PetroVietnam Technical Services Corporation (PTSC) continues to closely coordinate with authorities at all levels to develop infrastructure and build a renewable energy industrial center, while promoting the localization rate to increase the value of the supply chain and facilitate technology transfer by foreign manufacturers. That was the direction of Petrovietnam Deputy General Director Le Manh Cuong at the Conference to summarize production and business activities, union work in 2024, commend advanced models and the 2025 Labor Conference of PTSC, with the theme "Expanding Horizon", taking place on the afternoon of January 16, 2025, in Ho Chi Minh City.
Reporting on the summary of production and business activities in 2024, Mr. Tran Ho Bac - General Director of PTSC said that in the past year, PTSC has actively promoted production and business activities, focused on optimizing resources and expanding operations to international markets. Many vehicles and equipment have been organized to work abroad, bringing high efficiency. The enterprise also accelerated the implementation of current offshore renewable energy mechanical projects, increased participation in bidding for new projects to ensure a stable source of work in the future. After being awarded the contract, PTSC quickly focused resources to implement the bidding packages of the Block B Project to ensure project progress and quality. PTSC's production and business activities continued to be organized safely and effectively, contributing to the completion of assigned goals and tasks.
The enterprise has also achieved many great achievements in safety work with 25.52 million safe working hours in 2024. In addition, there are a series of breakthroughs in the management and administration of "Renewing old motivation", in investment (upgrading and expanding the scale of PTSC's Energy Industry and Technical Logistics Center and many other vehicle upgrade projects), in the traditional oil and gas service sector (signing contracts for the Block B Project chain, starting construction of the largest CPP platform in Vietnam, implementing the Lac Da Vang field development project, achieving new progress in mine destruction services...). The development of services abroad has achieved many impressive achievements. In the field of onshore industrial services, the enterprise has won bids for many large projects and works. The offshore wind power export project to Singapore has achieved new progress; along with breakthroughs in developing new services, offshore wind power.
The achievements are a clear demonstration of the strategic vision and persistent efforts of the Board of Directors and all employees of PTSC. The Corporation has resolutely implemented strong management and restructuring measures to promote business, optimize operational efficiency, strictly control and minimize costs. These efforts not only help PTSC respond flexibly to market fluctuations but also ensure stability, safety and efficiency in production and business activities. In 2025, PTSC sets a target of consolidated revenue of VND 22,500 billion, pre-tax profit of VND 1,000 billion, after-tax profit of VND 780 billion, and payment to the state budget of VND 720 billion. To achieve financial targets, PTSC's planning tasks focus on maximizing resources to develop new products and services, enhance competitive advantages and expand markets outside the industry and abroad. Enterprises will deploy modern management methods such as fluctuation management and digital-based management, while effectively controlling costs.
Investment in core areas, especially offshore renewable energy, will continue to be promoted. PTSC will also restructure to increase efficiency, focus on training high-quality human resources, building a risk management system and applying information technology in management. At the same time, inspection and supervision will be maintained to ensure investment efficiency and handle outstanding debts. Quality, safety and environmental management systems will continue to be strengthened, while social security, communication and corporate culture activities will be implemented.
PTSC's solutions to implement the 2025 plan focus on key areas to maintain growth, improve operational efficiency and sustainable development. The Corporation focuses on key areas including market and business, corporate governance, cost reduction and high-quality human resource development. In addition, in the coming period, PTSC identifies strategic directions to consolidate its position in the energy sector, while meeting the sustainable development needs of Vietnam and the region. Focusing on key industries such as oil and gas, offshore renewable energy, LNG and related technical services, PTSC aims to expand the market and increase the value of the service supply chain. The important role of political and social organizations is indispensable in the implementation of PTSC's political and business tasks. Reporting at the conference, Mr. Nguyen Tran Toan - Chairman of PTSC Trade Union said that in 2024, PTSC's mass organizations achieved many outstanding results in their work.
