(PLVN) - Vietnam's seas not only have shrimp, fish, and seafood, but also wind and oil and gas. These energy sources are being invested in and exploited by the Vietnam Oil and Gas Group (Petrovietnam), bringing great economic benefits to the country.
Impressive production and business
Over the years, despite the decreasing amount of oil and gas, Petrovietnam still contributes about 10% to the state budget each year. These contributions mostly come from production and business (SXKD) and the provision of services related to oil and gas.
By the end of 2024, Petrovietnam had successfully completed all production and business targets and tasks, continuing to set new records, creating a strong foundation for breakthrough growth in the new period. Specifically, all production targets were completed and exceeded the annual plan by 6 - 24%, reaching the finish line quite early. In particular, the domestic crude oil exploitation target completed the 2024 plan 2 months and 3 days ahead of schedule. Compared to 2023, there were 4 key production targets with growth, including urea production increasing by 4.6%; electricity production increasing by 25.8%; gasoline production (including NSRP) increasing by 6.7% and NPK production increasing by 19.5%. For the first time in 10 years, Petrovietnam had 3 new oil and gas discoveries in 1 year.
In addition, Petrovietnam broke the record for the third consecutive year in terms of total revenue of the Group when it surpassed the 1 quadrillion VND mark, a 36% increase compared to the pre-Covid-19 period (2019) and equivalent to about 9% of the country's total GDP. State budget contribution reached 165 trillion VND, equivalent to nearly 9% of the country's total budget revenue, a 52% increase compared to the pre-Covid-19 period in the context of the impact of the tax reduction policy on Petrovietnam's petroleum products.
According to Petrovietnam, the excellent implementation and completion of production and business tasks in 2024 has contributed to helping Petrovietnam complete the 5-year production and business plan for the period 2021 - 2025 ahead of schedule by 6 - 32%. In particular, Petrovietnam's total revenue after 4 years has reached over 3.5 million billion VND, achieving a growth rate of 16.7%/year; the Group's total payment to the state budget after 4 years has reached over 599 trillion VND, a growth rate of 21.2%/year; Petrovietnam's consolidated pre-tax profit reached over 238 trillion VND after 4 years, a growth rate of over 44.3%/year.
Double-digit growth target
In 2025, Petrovietnam aims for double-digit growth. This is a big challenge for the unit, but the unit's leaders are determined to achieve it and have issued implementation plans. Specifically, in 2025, Petrovietnam sets out the motto of action: "Innovation from the core - Developing outstanding models - Integrating into global chains - Enhancing energy knowledge - Breakthrough in growth - Creating a sustainable green shift".
With 6 guiding viewpoints: Thoroughly grasp, strictly comply with, synchronously, resolutely, effectively and substantially implement the resolutions and plans of the Party, Government and State; Promote the strength of the entire Petrovietnam system; Promote investment work, in parallel with consolidating the investment portfolio management system; Focus on handling investment procedures/investment decentralization; Apply and develop science and technology in the medium and long term; Streamline the apparatus to create development momentum, improve operational efficiency, focus on discovering, training, fostering and using talents.
To achieve the set goals and plans, Petrovietnam drafted Resolution 01/NQ-DKVN with 7 main groups of tasks and solutions: Group one, prioritizing sustainable development, restructuring the operating model, innovating the growth model to ensure goals; renewing traditional growth drivers and effectively exploiting new growth drivers; maintaining position, transforming into a National Industry - Energy Group.
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Petrovietnam has made changes that create new driving forces for growth and development. |
Group two, implementing the 2025 Management Plan and the 5-year Plan for the period 2026 - 2030. Group three, planning and balancing resources throughout the system for 2025 and the period 2026 - 2030. Group four, investment activities and investment portfolio management: identifying 2025 as a breakthrough year in implementing and disbursing investment capital. Group five, focusing on developing high-quality human resources associated with promoting scientific research, technology development and application, and innovation. Group six, restructuring and streamlining the apparatus. Group seven, resolving existing problems in production, business and investment activities, ensuring growth targets.
