Authorised by the Prime Minister, Deputy Prime Minister Bui Thanh Son (right) hands over the decision to rename the Vietnam Oil and Gas Group on April 9. (Photo: VietnamPlus)

The Vietnam Oil and Gas Group (Petrovietnam) on April 9 officially announced its transformation into the Vietnam National Industry - Energy Group with the same abbreviated English name of Petrovietnam, marking a pivotal step in its strategic evolution.

At a ceremony held the same day, Deputy Prime Minister Bui Thanh Son presented the Prime Minister’s decision on the change of the group's name to Le Manh Hung, Chairman of the Petrovietnam Members’ Council, and General Director Le Ngoc Son.

The transition followed the Politburo's Conclusion No. 76-KL/TW dated April 24, 2024, which emphasised the importance of leveraging Vietnam’s oil and gas sector in developing new and renewable energy industries such as offshore wind power for export and production of hydrogen and ammonia. The conclusion also laid out a clear direction for Petrovietnam to transform into a comprehensive national industry and energy group.

In line with this vision and in response to global energy transition trends, Petrovietnam began a symbolic rebranding process during its year-end review conference in December 2024, attended by Prime Minister Pham Minh Chinh, government leaders, and key officials from relevant ministries.

Since then, the group has moved quickly to develop a new strategic roadmap, build a refreshed brand, and complete all necessary legal procedures for operating under its new name. Petrovietnam’s future growth will be anchored in three strategic pillars: energy, industry, and services, with energy remaining at the core of its mission.

With this new name, Petrovietnam reaffirms that it is no longer solely a traditional oil and gas enterprise. It now positions itself as a national hub for industrial development, service innovation, and energy security, and is committed to sustainable development, technological modernisation, and ensuring energy stability for the nation.

The renaming also aligns with Petrovietnam’s structure and strategic direction with the Politburo’s long-term vision, global energy transformation trends, and Vietnam’s pledge to achieve net-zero emissions by 2050.

This name change marks an historic milestone for Petrovietnam, celebrating over 50 years of development and more than six decades of petroleum industry tradition. It also underscores the group’s strong commitment to transforming its development strategy and operational model, reinforcing its role as a leading, state-owned driver in Vietnam’s industrial and energy sector./.