The Corporation's Trade Union has successfully launched emulation movements associated with key projects such as CHW2204, Block B Project chain, Dung Quat Oil Refinery maintenance, achieving 381 initiatives exceeding the target. At the same time, the work of caring for workers' lives has been focused on with many financial support activities, building welfare and organizing cultural and sports programs. The PTSC Veterans Association has implemented 15 technical initiatives, saving 10 billion VND, and organized many gratitude and charity activities. Members have actively contributed to major projects, demonstrating exemplary roles in work and life. The PTSC Youth Union, with the spirit of "taking the lead", has implemented 120 initiatives, organized seminars and many meaningful social activities, contributing to spreading the image of PTSC and enhancing the spirit of solidarity. Mr. Nguyen Tran Toan said that in 2025, PTSC aims to continue to launch emulation movements associated with key projects, care for workers' lives, promote digital transformation and technology application. Mass organizations will coordinate closely to improve operational efficiency, build corporate culture and sustainable development, contributing to the strategic goals of the Corporation.
The conference also heard Deputy General Director of PTSC Pham Van Hung present a presentation on innovation - improvement of the governance and management system in the digital age; representatives of PTSC M&C, PTSC G&S, PTSC Thanh Hoa presented presentations on solutions to serve the development strategy in the coming time. In addition, the Presidium also spent time answering the recommendations of the units and the recommendations from the grassroots conference.
Continuing to promote the results achieved in 2024, based on the tasks and production and business targets, Mr. Tran Ngoc Chuong - Standing Deputy Secretary of the Party Committee, Member of the Board of Directors of PTSC launched the emulation movement in 2025 to all employees, with the goal: Solidarity, innovation, overcoming difficulties, continuing to overcome challenges, implementing well the emulation movements to build a sustainable development Corporation; Successfully implementing the Corporation's action commitments set out in 2025: P - Proactivity (Proactive, Creative, Pioneering); T - Trust (Trust, Discipline, Implementation); S - Sustainability (Sustainability, Perfection); C - Collaboration (Cooperation, Connection). With the spirit of “2025 - Breakthrough & Conquer”, PTSC will continue to innovate governance, promote digitalization, restructure, optimize resources and supply chains, successfully complete key projects as well as continue to conquer international markets.
Speaking at the conference, Mr. Le Manh Cuong - Deputy General Director of Petrovietnam congratulated PTSC for its outstanding achievements in the past year, especially the financial indicators and recognition from the Government. The Deputy General Director of Petrovietnam emphasized the important role of PTSC in the transformation process, contributing to building Petrovietnam into a National Energy Industry Group, reflecting the strong innovation of the entire industry.
Regarding engineering services and manufacturing industry, Petrovietnam Deputy General Director stated that this is a core sector that will benefit greatly from the boom in drilling, exploration and exploitation activities in 2025. He emphasized that E&P projects are an important foundation, not only creating great economic value but also attracting foreign investment, contributing to shaping the position of the Oil and Gas industry. Therefore, Mr. Le Manh Cuong suggested that PTSC should enhance the optimization of the service chain, not only in terms of supply but also in cooperation with service users to ensure consistency and efficiency.
In addition, Petrovietnam Deputy General Director also requested PTSC to closely coordinate with authorities at all levels to develop infrastructure and build a renewable energy industrial center, while promoting the localization rate to increase the value of the supply chain and facilitate technology transfer by foreign manufacturers. In the field of governance, Petrovietnam Deputy General Director Le Manh Cuong requested PTSC to reduce management and strengthen control to encourage innovation and improve operational efficiency. He also emphasized the importance of changing thinking, encouraging breakthrough and different approaches to create new values, in line with the requirements of energy transition and sustainable development. With clear strategic directions and determination to innovate, Petrovietnam leaders believe that PTSC will continue to affirm its pioneering role in the field of new energy, making an important contribution to the sustainable development of Petrovietnam.
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