Seeking opportunities amid emerging challenges

Held under the theme "Opportunities and Challenges for Vietnam's Oil and Energy Industry in the Country's New Development Stage," the forum aims to provide a platform for identifying emerging opportunities and challenges while proposing solutions to foster a sustainable, self-reliant and resilient oil and energy sector in response to the global energy transition.

Delivering the opening remarks, Dr. Nguyen Quoc Thap, Chairman of the Vietnam Petroleum Association, said the forum is taking place at a particularly significant time as the global energy landscape is entering a period of unprecedented volatility, uncertainty and complexity.

He noted that energy security can no longer be understood solely as ensuring sufficient supply. Instead, it has become a comprehensive challenge encompassing infrastructure autonomy, technological capability, financial resilience, market stability, human resources and the ability to respond to geopolitical disruptions.

According to Dr. Thap, energy transition, emissions reduction, green development, the circular economy, carbon markets and new energy sources are no longer future concepts but practical requirements for every country and every energy enterprise.

For Vietnam, he said, the country's new development stage demands a safer, more flexible, more competitive, greener and more self-reliant energy system.

At the same time, he acknowledged that the oil and gas industry no longer enjoys the favorable conditions of previous decades. Many major oil and gas fields have passed their peak production period, reserve replacement has become increasingly difficult, and new projects are located in more remote, deeper and technically challenging areas with higher risks. Meanwhile, requirements for capital, technology, environmental standards and corporate governance continue to become more stringent.

However, Dr. Thap stressed that challenges represent only one side of the picture.

The ongoing transformation also presents new opportunities for Vietnam's oil and gas industry to expand beyond its traditional role into a broader industrial-energy ecosystem covering natural gas, liquefied natural gas (LNG), gas-fired power generation, high-value petrochemicals, high-quality technical services, offshore wind power, carbon capture, storage and utilization (CCS/CCUS), hydrogen, ammonia, digital transformation, emissions management and new energy value chains.

"The key question is whether we can identify these opportunities early enough, prepare our capabilities quickly enough, and, more importantly, establish an institutional framework that is sufficiently open, transparent and stable to transform opportunities into projects, production, technology and, ultimately, national competitiveness," he said.

Building momentum for Petrovietnam's Leadership

Dr. Thap also highlighted Petrovietnam's evolving role during the forum.

He said the Group is transitioning from a national oil and gas corporation into the Vietnam National Industry – Energy Group, a transformation that reflects not merely a change in name but an expanded vision, broader operational scope and greater development responsibilities.

Rather than focusing solely on petroleum exploration and production, Petrovietnam is now operating an integrated industrial-energy ecosystem spanning upstream activities, the gas industry, power generation, oil refining and petrochemicals, fertilizer production, high-tech technical services, energy trading and emerging energy sectors.

Viewed from this perspective, Petrovietnam is not only one of Vietnam's largest enterprises but also a strategic national capability supporting energy security, economic security, maritime security and the country's energy transition, he said.

He added that such a strategic position requires corresponding institutional capacity and internal reforms. While appropriate policies and regulatory mechanisms remain essential, Petrovietnam must also accelerate modernization of its governance, improve decision-making speed, strengthen execution discipline, enhance financial and market capacity, develop a highly skilled workforce for new technologies and establish a more professional risk management system.

Against this backdrop, the 2026 Annual Oil and Energy Forum seeks not only to identify bottlenecks facing the industry but also to explore new development opportunities, determine what institutional reforms are required, identify areas where Petrovietnam should further strengthen its capabilities, and examine how experts, scientists and professional organizations can contribute to sustainable industry development while minimizing risks and improving efficiency.

The forum consists of two main sessions: technical presentations and an open discussion (Q&A), focusing on major issues confronting Vietnam's oil and energy sector during the country's new development stage.

One of the central topics is assessing Vietnam's medium- and long-term energy demand as the country strives to achieve double-digit economic growth, thereby identifying new development opportunities for both the oil and gas and broader energy industries.

Within this framework, Petrovietnam's transformation into the Vietnam National Industry – Energy Group is viewed as a strategic shift toward building an integrated energy ecosystem. As a key force in safeguarding national energy security and economic security while advancing the country's energy transition, the Group is expected to combine supportive policy mechanisms with stronger corporate governance reforms and enhanced competitiveness to fulfill its expanded mission.

Discussions at the forum also focus on removing institutional and regulatory bottlenecks, implementing resolutions issued by the Communist Party of Vietnam and the Government, reviewing proposed amendments to the 2026 Petroleum Law, and improving the legal framework for offshore wind power development.

Another key agenda item is defining Petrovietnam's strategic role in the coming period and identifying the conditions necessary for the Group to develop into a modern national industry-energy corporation capable of competing internationally and ultimately joining the Fortune Global 500.

In addition to strategic policy issues, participants are examining a range of technical topics, including expanding oil and gas exploration activities, developing LNG-to-power project chains, strengthening the power and energy industries, improving refinery and petrochemical efficiency, expanding high-value petroleum technical services and identifying new growth areas.

As many conventional oil and gas fields enter production decline while energy security requirements and energy transition commitments continue to intensify, the forum is also exploring new growth drivers ranging from hydrogen and carbon capture, storage and utilization (CCS/CCUS) to offshore wind power and other clean energy industries.

Through presentations, discussions and dialogue among government agencies, businesses and experts, the Vietnam Petroleum Association expects the forum to establish a strong scientific foundation, build consensus on the industry's long-term development vision and formulate practical policy recommendations that will contribute to substantive progress in Vietnam's oil and energy sector during the 2026-2030 period.