On April 9, 2025, the Prime Minister of Vietnam signed a decision to change the name of the Vietnam National Oil and Gas Group to the Vietnam National Industrial-Energy Group (Petrovietnam). This event marks not just a significant milestone but also reflects the country’s strategic orientation in the new energy era.
“The name change is more than just a new identity. It is linked to a new development mindset, demonstrating Petrovietnam’s proactive approach in adapting to the global energy transition and the country’s sustainable development,” emphasized Mr. Binh.
ADAPTING TO GLOBAL TRENDS
For over half a century, Petrovietnam has been a pillar of Vietnam’s economy. However, in the context of globalization, climate change, energy crises, and net-zero emission pressures, the sole focus on oil and gas exploration is no longer suitable. The new name, National Industrial-Energy Group, signifies the ambition to position Petrovietnam as an integrated conglomerate, deeply involved in fundamental industries and modern energy ecosystems.
According to the new orientation, Petrovietnam will develop based on three main pillars: Energy, Industry, and Services. From electricity and gas to renewable energy, green hydrogen, energy storage, and supporting industries, equipment manufacturing, and research and development (R&D) in clean technologies, all fall within the group’s long-term strategy.
Mr. Le Tho Binh commended this direction: “This strategy aligns with the trends of leading global energy conglomerates such as BP, Shell, and TotalEnergies, who have transformed themselves from traditional oil and gas companies into global energy, technology, and services entities. Petrovietnam is embarking on an ambitious and rightful path.”
NEW MISSION AND CHALLENGES
The new name brings with it the requirement to reposition the operating model. To fulfill this mission, Petrovietnam needs to overcome three main challenges: restructuring governance towards transparency, flexibility, and efficiency; investing in technology and innovation to master clean technology solutions; and enhancing competitiveness on a regional and global scale.
Mr. Binh emphasized: “Petrovietnam cannot merely purchase technology for use but must strongly invest in research and development. Only by mastering technology can the group become the leader in the national energy strategy.”
Additionally, the role of institutions is crucial in Petrovietnam’s transformation process. For substantive reform, the group needs financial autonomy, the freedom to choose partners, and long-term investment direction. “If the mindset of managing state-owned enterprises through administrative orders persists, it will be challenging for Petrovietnam to achieve a breakthrough,” Mr. Binh remarked.
The name change also presents an opportunity for Petrovietnam to rebuild its brand image among the public and investors. Evolving from a symbol of the oil and gas industry, Petrovietnam aspires to become an emblem of adaptation, pioneering spirit, and industrialization aspirations as the world undergoes significant changes.
TAKING ACTION TO REALIZE THE VISION
Mr. Binh candidly pointed out: “The biggest challenge now is to materialize the new name through specific capabilities and strategies, accompanied by practical actions and solutions.” The title of the Vietnam National Industrial-Energy Group not only underscores Petrovietnam’s central role in ensuring energy security but also raises expectations for a reformed state-owned enterprise model that aligns national interests with sustainable development trends.
Petrovietnam’s transformation journey is not merely the group’s story but also a test of the entire Vietnamese economy’s adaptability in the new energy era. With strategic vision and determination to act, Petrovietnam is laying the foundation to become a pioneering energy-industry-service conglomerate, propelling Vietnam’s presence on the global energy map.
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