In 2025, Petrovietam strives for growth of over 10%

In the first 11 months of 2024, all of Petrovietnam's targets exceeded the plan by 0.1-17.1%. There were 4 growth targets compared to 2023: production of Urea, NPK, electricity, and gasoline (excluding NSRP).

In the first 11 months of 2024, all of Petrovietnam's targets exceeded the plan by 0.1-17.1%. There were 4 growth targets compared to 2023: production of Urea, NPK, electricity, and gasoline (excluding NSRP).

Exceed revenue plan and pay budget

In November, the key production targets of the Vietnam Oil and Gas Group (Petrovietnam) exceeded the plan by 1.3-15.1%. Compared to the same period in 2023, 5/9 growth targets were: gas exploitation, electricity production, LPG, Condensate, NPK. The Group also exceeded the plan for 6/6 financial targets by 2-57% in November, reaching the target 3-5 months ahead of schedule.

In the 11 months, all of Petrovietnam's targets exceeded the plan by 0.1-17.1%. Compared to the same period in 2023, Petrovietnam had 4 growth targets: production of Urea, NPK, electricity, and gasoline (excluding NSRP).

Offshore wind power is a field that Petrovietnam is investing heavily in during the energy transition process.

Based on the output results for the first 11 months of 2024 and actual operating capacity, the Group assesses that, despite negative impacts from the market, all production blocks are capable of completing the 2024 management plan.

Social security work has always been a focus of the Group with a total value of activities reaching 580.6 billion VND, focusing on supporting the construction of Great Unity houses for the poor, supporting education and training programs, health care programs, Tet for the poor program in the year of Giap Thin 2024, overcoming natural disasters, storms, floods... In particular, the reconstruction of Kho Vang village (Lao Cai) is being actively coordinated by Petrovietnam with local authorities, striving for Kho Vang residents to move into new homes before December 20, recognizing the great significance of the Group's social security activities.

Revenue milestone of 1 million billion VND

Over the past year, all Petrovietnam employees have made great efforts in the face of numerous difficulties. Despite complicated oil price movements and many fluctuations in the domestic and international economic picture, the Group's management work up to this point has been guaranteed, reflected in the production and business results of the past 11 months.

The social security sector has also carried out many meaningful activities; through which the spirit of sharing and affection of the Oil and Gas people has spread throughout society, creating more trust from the Party, State and people in Petrovietnam.

Petrovietnam has promoted the completion of legal systems that directly affect the Group's operations, facilitating production, business, investment, and removing difficulties and obstacles in operations.

The Group's highlight in 2024 is that it has effectively managed and operated production and business and achieved total revenue of VND 903,843 billion in 11 months of 2024, an increase of 7% over the same period in 2023. State budget payment in 11 months reached VND 140,473 billion, an increase of 5% over the same period in 2023. Currently, Petrovietnam is aiming for a revenue target of VND 1 million billion in 2024.

Notably, Petrovietnam's consolidated pre-tax profit accounts for nearly 45% of the total pre-tax profit of 19 Groups and Corporations managed by the State Capital Management Committee at Enterprises.

In the first 11 months of 2024, the Group's investment disbursement value reached VND 29,741 billion, reaching 60.5% of the 2024 plan, up 93.2% over the same period and higher than the national public investment disbursement level (54.8%). These are "telling numbers" about total revenue, profit, investment, and payment to the State budget in the past 11 months and estimated implementation for the whole year of 2024.

A series of events on Oil and Gas and Offshore Wind Power creates new space in the Group's energy sector, the event was attended by Prime Minister Pham Minh Chinh.

In particular, the Group has made significant changes in the energy transition process. Prime Minister Pham Minh Chinh highly appreciated the series of events in oil and gas and offshore wind power of Petrovietnam. This process is in line with the Group's scenario of accelerating E&P and other fields to mobilize resources to transition to "green and sustainable", helping the Group develop in the long term with new opportunities.

In the final days of 2024, Petrovietnam is determined to implement the 2024 management plan on revenue, profit, payment to the State budget, and ensure growth in employee income. In particular, the growth rate of employee income must be included in the Group's development plan, along with clearly identifying the driving forces to fully exploit growth opportunities.

To achieve the target of 1 million billion VND in revenue set for 2024 and create momentum for 2025, Petrovietnam is focusing on new driving forces in the energy sector including: electricity, LNG, petroleum, offshore wind power.

At the same time, speed up the progress of putting new projects into operation, solve problems at difficult projects to create new revenue and cash flow; improve productivity, capacity, and efficiency of oil and gas activities through innovation and science and technology; actively promote business, international cooperation, take advantage of opportunities and chances for development; promote the building of a culture of urgent and effective work.  

Target double-digit growth by 2025

The Prime Minister has now set a GDP growth target of over 8% for 2025. Macroeconomic growth with high targets both creates opportunities and poses great challenges for key state-owned enterprises such as Petrovietnam.

Petrovietnam’s 2025 plan must target “double-digit” growth, above 10%. Based on planning related data, identifying risks, building corresponding scenarios, synchronizing the goals of Party Congresses at all levels with the development and growth goals of the Group. Thereby, building and issuing timely and appropriate action plans and programs.

With positive business cash flow, increased output, and higher accumulation compared to the beginning of the period, Petrovietnam's growth momentum in 2025 is very strong and positive.

Also to contribute to this plan, management work is being focused. The completion of maintenance at large factories in 2024 will create the foundation and premise for the Group's production and business activities to be maintained continuously, with room for growth. In addition, removing difficulties and obstacles in institutions and policies will also pave the way and create more room for growth for the Group and its member units.

Also identifying the greatest driving force in management as the human factor, the Group is focusing on accelerating the implementation of restructuring, streamlining, and innovating the organizational apparatus, improving effectiveness and efficiency to serve development in the coming period in order to carry out strategic tasks, creating new development momentum for the entire system.

Human resources work plays a key role, it is necessary to research and calculate to appoint capable and responsible people, all for the common goal of sustainable development of Petrovietnam.  

Source: https://baodautu.vn/nam-2025-petrovietam-phan-dau-tang-truong-tren-10-d232507.html