Petrovietnam keeping national “energy flame” ever burning

Offshore wind power foundation manufacturing site at the PTSC energy and technical services industrial center, Vung Tau City

The remarkable achievements obtained by the Vietnam Oil and Gas Group (Petrovietnam) are not only the result of strategic visions laid out by the Party and President Ho Chi Minh but also the strength of unity, discipline and determination under the spirit of “One team - One goal,” ensuring the national energy flame remains ever burning.

Over the past six decades, Petrovietnam has experienced many proud phases of development and has also faced numerous challenges. Notably, the oil price crisis from 2015 to 2019 was among the most challenging periods for the oil and gas industry. Crude oil prices plummeted from over US$100 per barrel to below US$30 per barrel, severely affecting the Group’s production and trading activities.

Petrovietnam leadership inspects progress of the Thai Binh 2 Thermal Power Plant project in 2022

The challenges did not end there. The COVID-19 outbreak starting in 2020 caused unprecedented disruptions in global supply chains. Concurrently, geopolitical tensions and a global economic downturn added significant pressure on the Group’s operations. These difficulties required Petrovietnam to quickly adapt and implement innovative solutions to survive and thrive. The Group proactively reformed its governance, particularly its crisis management, enhanced operational efficiency, and shifted its business model.

Thanks to its unity and strenuous efforts, Petrovietnam overcame the dual crises of declining oil prices and the COVID-19 pandemic, having obtained impressive achievements since 2020. From 2020 through June 2024, Petrovietnam earned a total revenue of VND3.6 quadrillion, paid almost VND600 trillion in taxes to the state budget, and achieved a pre-tax profit of VND230 trillion. Remarkably, the Group successfully fulfilled the 2021-2025 financial targets, assigned by the Prime Minister, two years ahead of schedule.

Petrovietnam has maintained an average crude oil exploitation output of 7.5-8.5 million tonnes per year and gas production of 6-8 billion cubic meters annually. The Group supplies over 13.5 million tonnes of petroleum per year, meeting approximately 70% of the domestic demand. Additionally, Petrovietnam produces 1.6-1.7 million tonnes of nitrogen fertilizer annually, meeting 70-80% of the country’s demand, thereby contributing significantly to national food security.

Petrovietnam has been safely and stably operating nine power plants with a total capacity of over MW6,600, accounting for approximately 8.5% of the national grid’s total capacity.

The Group’s key products, including crude oil, natural gas, liquefied petroleum gas, electricity, and fertilizers, have become indispensable to the country’s socioeconomic activities.

Many of Petrovietnam’s key projects have been successfully put into operation, contributing to the national socioeconomic development. A remarkable milestone was the “miraculous revival” of the Thai Binh 2 Thermal Power Plant project after years of stagnation. This success vividly exemplifies the spirit of “One team - One goal.”

Other major projects, such as the Song Hau 1 Thermal Power Plant, the Thi Vai LNG Terminal, the Nhon Trach 3 and 4 Power Plants, and EPC contracts under the Block B gas-electricity project chain have successfully overcome difficulties to enter operation.

Workers on the White Lion oil field production platform

Undoubtedly, Petrovietnam’s success is closely related to its corporate culture of solidarity and shared purpose. “One team - One goal” is not merely a slogan but has become deeply ingrained in the actions and mindset of all its staff and employees. This spirit was most evident during the toughest times, as the entire workforce stay united to share responsibilities and collaboratively find solutions.

The 60-year plus journey of Vietnam’s oil and gas sector is not just a story of industrial development but a symbol of the Vietnamese people’s determination and aspiration to overcome challenges, harness resources, and build a sustainable national economic foundation.

In 2025, the Vietnamese oil and gas industry will celebrate its 63rd traditional day and is looking forward to the 50th anniversary of Petrovietnam (September 3, 1975 - 2025). The Group is poised to enter a new phase of development with opportunities and challenges. Petrovietnam is more determined than ever to affirm its leading role in driving the national economy and to realize its vision of becoming a leading industrial and energy group in the region./.