PVN achieved revenue of 482.3 trillion VND.

By closely monitoring market developments and implementing timely and comprehensive management and operational solutions, the Vietnam Oil and Gas Group (PVN) has overcome difficulties and exceeded its planned targets for the first half of 2024, achieving growth compared to 2023.

Overview of the conference

On July 14th, in Hanoi , PVN held a conference to review its work during the first six months of the year and to implement tasks for the last six months of 2024. Accordingly, reserves increased by 4.38 million tons of oil equivalent in the first six months. The Group made two new oil and gas discoveries (in Block 09-1, Rong field and Block PM3-CAA, Bunga Aster field). This is a very encouraging result because throughout the period 2019-2023, only in 2023 did the Group have two oil and gas discoveries in a single year. This demonstrates that the Group has successfully implemented its action motto for 2024: "Adding new momentum, renewing old momentum" for development. Regarding production, except for the electricity production target (reaching 95.9%) due to objective factors, all other key production indicators were completed exceeding the 6-month plan by 2.7 - 33.1%, an increase of 1.4-21.8% compared to the same period in 2023. In financial operations, PVN continued to perform well in governance, therefore, most financial indicators were completed exceeding the plan, maintaining a higher growth rate each month than the previous month; The Group's total revenue for the first six months is estimated at VND 482.3 trillion, a 15% increase compared to the same period in 2023. Tax contributions to the state budget reached VND 71.1 trillion, a 9% increase compared to the same period in 2023. Investment is a priority for PVN in 2024. With support from the Government, the Prime Minister , and relevant ministries and agencies, the "bottlenecks" in investment at the Group's key projects have been gradually addressed and resolved. The value of disbursed investments in the first six months is estimated at VND 15.55 trillion, an 81.3% increase compared to 2023.

Workplace safety on oil and gas projects is closely monitored and strictly enforced.

Regarding innovation and corporate restructuring, PVN identifies this as a key task requiring systematic, urgent, and decisive action, ensuring it aligns with the Group's operational realities and development trends in the new phase. Digital transformation, ERP implementation, and cybersecurity throughout the Group are being actively and effectively implemented. The parent company – the Group – has officially launched the ERP system, phase 1; and is currently continuing the development of the database system: E&P sector – phase 1; Electricity and Renewable Energy sector; Gas industry, Petrochemical refining, Oil and gas services sector; and ERP phase 3, etc. Cybersecurity throughout the Group's system is being prioritized, making a significant contribution to information security and cybersecurity. The Group continues to research and implement smart plant technology solutions at several units such as BSR , PVCFC, Vietsovpetro, PV Power, Thai Binh 2, Song Hau 1, etc. Oil and gas security and safety, environmental safety, labor safety, and fire prevention on oil and gas facilities are closely monitored and strictly implemented. Social welfare activities continue to be implemented as committed. In the first six months of the year, the Group and its subsidiaries implemented social welfare programs with a total budget of VND 456.4 billion. Efforts to save and combat waste reached 1,200 billion VND, equivalent to 53% of the 2024 reduction plan. At the conference, leaders, representatives of specialized departments and member units focused on exchanging and discussing the difficulties and obstacles faced by the Group and its member units, thereby proposing solutions, suggestions, and recommendations to ensure the achievement of strategic goals and development.

Chairman of the Board of Members of PVN, Le Manh Hung, delivered a speech at the conference.

Chairman of the PVN Board of Members, Le Manh Hung, stated that in the coming period, the Group will continue to adhere to its guiding principles and management approach, determined to maintain the set governance objectives; continue to overcome difficulties and limitations through solutions to realize the set plan objectives, creating a foundation for achieving the 5-year development plan and the Group's restructuring project. Currently, 10 out of 12 targets in the Group's 5-year plan have been completed, especially the two very important targets of profit and budget contribution. Mr. Le Manh Hung also requested the Group to continue improving its internal governance system, promoting decentralization and delegation of authority so that units in various fields can proactively implement their work; and at the same time, research and issue mechanisms to encourage units to operate efficiently. Focus on building a development strategy for the Vietnamese oil and gas industry and the Group that is synchronized with the strategies of each sector. Continue to accelerate the completion of proposed policy frameworks, remove institutional bottlenecks and legal regulations on: LNG, domestic gas, tax rates, and finalize regulations guiding the implementation of the Oil and Gas Law, creating momentum for work implementation. In addition, continue to focus on promoting the formation and implementation of value chains within the Group, thereby creating conditions for monitoring and urging units to actively coordinate in implementing assigned tasks and completing management plans; focus on evaluating the results of implementing solutions to create new impetus and promote investment in the coming period; research and evaluate the implementation of new business models suitable to the development strategy of the Group and its units. Source: https://nhandan.vn/pvn-dat-doanh-thu-4823-nghin-ty-dong-post819085.html