Energy group with record revenue of over 1 quadrillion VND officially changes its name

Petrovietnam officially changed its name to National Energy Industry Group and achieved a record revenue of over 1 million billion VND.

Petrovietnam - National Energy Industry Group is the new name of Vietnam National Oil and Gas Group - Photo: D.BAC

On the afternoon of December 28, Prime Minister Pham Minh Chinh attended and chaired the conference to review the work in 2024 and deploy tasks in 2025 of Petrovietnam - the National Energy Industry Group - the new name of the Vietnam National Oil and Gas Group.

Many records in revenue, profit and budget payment

According to Petrovietnam's leaders, 2024 marks the third consecutive year that the group has broken records in total revenue, surpassing the 1 quadrillion VND mark, a 36% increase compared to the pre-COVID-19 period (2019), equivalent to about 9% of the country's total GDP.

Contribution to the state budget reached VND 165,000 billion, accounting for nearly 9% of total revenue and increasing by 52% compared to the pre-pandemic period. For the first time, the group achieved a comprehensive record in financial growth indicators, including consolidated revenue reaching VND 601,000 billion, up 51%; profit reaching VND 35,100 billion, up 45% and consolidated profit reaching over 2.3 billion USD/year.

This result helped Petrovietnam exceed the financial targets according to the 5-year plan approved by the Prime Minister after only 4 years. Including total revenue reaching 3.5 million billion VND, up 16.7%/year; budget contribution of 600,000 billion VND, up 21.2%.

The Group continues to be the pillar, the locomotive, ensuring "5 words of Security": energy security, food security, economic security, national defense security and social security. Pioneer in the offshore wind power industry, participating in the global energy chain.

In particular, for the first time exporting offshore energy service industrial products.

Directing the conference, the Prime Minister said that the results achieved by Petrovietnam have brought positive emotions, excitement, and more confidence as the group restructures, transforming from a "yellow flame" to a "blue flame", so as not to be too dependent on resources.

This is even more meaningful when this year the whole country achieved a state budget revenue of more than 1.7 million billion VND, exceeding the revenue by 300,000 billion VND, of which Petrovietnam contributed about 10%, contributing to ensuring "5 An" as mentioned.

Congratulating Petrovietnam on its impressive achievements, the Prime Minister said that the results were achieved from valuable experiences. That is, following the leadership and direction of all levels, daring to think, daring to do, daring to take responsibility, daring to innovate. Respecting objective reality with high determination, great effort, drastic action, clearly assigning people, clear tasks, and clear results.

Prime Minister Pham Minh Chinh - Photo: D.BAC

Petrovietnam changes name, restructures, pioneers in contributing to growth

However, the Prime Minister reminded Petrovietnam not to be negligent, subjective, or lose vigilance, especially in controlling risks offshore, under the seabed, and operating in extremely difficult areas. From there, it will have the fastest and most effective response plan with the spirit of valuing time, intelligence, and timely decisiveness.

In the context of implementing the country's two 100-year development goals, he mentioned General Secretary To Lam's requirement that in the new era - the era of a strong and prosperous nation - it is necessary to achieve double-digit growth, raise the scale of the economy, and improve the material and spiritual life of the people.

Therefore, we must promote three strategic breakthroughs and the National Energy Industry Group cannot stand aside. The Government places its trust and hope in Petrovietnam with the spirit of breakthrough, pioneering in achieving double-digit growth to contribute to the country's 8% growth rate in 2025.

It is important to note that management must be especially secure, safe, and well-operated; and must ensure compliance with strategic orientation. Because the new name of the group has an important meaning in the new phase, changing the logo color but increasing the brand value.

At the same time, he emphasized a number of solutions, such as requiring Petrovietnam to effectively implement the Politburo's direction and effectively transform under the new name. The goal is to strive to become a leading energy group with a regional and world brand, deeply participating in the global value chain with the spirit of "saying what you say, doing what you do".

The Group is a pioneer in promoting innovation, digital transformation, especially building digital databases, from which artificial intelligence (AI) is formed. Policymaking must be based on databases, talking numbers to create resources, motivation, means of production, and assets.

The restructuring of the group is consistent with the new name, linking smart governance, digital governance, and input materials. Perfecting institutions, having priority and specific mechanisms and policies, and proactively proposing mechanisms and policies. Coordinating smoothly with other groups, corporations, and global groups to mobilize investment capital, technology, human resource training, and governance.

With the expectation that Petrovietnam's innovation is associated with innovation in thinking, the Prime Minister wants the group's leaders to have a long-term vision, think deeply and do big things; talk and do. Specifically, in 2025, it is necessary to carry out the work of arranging and streamlining the apparatus, completing tasks excellently with a breakthrough spirit, and being even faster to set many new records, surpassing themselves.

Source: https://tuoitre.vn/tap-doan-nang-luong-co-doanh-thu-ky-luc-hon-1-trieu-ti-dong-chinh-thuc-doi-ten-moi-20241228194449874.htm