Home Investments “A Challenge for Petrovietnam: Aiming for a Top 5 Spot Among Southeast...

Investments

“A Challenge for Petrovietnam: Aiming for a Top 5 Spot Among Southeast Asian Enterprises”

7 August, 2025

Prime Minister Pham Minh Chinh attends and directs the Congress of the Party Committee of the Vietnam National Oil and Gas Group (Petrovietnam) for the IVth term of 2025 – 2030 – Photo: VGP/Nhat Bac

Also attending the Congress were members of the Central Party Committee, leaders of the Government Party Committee, ministries, central agencies, and local authorities.

The Congress took place over two days, August 2-3, with the participation of 238 official delegates representing nearly 14,000 party members across the Party Committee.

Prime Minister Pham Minh Chinh and delegates attending the Congress of the Party Committee of the Vietnam National Oil and Gas Group – Photo: VGP/Nhat Bac

The Congress reviewed the implementation of the resolutions of the Party Committee of the Group for the IIIrd term, 2020-2025, and set out orientations, goals, tasks, and solutions for the term 2025-2030. It also discussed and contributed opinions to the draft documents of the XIVth National Party Congress and the Political Report of the I st Party Congress of the Government; elected the Executive Committee of the Party Committee of the Group for the IVth term, 2025-2030; and elected delegates to attend the I st Party Congress of the Government.

As the first Congress since the Group’s new name change to the Party Committee of the Vietnam National Oil and Gas Group, this event marked a comprehensive transformation for Petrovietnam in the new era. The Group aims to build an integrated industrial-energy-service enterprise with a pioneering mission in energy transition, green growth, and extensive international integration.

Prime Minister Pham Minh Chinh evaluated this event as a significant political milestone for Petrovietnam, held on the occasion of the Group’s 50th anniversary (September 3, 1975 – September 3, 2025) – Photo: VGP/Nhat Bac

With the political determination of “One Team – One Goal”, the Congress clearly defined the theme for the 2025–2030 term as: “Promoting the heroic tradition, building a comprehensively strong Party Committee; developing the Group with strong potential, modern governance, high competitiveness, and pioneering green growth and sustainable energy transition.”

The Congress also proposed 13 groups of key tasks and solutions with 11 groups of specific indicators. Among these, enterprise governance and management are the central solutions, while the development of science, technology, innovation, and digital transformation are the breakthrough solutions. The Group aims to develop three strategic pillars synchronously: Energy, Industry, and High-quality Technical Services; and form an integrated industrial-energy ecosystem, leading the market and playing a central role in the national energy transition. Accordingly, by 2030, Petrovietnam aims to be among the top 500 enterprises in the world according to the Global Fortune ranking, with consolidated revenue of 37 billion USD.

“Successful restructuring, revival of spirit, and spread of trust”

The Prime Minister appreciated the Group’s significant and outstanding achievements – Photo: VGP/Nhat Bac

Speaking at the Congress, Prime Minister Pham Minh Chinh evaluated this event as a significant political milestone for Petrovietnam, held on the occasion of the Group’s 50th anniversary (September 3, 1975 – September 3, 2025). This event also took place in the heroic atmosphere of the historic August days, as the country looked forward to the 80th anniversary of the August Revolution and National Day, and the 80th anniversary of the traditional day of the People’s Public Security Forces.

Highly appreciating the organization of the Congress and basically agreeing with the content of the reports prepared by the Executive Committee of the Party Committee of the Group, on behalf of the Leaders of the Party, State, and the Government Party Committee, the Prime Minister acknowledged and commended the great efforts, maturity, and strength of the Group, which has made important contributions to the rapid and sustainable development of the country. These contributions have helped ensure “five security aspects”: energy security, food security, economic security, social security, and security of the country’s sea and island sovereignty.

“Will is united, knowledge is enhanced, value is added, cooperation is expanded, trust is spread, spirit is warrior-like, humanity is fulfilled, aspiration is far-reaching, and the future is bright,” the Prime Minister summarized the Group’s efforts and achievements over the years.

Delegates attending the Congress – Photo: VGP/Nhat Bac

The Prime Minister assessed that in the context of both favorable opportunities and complex challenges facing the country, with challenges outweighing opportunities, especially issues affecting the Group’s operations due to supply chain disruptions, natural disasters, climate change, conflicts in many regions, and long-standing problems… The Group has made significant and outstanding achievements.

Firstly, it has comprehensively and exceeded all 12/12 targets set by the IIIrd Party Congress of the Group.

Total revenue in 2025 is estimated to reach 1.06 quadrillion VND, an increase of 87% compared to 2020. For the period of 2020-2025, the total revenue is estimated at 5.13 quadrillion VND, a 49% increase compared to the period of 2015-2020. Consolidated pre-tax profit in 2025 is estimated at 53.8 trillion VND, 2.7 times higher than in 2020. For the period of 2020-2025, the consolidated pre-tax profit is estimated at 304.3 trillion VND, a 30% increase compared to the period of 2015-2020. State budget contribution in 2025 is estimated at 160.5 trillion VND, a 93% increase compared to 2020. For the period of 2020-2025, the state budget contribution is estimated at 844 trillion VND, a 37% increase compared to the period of 2015-2020. Consolidated total assets in 2025 are estimated to exceed 1.1 quadrillion VND, a 29% increase compared to 2020. Equity is estimated at 544 trillion VND, a 17.3% increase compared to 2020.

