First Closed-Loop Technology in Vietnam
Petrovietnam Maintenance-Repair Joint Stock Company (PVMR) recently held its 2025 Annual General Meeting of Shareholders. The company reported impressive achievements in 2024.
Consolidated net revenue reached VND 779.57 billion, exceeding the annual plan by 139% and reflecting a 135% growth compared to 2023. Consolidated post-tax profit amounted to VND 14.41 billion, surpassing the plan by 192% and marking a 176% increase from the previous year—the highest in the last three years.

These remarkable results were attributed to the successful completion of several large-scale maintenance and repair projects, including the 5th Overall Maintenance (TA5) at the Dung Quat Refinery, offshore maintenance packages for Vietsovpetro and PVEP, as well as gas-electricity maintenance activities at key industrial clusters in the South.
To enhance its competitiveness, PVMR is implementing synchronized solutions. Specifically, the company is accelerating digital transformation in governance and operations, restructuring its organizational apparatus, and expanding collaborations with international technology partners. On average, the company signs approximately 1.5 cooperation agreements per month, many of which have been materialized into revenue streams.
A notable highlight is PVMR’s successful implementation of closed-loop tank cleaning services for crude oil storage tanks at the Dung Quat Refinery during the TA5 overall maintenance period —a first for Vietnam.
According to PVMR, this closed-loop tank cleaning project utilized the same type of crude oil to dilute the sludge and oil in the tanks, without the need for flushing oils or additional chemicals. This method eliminated the need for human entry into the tanks during the cleaning process, relying entirely on machinery.

The outcome of this method ensured a minimum oil recovery rate of 90%. The recovered oil quality met the criteria of having <=5% water and impurity content. This process also ensured that the tank walls, roof, and bottom met the standards for NDT plate bottom inspection, and the environment inside and above the tank roof had LEL = 0%, enabling hot work conditions.
Additionally, the application of this method provided temporary pumps and pipes to transfer the recovered crude oil from the temporary tank back to BSR’s crude oil tanks earlier than expected.
This innovative service received high praise and led to an invitation to introduce it to PETRONAS in Q2/2024.
2025 Development Strategy
Amid the energy transition and the growing trend of renewable energy, along with the impact of global economic and geopolitical policies, PVMR has recognized the imperative to proactively prepare resources and enhance its adaptability. This is vital for maintaining its leading role in oil and gas maintenance engineering.
Major industry projects such as Lot B – O Mon and ongoing gas-electricity complexes present golden opportunities for PVMR to leverage its strengths in specialized technical services. These projects also motivate PVMR to deepen its involvement in the localization value chain, particularly as the domestic market expands its development of gas, electricity, and LNG.
For 2025, PVMR aims to maintain its leading position in oil and gas maintenance engineering in Vietnam while expanding its technical services to Southeast Asian countries with similar refining and petrochemical systems. The company aims to capitalize on its accumulated experience, technology, and construction capabilities from domestic projects.
This strategy not only enhances PVMR’s regional competitiveness but also represents a substantial step towards internationalizing high-tech oil and gas services. It contributes to sustainable development goals and elevates the stature of Vietnamese enterprises in the global energy industry.

To achieve these goals, PVMR’s leadership has outlined key tasks for the coming year to enhance operational efficiency and competitiveness in a dynamic and evolving market.
Firstly, they will implement modern governance models, including volatility management and value chain management, to improve risk response capabilities and optimize operational efficiency. They will also integrate digital platforms and build a service ecosystem to lay a solid foundation for comprehensive digital transformation.
Secondly, they will effectively control costs, especially in large cost centers, to mitigate market fluctuations. Thirdly, they will strengthen collaborations with technology partners to develop high-tech services and aspire to become a comprehensive industrial service provider.
Fourthly, they will review and improve internal systems, updating and adjusting internal regulations to ensure compliance with new legal provisions and align with modern enterprise management practices.
Lastly, they will enhance the monitoring of subsidiary and affiliated companies’ operations to ensure synchronized efficiency across the entire system.
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