Petrovietnam’s Make-or-Break Year: 2025

On the afternoon of December 28, in Hanoi, Prime Minister Pham Minh Chinh attended the Conference on Production and Business Operations in 2024 and Deployment of Tasks for 2025 of the Vietnam National Oil and Gas Group (Petrovietnam – PVN).

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 contributing approximately 9% to the country’s total GDP.

In terms of state budget contributions, the group achieved an impressive 165 trillion dong, accounting for nearly 9% of the country’s total budget revenue and representing a remarkable 52% increase from pre-pandemic levels.

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 group’s total revenue 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 30% with 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 growth of the group over the years. He shared that this year’s conference is marked by increased confidence and hope, in contrast to the concerns and uncertainties of previous years. The Prime Minister further highlighted that while 2021 was a year of stabilization following the pandemic’s disruptions, 2022 was a year of recovery, and 2023 was a year of acceleration, 2024 is the year of transitioning from “red” to “green” energy, and 2025 must be the year of breakthrough for PVN.

Aiming for Double-Digit Growth

As an illustration of PVN’s achievements, the Prime Minister mentioned the group’s successful export of offshore wind power pedestal products, marking Vietnam’s first significant contract in the novel field of offshore renewable energy. This achievement has put Vietnam on the global map for offshore renewable energy.

While celebrating PVN’s recent successes, the Prime Minister also emphasized the increasing responsibilities and challenges that lie ahead for the group, especially during this period of transition. In 2025, PVN is expected to simultaneously achieve its goals and objectives, streamline its organizational structure, and successfully organize party congresses at all levels.

For the year 2025, the Prime Minister has set ambitious targets for PVN, including achieving double-digit growth, innovating governance through digitization and smart technologies, and strictly adhering to security and safety regulations.

Additionally, the group is tasked with formulating a development strategy and restructuring plan that aligns with its vision as a National Energy Industry Group and the strategic orientation for the development of Vietnam’s oil and gas industry.

The Prime Minister urged PVN to remain vigilant and proactive in all circumstances, always preparing for potential risks and managing them effectively. He emphasized the importance of risk management and being prepared for any eventuality.