Must unite, share, cooperate to complete big dreams

On November 27, in Hanoi, the Vietnam Oil and Gas Group (Petro Vietnam) held a meeting with key officials of the Group on the occasion of the 62nd anniversary of the Vietnam Oil and Gas Industry's Traditional Day (November 27, 1961 - November 27, 2023).

Exactly 62 years ago, on November 27, 1961, the first oil and gas organization in Vietnam - Oil Exploration Group 36 was established. After more than 6 decades with many ups and downs, generations of oil and gas workers have strived, worked hard, and determined to fulfill Uncle Ho's wish, which was to "build a strong oil and gas industry".

Up to now, the Vietnam Oil and Gas industry, with the main force being the Vietnam Oil and Gas Group (Petro Vietnam), has made strong progress, becoming the "locomotive" of the Vietnamese economy with a complete and synchronous oil and gas industry system from oil and gas exploration and exploitation to the development of the gas - electricity - processing industry and oil and gas services, in which oil and gas exploration and exploitation is the core field; at the same time, it has trained a large and highly qualified oil and gas workforce.

We need unity, solidarity, sharing and cooperation to fulfill the great dream of the Oil and Gas industry.

Petro Vietnam’s successes, especially during the recent difficult period, have been highly appreciated by the Party and State leaders. In the difficult market context, Petro Vietnam has not only preserved and developed capital, but also preserved and developed assets year after year.

By mid-2023, the Group's capital scale increased by more than 11%, the asset scale also increased by more than 11% compared to 2020, while maintaining and ensuring the Group's operations are safe, stable, and achieving positive results. In particular, 2022 set a series of records during more than 60 years of formation and development of the Group.

According to reports, the Group achieved an average growth in total revenue of over 30% per year in the 2021-2023 period compared to the 2016-2020 period. Regarding state budget contributions, compared to the previous period, the average increased by 40% per year (the 2016-2020 period reached an average of about 100,000 billion VND per year). The Group's consolidated pre-tax profit increased by approximately 60% per year on average.

In particular, the income and living standards of workers increased by 18.2% compared to the period 2016-2020. The Group also saved about 13,900 billion in administrative work. These figures are the result of the efforts of all oil and gas workers from the parent company to member units, project management boards, and branches.

Speaking at the ceremony, Petro Vietnam General Director Le Manh Hung said that in recent years, Petro Vietnam has carried out and completed 7 major tasks.

Accordingly, the Group participates in completing the construction and adjustment of basic institutions for the operations of Petro Vietnam and the Oil and Gas industry such as the Petroleum Law, Decree 45, Decree 124, the Intergovernmental Agreement for joint ventures, etc. Completing institutions for the Oil and Gas industry will help Petro Vietnam open up new spaces, with new legal frameworks and policies for new developments.

The second successful task was to update the Group's restructuring strategy. After many years of persistent proposals, recently, based on high-level consensus from the Government, ministries and Central Party Committees, the project to change and adjust to issue resolutions to replace Resolution 41 was officially submitted to the Politburo.

In addition, also in October, with the efforts of the Group, the Prime Minister issued a decision approving the Group's restructuring project until 2025. These two documents play an important role in opening up new development space for the Group, which is the energy industry and new energy, in addition to traditional fields.

In addition, Petro Vietnam has successfully implemented and improved the Group's governance system. Over the years, the success in building and operating the governance system, governance model, and implementing projects on overall resource management, growth target management, investment portfolio management, and value chain management has helped Petro Vietnam overcome difficult periods and achieve growth targets.

The Group has also been successful in structuring and adjusting the business model structure as well as developing and expanding the market. The Group's current business model structure has been very balanced between the operating areas in the Group. Previously, revenue and profit mainly came from the E&P sector, but up to now, the business model structured from other sectors such as services, gas, electricity... has brought in very balanced revenue and profit.

All areas of the Group have important contributions to the overall performance of the Group. That helps the Group's operations, competitiveness and resilience to change to be more sustainable.

In addition, the Group builds and prepares human resources to meet the requirements and tasks set forth. Petro Vietnam has solved a series of problems and put into operation difficult projects such as Song Hau 1, Thai Binh 2, and launched the Block B project chain...

Finally, most importantly, Petro Vietnam has basically successfully implemented the Petro Vietnam Cultural Regeneration Project. The core values, mission, and vision of the Group have made the Petro Vietnam brand one of the most valuable brands in Vietnam today (about 1.4 billion USD; nearly double that of 2019).

By recreating and developing the Oil and Gas culture, Petro Vietnam has regained the trust of the Party, State, society and especially of oil and gas workers.

All the above successes and results are the crystallization of intelligence and solidarity along with the core cultural values of oil and gas workers. On behalf of the Group's leaders, General Director Le Manh Hung expressed his gratitude to generations of oil and gas leaders and workers who have accompanied, supported, united, agreed, joined hands and hearts to build and develop the Vietnamese oil and gas industry as it is today.

In the coming time, General Director Le Manh Hung said that the biggest difficulty that the Oil and Gas industry and the Group must face is the economic era change, which is the change in the foundation of economic development, in the development structure, in the scale and speed of the macro economy.

The second difficulty is the complex geopolitical fluctuations that lead to unpredictable crises. The third is the big problem of the market with changes in major trends such as energy transition, green transition and the speed and response level of the internet and digital transformation.

For the Group, the pressure in the coming years is the goal of becoming an Energy Industry Group with a growth rate of 6-6.5%/year, but the room and growth momentum have now reached their limit, even declining, forcing Petro Vietnam to find new momentum, and at the same time renew the old momentum.

To realize the dream of becoming the country's leading Energy Industry Group, meeting the expectations of the Party and State leaders on the growth target and the pivotal role of Petro Vietnam at present and in the future, General Director Le Manh Hung said that the Group must continue to inherit the results of the past period and focus on important industrial groups.

That is, to concretize and realize the achieved institutions such as mechanisms for E&P activities, mechanisms for improving oil recovery factors, mechanisms for the gas industry, mechanisms for LNG electricity, etc.

Next is to focus on assigning tasks to organize the synchronous implementation of Petro Vietnam's development strategy; Focus on modernizing the management system in step 2, after implementing digital transformation and energy transition solutions. In particular, it is necessary to focus on building roots and developing human resources in the Group and in the Oil and Gas industry.

In addition, it is necessary to build a mechanism to promote research and development, innovation to create new motivation and renew old motivation to develop the Group. Finally, Petro Vietnam will continue to effectively implement the Petro Vietnam Cultural Regeneration Project to continue to orient the core ideology, core purpose and core value system of oil and gas workers, as a basis and momentum to carry out the Group's work in the coming time.

General Director Le Manh Hung believes that no one, no matter how good, cannot do the job alone. Therefore, on the meaningful anniversary of the Oil and Gas industry, General Director Le Manh Hung calls on all leaders, officers, and oil and gas workers to be more united than ever, to support, cooperate, and share to organize and fulfill the great dream of the Vietnam Oil and Gas industry as wished by President Ho Chi Minh during his lifetime.

Bao Anh

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