Petrovietnam, as the national energy and industrial conglomerate, has always aligned its development goals with those of the country. In light of the global energy transition, the company has adjusted its strategy for 2030 and its vision for 2045. By 2030, Petrovietnam aims to achieve a total installed electricity capacity of 8,000-14,000 MW, with renewable energy sources contributing 5-10% of the total installed capacity.
Looking further ahead to 2045, the company has set its sights on reaching an installed capacity that accounts for 8-10% of Vietnam’s total electricity system, with renewable energy sources making up 10-20% of Petrovietnam’s total power sources.
Vietnam Oil and Gas Services Corporation (PTSC), a subsidiary of Petrovietnam and a leading player in the oil and gas industry and renewable energy sector, has successfully delivered on its strategic role under the guidance of Petrovietnam. PTSC has excelled in its undertaking, completing the handover of 33 offshore wind turbine foundations to its international partner, Ørsted.
This significant milestone underscores Petrovietnam’s role in shaping the direction, providing strategic guidance, and representing the nation in connecting policies for internationally-scaled projects.
Notably, the project, “33 Offshore Wind Turbine Foundations for Export,” is not only a remarkable achievement in celebration of the 4th Congress of the Petrovietnam Party Committee for the term 2025 – 2030, but it also marks the first time PTSC has successfully manufactured and exported large-scale wind turbine foundations to the international market.
Speaking at the ceremony, Mr. Tran Ho Bac, CEO of PTSC, emphasized the exceptional importance of this project. For the first time, a Vietnamese enterprise has won the bid to manufacture large-scale wind turbine foundations for export. The project faced technological challenges, stringent international technical standards, and a tight construction schedule. Nonetheless, with unwavering determination and superior capabilities, PTSC successfully completed the project, ensuring high standards of quality and safety, which were highly appreciated by the client.
As a key member of Petrovietnam in the technical services sector, PTSC has demonstrated its proactive and pioneering role in entering the international offshore wind power market. The turning point came with the project to manufacture 33 wind turbine foundations for Orsted (Denmark), which commenced in early 2023.
Through this project, Petrovietnam and PTSC have made significant contributions to connecting and building a domestic supply chain, gradually forming a production and manufacturing ecosystem for the offshore wind power industry. This ecosystem involves the participation of various units within the Group. As a result, Vietnam will have greater autonomy in developing offshore wind power projects to serve domestic needs in the coming years. The PTSC Energy and Technical Logistics Center plays a leading role in this value chain, aligning with the country’s orientation towards a green and sustainable economy.
“The success of this project is attributed to the invaluable support and attention from the Government leaders, ministries, central departments, the provincial government of Ba Ria – Vung Tau, and the Vietnam National Oil and Gas Group. We deeply appreciate the support from the leadership, our client Ørsted, the contractors, and especially the entire workforce of PTSC, who have shared and accompanied us through day and night, overcoming all difficulties to bring the project to a successful conclusion,” shared Mr. Tran Ho Bac.
Earlier, on December 1, 2024, the project was honored to welcome Prime Minister Pham Minh Chinh, who provided guidance during the handover ceremony of the first foundation. On this occasion, the Prime Minister directed Petrovietnam and PTSC to invest in and establish an energy and technical logistics center in Ba Ria – Vung Tau, underscoring the national significance of the project.
In recognition of the outstanding achievements of the collective in leading, directing, and executing this project, the Party Committee of Petrovietnam announced the decisions to honor the project as a typical work and to commend the collectives that made excellent contributions to its success.
At the ceremony, the representative of the investor, Orsted, also presented the Project Completion Certificate to the representative of PTSC, officially acknowledging the success of this international cooperation project.
The successful completion of this project firmly establishes the pioneering position of Petrovietnam and its member units in the energy transition journey, propelling Vietnam’s presence on the global renewable energy map.
Rubber Shortage Looms: GVR’s Shareholder Meeting Addresses Deficit and 2,400MW Renewable Energy Target
The leadership team at Vietnam Rubber Group (HOSE: GVR) forecasts a global natural rubber supply shortage in the coming years. They predict that the demand for natural rubber will outpace supply, with a potential deficit of nearly 2 million tons by 2028.
“HDBank and PV Power Sign VND2,000 Billion Credit Limit Agreement: A Step Towards Sustainable Energy Transition.”
“Forging ahead with its commitment to green finance and sustainable development, on June 11, 2025, HDBank (HOSE: HDB), a prominent commercial bank in Vietnam, inked a significant credit agreement with PV Power, a foremost electricity producer under the umbrella of Petrovietnam. The agreement comprised a credit limit of VND 2,000 billion, marking a pivotal step in HDBank’s journey toward fostering environmentally conscious initiatives.”
“PVFCCo – Phu My and PVOIL Sign Agreement for Collaboration in Services, Trade, and Chemicals”
Within the scope of the Agreement, PVFCCo – Phu My and PVOIL have agreed to enhance their collaboration across multiple facets. The focus is on effectively leveraging their respective strengths in infrastructure, logistics, distribution networks, and existing production capabilities.
“Unveiling PVFCCo – Phu My’s Core Competencies for Sustainable Growth”
Amid rising input costs and a volatile market, PVFCCo – Phu My has demonstrated resilience with stable production operations, as evident in its impressive performance for the first five months of 2025. The company aims to achieve a minimum revenue growth of 16,000 billion VND, targeting an 8% increase in the remaining months of the year.
“PVFCCo – Phu My and PVOIL Sign Agreement for Collaboration in Services, Trade, and Chemicals”
On June 11, at the headquarters of the PetroVietnam Fertilizer and Chemicals Corporation (PVFCCo – Phu My, HOSE: DPM), PVFCCo – Phu My and Vietnam Oil and Gas Group (PVOIL, UPCoM: OIL) signed a strategic cooperation agreement. This marks the beginning of a new phase of comprehensive and diverse collaboration between these two subsidiaries of the Vietnam National Oil and Gas Group (Petrovietnam).
