Vietnam National Industry - Energy Group: A Strategic Transformation in the New Era

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

Deputy Prime Minister Bùi Thanh Sơn and Petrovietnam’s leadership at the ceremony announcing the renaming of the Vietnam Oil and Gas Group.

Strategic Vision Reflected in the New Name

The Vietnam Oil and Gas Group (Petrovietnam) has officially adopted its new name – Vietnam National Industry - Energy Group (Petrovietnam). This renaming is not merely a matter of nomenclature; it marks a significant milestone, symbolizing a strategic transformation within the Group amid the accelerating global energy transition. This event highlights Petrovietnam’s new role and mission in ensuring national energy security, promoting sustainable development, and contributing to the country’s economic growth.

Dr. Nguyễn Quốc Thập – Chairman of the Vietnam Oil and Gas Association.

Dr. Nguyễn Quốc Thập shared that the new designation reflects both the expansion of Petrovietnam’s functions and its areas of operation, embodying the Party and State’s strategic foresight regarding Petrovietnam’s central role in the energy sector. The new name signifies a legacy inherited from the traditional oil and gas sector while expanding into broader industrial and energy domains — encompassing fossil fuels, renewable energy, new energy forms, and even nuclear power. It stands as a testament to the State’s trust in Petrovietnam’s leadership among national industrial and energy enterprises and affirms its position as a pillar ensuring national energy security.

"In the context of global efforts towards emissions reduction and combating climate change, this transformation is inevitable. It paves the way for Petrovietnam to engage more deeply in the global energy transition, develop sustainable energy sources, and contribute to realizing Vietnam’s international commitments, particularly the goal of achieving net-zero emissions by 2050," emphasized Dr. Thập.

Beyond its symbolic significance, the renaming establishes a legal and strategic foundation for Petrovietnam to redefine its future development path. It enables the Group to build and update development strategies suited for the new phase, where Petrovietnam plays a pivotal role in ensuring national energy security and supporting socio-economic development. The new stature allows Petrovietnam to more effectively leverage internal and external resources, fostering substantial and sustainable growth. At the same time, the new name asserts Petrovietnam’s proactive role in regional and global integration.

Amid Vietnam's strong commitment to climate goals, Petrovietnam is expected to take the lead in investing in advanced technologies, developing clean energy sources, and building a modern, diversified, and flexible industrial energy ecosystem to ensure long-term energy supply stability.

Need for Appropriate Policies for the New Development Phase

The new designation not only broadens Petrovietnam’s development space but also offers an opportunity for brand repositioning, enhancing competitiveness, and strengthening international cooperation capacities — especially in a globalized energy landscape where renewable and new energy sources are increasingly replacing fossil fuels. In this context, timely transformation will not only help Petrovietnam avoid lagging behind but also position it as a regional leader. With nearly 50 years of accumulated experience in the oil and gas sector, a highly skilled workforce, and growing research and development capabilities, Petrovietnam is fully qualified to expand its scale, comprehensively develop the energy value chain, and affirm its pioneering role in building a modern, green, and sustainable energy industry.

Petrovietnam pioneering LNG imports / LNG Terminal at Thị Vải Port.

However, according to Dr. Nguyễn Quốc Thập, realizing these strategic orientations requires a new organizational charter, operational regulations, and financial mechanisms that are sufficiently open, flexible, and aligned with Petrovietnam’s expanded scale and role — fully reflecting the spirit of the Politburo’s and the National Assembly’s resolutions on oil and gas and energy sector development. This will create an enabling legal framework for Petrovietnam to operate effectively in the new era.

Furthermore, Petrovietnam’s comprehensive development strategy needs to be regularly updated to align with the national energy development strategy, the adjusted Power Development Plan VIII, and the country’s long-term socio-economic development plans. This will allow Petrovietnam to systematically build short-, medium-, and long-term action plans in an effective and sustainable manner.

Petrovietnam’s new name reflects its expansion into industrial and energy sectors.

It can be said that the renaming to Vietnam National Industry - Energy Group (Petrovietnam) marks not just a symbolic shift but a significant turning point, opening a new development phase for Petrovietnam in its role as a leader of the national energy sector. With a clear strategic direction, appropriate operational mechanisms, and a firm commitment to innovation, Petrovietnam is expected to pioneer the energy transition, develop a modern industrial energy sector, and contribute significantly to Vietnam’s steady progress into the era of sustainable development.

PVN