Petrovietnam urged to strive for regional top five rankings

Petrovietnam is expected to build a comprehensive industrial–energy ecosystem that leads the market and plays a central role in Việt Nam’s energy transition.

Prime Minister Phạm Minh Chính has called on the Vietnam National Industry-Energy Group (Petrovietnam) to aim for a place among the top seven, or even top five, leading enterprises in the region in the near future.

The Prime Minister made the request on Sunday at the 4th Congress of the Party Committee of Petrovietnam for the 2025–30 term. He acknowledged the ambitious nature of the target but stressed that it must be pursued with determination.

“It’s a difficult goal, but no matter how difficult, we must strive to achieve it,” he said.

The congress gathered 238 official delegates representing nearly 14,000 Party members of the group. Participants reviewed the outcomes of the 2020–25 term, set new strategic directions, and contributed feedback to key draft documents for the upcoming 14th National Party Congress.

According to the congress’s report, the 2020–25 term was an exceptionally successful period for Petrovietnam’s Party Committee. Total revenue grew by an average of 14.5 per cent annually, 383 per cent higher than the initial target.

Pre-tax profit rose by 32.7 per cent per year, exceeding the plan by over 1,500 per cent, while State budget contributions surpassed expectations by 64 per cent.

In 2024, Petrovietnam surpassed the VNĐ1 quadrillion (US$40 billion) revenue mark for the first time, affirming its strength, resilience and pivotal role as a financial pillar of the national economy.

The group currently supplies over 75 per cent of the country’s gasoline demand, more than 73 per cent of domestic fertiliser needs, over 75 per cent of the Liquefied Petroleum Gas market share, and 10 per cent of total national electricity output, underscoring its central role in Việt Nam’s essential energy supply chain.

Social responsibility remains a key focus, with Petrovietnam contributing over VNĐ3.5 trillion to social welfare programmes, building 10,262 houses, planting 1.2 million trees, and donating 25,700 units of blood, demonstrating its commitment as a national enterprise to the community and the country.

Looking ahead to the 2025–30 term, the Party Committee has set out a vision to develop a robust group with modern governance, strong competitiveness and leadership in energy transition and sustainable green growth.

The congress adopted 13 key tasks and solutions, including 11 specific performance targets. Among them, modern corporate governance is identified as a core solution; science, technology, innovation, and digital transformation as breakthrough drivers; and the integrated development of three strategic pillars of energy, industry and high-quality technical services as the overarching objective.

Petrovietnam is expected to build a comprehensive industrial–energy ecosystem that leads the market and plays a central role in Việt Nam’s energy transition.

PM Chính praised Petrovietnam’s contributions to energy security, food security, economic security, social welfare and the protection of national sovereignty over maritime territories. He commended the group’s proactive efforts in reforming and improving policies for the oil and gas sector, modernising its governance model, and advancing science, technology, and innovation.

He also noted Petrovietnam’s successful transformation from a national oil and gas company to a comprehensive national industrial–energy group.

The Prime Minister instructed the group to lead by example in innovation, scientific application, and digital transformation across all three of its pillars, including energy, industry and services.

He called for proactive global integration, in line with Politburo Resolution No 59, and contributions to private sector development under Resolution No 68.

Petrovietnam must deploy smart, modern, and synchronised governance solutions, optimise production efficiency, adapt flexibly to market fluctuations and seize opportunities from the restructuring of global supply chains to sustain double-digit growth in the years to come, he stressed.