On this note, Petrovietnam and Sovico Group Joint Stock Company (Sovico) signed a comprehensive cooperation agreement in Hanoi on August 7, marking a new chapter and opening up opportunities to effectively exploit bilateral potential, increase value and competitiveness, and contribute to the country’s sustainable development.
Attending the ceremony from Sovico Group were Dr. Nguyen Thi Phuong Thao, Chairwoman of the Board of Directors; Mr. Nguyen Thanh Hung, major shareholder representative; Mr. Pham Minh Ha, Vice President of the Group, along with leaders of member units and specialized departments of Sovico.
Present at the event from Petrovietnam were Mr. Le Manh Hung, Chairman of the Members’ Council; Mr. Le Ngoc Son, General Director of the Group; leaders of the Members’ Council, the Board of Directors, representatives of the Boards/Offices of the Group, and leaders of member units of the Group.
Currently, Petrovietnam is actively implementing tasks in line with Conclusion No. 76-KL/TW dated April 24, 2024, of the Politburo and the resolutions of the 4th Party Congress of the Group. Petrovietnam continues to play a pioneering role in ensuring national energy security, adapting to the energy transition, and extensive international integration. The Group has also established new strategic partners, expanded its value chain, and connected cross-border investments.
Speaking at the 4th Petrovietnam Party Congress for the term 2025-2030, Prime Minister Pham Minh Chinh clearly stated the goal for the next five years: to bring Petrovietnam into the top five largest groups in Southeast Asia, continue to grow and contribute to macroeconomic growth, and especially energy security.
To achieve these tasks, in this new phase of development, Petrovietnam focuses on restructuring its operating model and establishing three strategic production and business pillars: Energy, Industry, and High-quality Services.
The Energy pillar plays a dominant role in ensuring national energy security, developing synchronously from traditional oil and gas to renewable energy, offshore wind power, hydrogen, LNG, and green ammonia. The Industry pillar will promote the development of oil and gas refining, chemicals, new materials, and mechanical manufacturing, deeply engaging in the global energy supply chain. Regarding the High-quality Services pillar, the Group will focus on developing a high-quality technical service ecosystem, logistics, consulting, design, construction, operation, digital transformation, and science and technology according to international standards.
Clearly defining the three strategic pillars is the basis for Petrovietnam to implement substantial and effective cooperation agreements with partners, especially private sector entities with strong capabilities and a long-term vision.
Asserting its exceptionally important role in the national economy, with intelligence, ambition, and a daring spirit, Petrovietnam takes the lead, pioneers, affirms its mettle, intelligence, and long-term vision, enhances labor productivity, achieves double-digit growth, develops rapidly and sustainably, and contributes to ensuring the goals of growth, macroeconomic stability, and national energy security. All of this is done with the spirit of “resources come from thinking and vision, motivation comes from innovation, and strength comes from the people and businesses.”
Carrying on the 50-year tradition of previous generations in building and developing a strong Petrovietnam, maintaining its leading position in the country and its standing in the region and the world, Petrovietnam has demonstrated its leading role in driving the development of other sectors of the economy by creating linkages and collaborations not only with leading corporations and companies in the country, such as Viettel, ACV, TKV, Vinachem, VRG, and VIMC, but also by expanding cooperation with leading private enterprises such as Hoa Phat and Sovico.
Collaborating with top Vietnamese businesses not only helps Petrovietnam and its partners strengthen connections, expand their scale, and enhance their production and business capacity and competitiveness but also boosts the economy’s development.
On behalf of Petrovietnam, Chairman Le Manh Hung expressed his appreciation and acknowledged the significant growth and contributions of Sovico to the country through its activities in various fields, including finance, banking, aviation, real estate, resort tourism, and energy.
Sharing the resolutions of the 4th Party Congress of the Group, which had just been approved, the leader of Petrovietnam affirmed that the Group aims to be in the top 500 largest enterprises in the world by 2030, according to the Fortune 500 list. To achieve this goal, Petrovietnam’s leadership affirmed that expanding cooperation with private partners with strong capabilities, experience, and financial potential, such as Sovico, is a strategic move to mobilize social resources, promote innovation, and increase investment efficiency throughout the value chain.
On behalf of Sovico, Chairwoman Nguyen Thi Phuong Thao congratulated Petrovietnam on its positive achievements and affirmed its position as a leading economic group in the country in ensuring national energy security and making significant contributions to the country’s GDP. Through this cooperation agreement, Sovico’s leader expressed her desire for the two Groups to cooperate closely and effectively, build and promote the culture of Vietnamese enterprises, create a harmonious strength, conquer economic goals, and create sustainable values for the country. She also hopes that the two enterprises will become a model of collaboration between state-owned and private enterprises in economic development.
This will be an important premise for the two sides to materialize strategic projects, contributing to Vietnam’s energy transition, economic development, and international integration in the next phase.
The Legend of Trung Nguyên Expands Its Cafe Empire in the US
With a continued dedication to innovation and brand development, Trung Nguyen Legend expands its footprint in August 2025 with a series of new spaces in the heart of the US and Vietnam.
“Leading Brazilian Meat Processor Invests $100 Million in Two New Plants in Hai Phong and Ho Chi Minh City”
JBS is a leading global provider of chicken and beef with headquarters in Brazil. With a strong presence in the meat industry, they are renowned for their quality products and commitment to sustainability. As a trusted supplier, JBS ensures that their practices meet the highest standards, offering customers a reliable and responsible source of meat. Their dedication to innovation and customer satisfaction solidifies their position as a prominent player in the global market.
The Crypto Conundrum: Unraveling the Future of Digital Asset Exchanges
The Ministry of Finance is finalizing a pilot project for the crypto asset market. This development comes after a thorough examination of international experiences and domestic realities. The proposal is currently under review by the government, which will then be reported to the Politburo for approval to proceed with a pilot, complete with a transparent roadmap and clear criteria.
“Defense Ministry’s Ambitious Offshore Wind Power Plan: A Trillion-Dollar Vision for Vietnam’s Energy Future”
Let me know if you would like me to elaborate on this title or provide additional content suggestions to support this new direction. I can offer a few ideas for key messages and themes if it would be helpful!
The Ministry of Industry and Trade, as the state management agency for the power industry, will assess the alignment with the national power development strategy and master plan, progress, technology, grid connection capability, power purchase agreement, socio-economic efficiency, technical safety, and investor qualifications.
Revealing the Top 10 Insurance Companies Contributing the Most to Vietnam’s State Budget
The latest financial report insights reveal an interesting trend in the insurance industry. As per the data, a notable 23 insurance companies contributed significantly to the economy, each generating a substantial revenue of over 100 billion VND in 2024. This impressive performance showcases the strength and potential of the industry, with these leading companies paving the way for a prosperous future.