The Group’s consolidated total assets account for 32.8% of the total assets of state-owned enterprises. Consolidated equity accounts for 32.4%. Consolidated revenue accounts for 26.1%. In terms of international comparison, in 2024, PVN was recognized by Fortune 500 Southeast Asia as 11th in the region, 5th in the energy sector, and the Top 1 largest enterprise in Vietnam.

“The Group has successfully restructured, but the most remarkable success is the revival of spirit and the spread of trust,” the Prime Minister emphasized.

Secondly, the Group has actively contributed to the innovation and improvement of institutions, mechanisms, and policies related to energy development in general and the oil and gas industry in particular. These include the Conclusion of the Politburo on the orientation of the Strategy for the Development of the Vietnam Oil and Gas Industry until 2025, with a vision towards 2035, the Law on Oil and Gas, and the Proposal for the restructuring of the Group.

Thirdly, the Group has focused on innovating its governance model, improving operational efficiency, and expanding its scope while pioneering in the fields of science, technology, innovation, and new energy development.

During the 2020-2025 term, the Group was honored to receive 03 Ho Chi Minh Prizes, 03 State Prizes, 34 Vietnam Innovation and Creativity Awards (VIFOTEC), and over 1 million creative ideas. The Group has established cooperation with partners in 28 countries.

Mr. Le Manh Hung reported at the Congress – Photo: VGP/Nhat Bac

Fourthly, the Group has paid attention to strengthening the Party building work, ensuring the Party’s comprehensive strength in terms of politics, ideology, morality, organization, and personnel. It has promoted unity and consensus, fostered a spirit of innovation and creativity, encouraged thinking, doing, and daring to surpass itself, ignited aspirations and vision to achieve great things. The number of cadres and party members violating discipline has decreased significantly compared to the previous term.

Fifthly, the Group has successfully transformed from the Vietnam National Oil and Gas Group to the model of the Vietnam National Oil and Gas Group. This transformation has involved expanding the scope and elevating the Group’s activities, enhancing research and development, applying science and technology, promoting innovation and digital transformation, and responding to the requirements of energy transition, environmental protection, and adapting to the new era of national development.

Sixthly, the Group has performed well in humanitarian work, contributing to social security, especially in disaster relief, flood recovery, and the elimination of temporary and dilapidated houses nationwide.

Analyzing and further clarifying the reasons for these achievements, the Prime Minister stated that the Group has strictly followed the Party’s leadership, concretized the Party’s resolutions, and implemented the direction of the authorities. The Group has promoted unity and consensus, with the spirit of “one team, one goal”, reviving the spirit and spreading trust. It has been determined to innovate and create, apply science and technology, and promote digital transformation, turning “impossible into possible, difficult into easy, and possible into reality.”

Along with the achievements, the Prime Minister suggested that the Group should find solutions to effectively overcome limitations and strive to improve with the spirit of “say and do, commit and fulfill”, turning words into specific, measurable results.

Inspiring over 14,000 officials and party members

Looking forward, the Prime Minister hopes that the Group will set higher goals – Photo: VGP/Nhat Bac

Moving forward, the Prime Minister hopes that the Group will set higher goals than those proposed. He suggested that the Group should research and propose appropriate mechanisms and policies to achieve even more breakthrough development, striving to be among the top 5 enterprises in Southeast Asia.

With this in mind, the Prime Minister requested that the Party Committee of the Group continue to strictly observe and creatively apply the principles and methods of Party leadership, practicing democratic centralism, self-criticism, and criticism. It should foster unity and consensus, maintain a close connection with the people, and contribute to their happiness and well-being. The Group should operate in accordance with the Party’s regulations and the Constitution and laws of the State, while strengthening the prevention of corruption, waste, and negativity. It should also enhance discipline and inspection, conduct extensive and early inspections, focus on key areas, and ensure “6 on-the-spot factors: on-the-spot people, on-the-spot work, on-the-spot responsibility, on-the-spot authority, on-the-spot time, and on-the-spot results”; “3 benefits: benefit for the country, benefit for the people, benefit for the enterprise”; and “2 nos: no individual interests, corruption, negativity, and no dissipation or waste of assets.”

Prime Minister takes a souvenir photo with delegates – Photo: VGP/Nhat Bac

Regarding key tasks, the Prime Minister firstly requested that the Group take the lead in promoting development, applying science and technology, innovating and creating, and digitally transforming according to Resolution 57 of the Politburo. It should proactively and actively integrate internationally and develop the market following Resolution 59 of the Politburo, and support and promote the development of the private economy as directed by Resolution 68 of the Politburo. The Group should also contribute to the implementation of Resolution 66 of the Politburo on law building and enforcement, proposing mechanisms and policies in the spirit of serving the common interests and preventing individual interests and negativity.

Children from Kho Vang village, which suffered from landslides in 2024, presenting flowers to the Prime Minister – Photo: VGP/Nhat Bac

Secondly, the Group should continuously innovate its thinking, dare to think, dare to do, and dare to face difficulties and challenges, taking resolute actions. It should continuously learn, research, and improve the qualifications of its human resources with the following principles: Resources come from thinking and vision; motivation comes from innovation and creativity; strength comes from the people and enterprises; nothing is impossible, it depends on our determination to do it and our ability to find the right way, valuing time, wisdom, and decisiveness at the right time.