According to Petrovietnam's leaders, to achieve the double-digit growth target, revenue and profit drivers need to be classified according to the respective strengths of the blocks, allocated to each field, and the key units identified; identify drivers according to the goals of each field. In addition to maximizing existing values, it is necessary to promote new drivers: identify LNG as the focus of revenue and profit growth; expand international cooperation, create growth for the blocks...
Chairman of the Board of Directors of Petrovietnam Le Manh Hung emphasized: “Although the pressure is great, this is a requirement in the era of national development, Petrovietnam cannot stand aside. The context in 2025 has changed a lot compared to before, the growth of major countries has slowed down, while the country's growth requirements have high expectations, Petrovietnam is the largest enterprise in the state-owned enterprise sector and must promote its pioneering role”.
National energy group orientation
According to Petrovietnam, the Politburo has issued Conclusion 76, orienting the development of Vietnam's oil and gas industry in the new period, including the development of Petrovietnam - the National Energy Industry Group. The Group has focused on building a strategy to expand development space for key areas, while developing wind power, hydrogen, ammonia, LNG, manufacturing energy equipment..., strengthening resources, attracting talent, improving competitiveness and integration.
In the future, the National Energy Industry Group determines that industry will play a leading role. At the same time, it will develop models, including governance models and superior business models that adapt to changes and fluctuations in the market and business environment, thereby integrating into the global chain. For the Group's core areas, by 2030, Petrovietnam will focus on increasing reserves and increasing output, making efforts to change the cycle of declining production; urgently launching new projects, identifying the gas industry as the foundation and solution to make a green transition and make up for the shortage, maintaining oil and gas production.
One of Petrovietnam’s breakthroughs to become a national energy corporation is to increase investment in the offshore wind power sector. Vietnam Oil and Gas Technical Services Corporation (PTSC), a unit of Petrovietnam, is assigned to carry out the task of investing in offshore wind projects.
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Petrovietnam is increasing deep processing and improving the quality of petroleum products. (Photo in article: Petrovietnam) |
Speaking to PLVN Newspaper, a representative of PTSC said that in terms of the capacity of the offshore wind power supply chain, PTSC will act as both an investor and a contractor providing services for typical projects. Recently, PTSC launched and handed over 33 offshore wind power bases of the Greater Changhua 2b&4 project (CHW2204) to customer Orsted (Denmark). This is the first time Vietnam has had a large-value export contract in the very new field of offshore renewable energy, putting Vietnam on the world's offshore renewable energy map. Following the success of the CHW2204 offshore wind power project, PTSC continued to bid and won the bid to supply wind power tower bases for the offshore wind power project (larger in scale than the CHW2204 project) of an international customer in the Asia-Pacific market.
Currently, PTSC has also begun the construction phase of 4 offshore transformer stations (OSS) for the Baltica 02 offshore wind project in the Baltic Sea - one of the largest wind power projects in the world. This is the first time a Vietnamese enterprise has won the bid and exported offshore transformer stations to Europe - the world's leading market for offshore transformer stations, in addition to 5 other transformer stations that have been and are being exported to the Asia - Pacific region.
According to Mr. Tran Ho Bac - General Director of PTSC, in developing GHG, all countries in the world go through 3 phases. Phase 1 is a pilot, the State will cover the entire project duration, determine a marginal profit margin, pilot scale to assess potential, design suitable for the sea area, assess environmental impact; Phase 2 is conditional development, meaning there is support from the State, covering for a certain period of time and having price support; Phase 3 is the development phase, organizing price bidding.
According to the General Director of PTSC, Vietnam has significant potential in localizing key components of wind turbine projects, especially in the manufacture of foundations, assembly of casings and supply of wind towers. Domestic suppliers, especially those in the Oil and Gas industry, need to show strong interest and have plans to participate in the wind turbine market. Along with that, the wind turbine industry can create tens of thousands of new jobs, especially in the Southern region.
Source: https://baophapluat.vn/huong-ra-bien-giau-tu-bien-duoi-goc-nhin-tu-hoat-dong-cua-tap-doan-dau-khi-viet-nam-post538413.html
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