On the afternoon of December 28, in Hanoi, Prime Minister Pham Minh Chinh attended the Conference on Production and Business Operations in 2024 and the Deployment of Tasks for 2025 of the Vietnam Oil and Gas Group (Petrovietnam – PVN).
The Prime Minister gives directives at the Conference. Photo: VGP
The year 2024 marks the third consecutive year that Petrovietnam has broken records in total revenue, surpassing the impressive milestone of 1 quadrillion dong, reflecting a 36% growth compared to the pre-COVID-19 period (2019) and accounting for approximately 9% of the country’s total GDP.
In terms of state budget contributions, PVN made remarkable strides, reaching 165 trillion dong, which equates to nearly 9% of the country’s total budget revenue. This figure also signifies a substantial 52% increase compared to the pre-pandemic era.
With these outstanding achievements, PVN has successfully exceeded the comprehensive financial targets set by the Prime Minister for the five-year period from 2021 to 2025. During this period, the total revenue of the Group reached 3.5 quadrillion dong, surpassing the five-year plan by 6% and achieving an annual growth rate of 16.7%. Additionally, PVN’s state budget contributions amounted to 600 trillion dong, exceeding the five-year plan by a significant 30% and attaining an annual growth rate of 21.2%.
In his speech at the conference, Prime Minister Pham Minh Chinh expressed his pride in witnessing the continuous efforts, dedication, and remarkable development of PVN over the years. He shared that this year’s conference is marked by a significant reduction in concerns and uncertainties, replaced instead by a strong sense of confidence and hope. The Prime Minister further assessed that while 2021 was a year of stabilization following the pandemic’s upheaval, 2022 was a year of recovery, and 2023 was a year of acceleration, 2024 can be characterized as a year of transition from “red” to “green” energy, and 2025 must be the year of PVN’s breakthrough.
Double-Digit Growth Target
As an illustration of PVN’s achievements, the Prime Minister mentioned the successful export of offshore wind power pedestal products, which was initiated following his suggestion to explore the potential of the maritime space. PVN is also actively working on the production of turbines and blades, marking the first time that Vietnam has secured a high-value contract in the novel field of offshore renewable energy, thereby placing the country on the global map of offshore renewable energy.
Petrovietnam is developing as a National Energy Industry Group. Photo: VGP
The Prime Minister emphasized that the remarkable achievements of PVN bring even greater responsibilities and challenges, especially during the transition process. In 2025, PVN is expected to simultaneously accomplish its goals and tasks while streamlining its organizational structure and effectively organizing Party Congresses at all levels.
For the year 2025, the Prime Minister instructed PVN to take the lead in accelerating and breaking through, aiming for double-digit growth. He also emphasized the importance of innovating governance towards digitization and intelligence, as well as strictly adhering to regulations related to security and safety.
Additionally, the Prime Minister requested the development of a strategy and a proposal for restructuring PVN in line with the model of a National Energy Industry Group, aligning with the orientation of the Vietnam National Oil and Gas Strategy.
He further advised PVN to remain vigilant and never be complacent or careless, regardless of the circumstances. PVN should always be prepared for any scenario and excel in risk management.
