On the afternoon of December 28, in Hanoi, Prime Minister Pham Minh Chinh attended the Conference on Reviewing Production and Business Activities in 2024 and Deploying Tasks for 2025 of the Vietnam National 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 VND 1 quadrillion, reflecting a 36% growth compared to the pre-COVID-19 period (2019) and contributing approximately 9% to the country’s total GDP.
In terms of state budget contributions, PVN achieved an impressive VND 165 trillion, accounting for nearly 9% of the country’s total budget revenue and representing a remarkable 52% increase from the pre-COVID-19 era.
With these outstanding results, PVN has comprehensively exceeded the financial targets set by the Prime Minister for the five-year period from 2021 to 2024. Specifically, the total revenue of the Group reached VND 3.5 quadrillion, surpassing the five-year plan by 6% and attaining an annual growth rate of 16.7%. Additionally, PVN’s state budget contributions amounted to VND 600 trillion, exceeding the five-year plan by 30% with an annual growth rate of 21.2%.
In his speech at the conference, Prime Minister Pham Minh Chinh acknowledged the consistent efforts, dedication, and remarkable development and maturity demonstrated by the Group over the past four years, as evidenced by his attendance at their annual conferences.
“Attending this year’s conference, we are relieved of many concerns and are filled with renewed faith and hope,” the Prime Minister shared. He further assessed that while 2021 was a year of stabilization following the pandemic’s upheaval, 2022 marked the year of recovery, and 2023 was the year of acceleration. In this context, 2024 is regarded as the year of transitioning from “red” to “green” energy, and 2025 must be the year of PVN’s breakthrough.
Targeting Double-Digit Growth
As an illustration of PVN’s achievements, the Prime Minister mentioned their successful execution of his suggestion to explore the maritime space. In 2024, PVN exported offshore wind power pedestal products and is currently striving to manufacture turbines and blades. This marks the first time that Vietnam has secured a high-value contract in the novel field of offshore renewable energy, thereby inscribing the country’s name on the global map of offshore renewable energy.
Petrovietnam is developing as a National Energy Industry Group. Photo: VGP
The Prime Minister expressed that the joy and pride we feel for PVN’s recent accomplishments also serve as a reminder of the immense responsibilities that lie ahead for the Group, especially during this period of transition. In 2025, PVN must simultaneously strive to achieve its goals and objectives while streamlining and organizing its apparatus and successfully holding 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 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.
The Prime Minister also advised PVN to remain vigilant and never be complacent or careless, regardless of the circumstances. They must always be prepared for any eventuality and excel in risk management.
