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, the group achieved an impressive 165 trillion dong, equivalent to nearly 9% of the country’s total budget revenue, signifying 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 PVN’s breakthrough.
Aiming for Double-Digit Growth
As an example of PVN’s achievements, the Prime Minister mentioned the group’s successful export of offshore wind power pedestal products, marking Vietnam’s first significant export contract in the novel field of offshore renewable energy. This achievement has put Vietnam on the global map for offshore renewable energy.
Petrovietnam is developing as a National Energy Industry Group. Photo: VGP
The Prime Minister emphasized that the impressive results of PVN also bring greater responsibilities and challenges, especially during the transition period. In 2025, PVN must not only focus on achieving its goals and objectives but also on streamlining its organization 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 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 into a National Energy Industry Group, aligning with the orientation of Vietnam’s oil and gas industry development strategy.
The Prime Minister urged PVN to remain vigilant and proactive at all times, always preparing for various scenarios and effectively managing risks.
