas Processing Plant.

Petrovietnam was established with the mission of contributing to national energy security and serving as an economic pillar in the country's construction and development. After nearly 50 years of growth and transformation, Petrovietnam has made remarkable and comprehensive progress in both scale and depth, developing an integrated and synchronized value chain—from exploration and production to gas industry operations, petroleum refining and petrochemicals, power generation, renewable energy, and high-quality oil and gas technical services.

Resolution 244 of the Politburo on the development of the oil and gas industry, issued in July 1975, along with other key Politburo resolutions such as Resolution 15, Resolution 41, and most recently, Conclusion 76, demonstrates the Party’s strong commitment and special attention to Petrovietnam.

In response to the trust placed in it by the Party and the people, Petrovietnam’s workforce has continuously strived to overcome all challenges and affirm its position. Of course, throughout its development, Petrovietnam has experienced both ups and downs, facing crises caused by both internal and external factors. These include the prolonged oil price crisis from 2015 to 2019 and the COVID-19 pandemic crisis from 2020 to 2022. However, after each crisis, Petrovietnam not only recovered but emerged stronger, achieving greater operational efficiency and enhancing its reputation. This serves as a testament to the resilience and unwavering determination of the oil and gas workforce.

Amidst countless difficulties and crises, Petrovietnam transformed challenges into opportunities by taking a bold, groundbreaking step—restructuring its leadership system to become leaner and more efficient. Today, it can be confidently stated that Petrovietnam was the first state-owned enterprise to successfully implement restructuring and streamline its organizational structure. Remarkably, in just six months—from early 2018 until the completion of the new structure—this transformation breathed new life into the company. Most importantly, this "first revolution" in organizational reform was carried out smoothly, without any negative consequences. Every member of Petrovietnam understood that without restructuring its management and governance system, the company could not advance.

Alongside its restructuring efforts, Petrovietnam has also embarked on a corporate culture transformation—a creative and strategic move that has laid the foundation for the company's cultural development today, generating new momentum for growth.

By revitalizing its corporate culture while enhancing governance in production and business operations, Petrovietnam has achieved remarkable success, consistently meeting and exceeding the targets and responsibilities assigned by the Party and the State. Emerging from the crisis, Petrovietnam’s brand value in 2024 reached approximately 1.4 billion USD—three times higher than in 2019, the year it began its cultural transformation. This demonstrates the company's increasing recognition by society and the strong trust and acknowledgment from the Party and the State.

With the 2024 motto: "Managing volatility – Adding new momentum – Renewing existing drivers – Creating new energy – Reaching new heights," Petrovietnam has directed all units across the Group to implement a range of strategic solutions, focusing on sustaining the growth momentum built over the past years. With the spirit of "One Team – One Goal," Petrovietnam’s commitment to cultural renewal and elevating its corporate culture—centered on growth, unity, legal compliance, collaboration, and mutual support among units—has become a driving force. This shared belief and motivation will continue to propel Petrovietnam towards stable, sustainable, and far-reaching development.

PV Drilling workers operating on an offshore drilling rig.

It must also be emphasized that Petrovietnam is the first state-owned corporation to prioritize corporate culture development and renewal among all state-owned groups and corporations. Notably, the Party Committee of Petrovietnam launched a special thematic activity called "Self-Reflection, Self-Correction", following the key points of Conclusion No. 21-KL/TW from the 13th Central Conference, 4th Plenum. This initiative connects directly to the roles, responsibilities, and accountability of both collective and individual leadership in executing the company's mission. It focuses on analyzing and addressing suggestions, feedback, and recommendations, identifying shortcomings, limitations, and causes, and establishing corrective measures and action plans.

As 2024 draws to a close, in response to General Secretary Tô Lâm’s call for administrative reform and workforce streamlining to propel the country into a new era, Petrovietnam is once again taking the lead in a second round of governance and management restructuring.

On April 24, 2024, the Politburo issued Conclusion No. 76-KL/TW, evaluating the implementation of Resolution No. 41-NQ/TW (dated July 23, 2015), which outlines the strategic development direction for Vietnam’s oil and gas industry through 2025, with a vision to 2035, and sets further directions for the next phase...At the same time, the legal framework directly impacting Petrovietnam’s operations has been improved, facilitating business operations, investment activities, and resolving challenges. These improvements include amendments to key laws such as the Petroleum Law, the Bidding Law, and most recently, the amended Electricity Law, alongside new government decrees, such as Decree 132, which governs overseas investment in oil and gas activities...

This truly marks a liberation for Petrovietnam, as the company had long been constrained by outdated regulations and administrative procedures that no longer aligned with the current landscape. These invisible barriers had effectively tied the hands and feet of the corporation, limiting its growth potential.

Conclusion No. 76-KL/TW of the Politburo has now opened up a new development space for Vietnam’s oil and gas industry, with Petrovietnam at the forefront. This policy guides the sector in leveraging its existing strengths to expand into renewable and new energy sources.Most significantly, Conclusion 76-KL/TW positions Petrovietnam as a pioneer in the development of renewable and new energy sectors.

While this presents a tremendous opportunity, it also brings significant challenges, compelling Petrovietnam to continue its bold transformation and innovation to meet the demands of sustainable development in the new era.

At the Conference on the Dissemination and Implementation of Conclusion No. 76-KL/TW, organized by the Central Economic Commission in collaboration with the Ministry of Industry and Trade and Petrovietnam, Comrade Lê Mạnh Hùng, Secretary of the Party Committee and Chairman of the Board of Members of Petrovietnam, emphasized that the strategic policies, institutional improvements, and regulatory frameworks supporting the development of Vietnam’s oil and gas industry represent a significant opportunity and driving force for Petrovietnam’s growth.

Prime Minister Phạm Minh Chính chairing the 2024 Year-End Summary Conference and 2025 Task Implementation Meeting of Petrovietnam.

Based on this foundation, Petrovietnam has identified seven key task groups and strategic solutions that must be implemented decisively and comprehensively: Improving institutional frameworks and policies to support industry development; developing integrated and intelligent infrastructure to enhance efficiency; enhancing corporate governance efficiency to strengthen competitiveness; optimizing management practices and attracting investment capital for sustainable growth; formulating a strategic development plan that transforms Petrovietnam into an energy-focused industrial corporation, while expanding its value chain into renewable and new energy sectors; promoting digital transformation, scientific research, innovation, and human resource development to drive technological advancements; strengthening international cooperation, resource and environmental protection, and aligning business activities with national defense, security, and diplomatic priorities.

Petrovietnam CEO Lê Ngọc Sơn affirmed: "Every oil and gas worker must know, understand, implement, renew, and elevate Petrovietnam’s cultural values. This is not only an obligation and responsibility but also a right and a source of pride—something each individual should constantly remind themselves of to remain proactive in all circumstances and tasks. These values should serve as a guiding principle for all activities. With the spirit of ‘One Team – One Goal,’ we will continue to seize opportunities amid challenges, renew existing motivations, introduce new driving forces, and propel the Group to new heights.” This statement encapsulates the determination, internal strength, and core philosophy that define Petrovietnam’s power.

The 50-year history of Petrovietnam has proven that only when the company unites as one team, working toward a shared goal, can it truly thrive.

And now, the goal is clear—to build a strong and prosperous Petrovietnam.

A new path has opened!

PVN