Petrovietnam maintains growth rate in volatile market context

In the context of the market in February 2025 with many fluctuations, Petrovietnam still strives to maintain revenue growth and payment to the State budget. Chairman of the Board of Directors of Petrovietnam Le Manh Hung requested the entire Group to closely follow macro fluctuations to have a response plan, determined to carry out assigned tasks, contributing to the overall growth of the economy.

Báo Tài nguyên Môi trường•07/03/2025

Petrovietnam's Board of Directors held a regular meeting with the Executive Board to evaluate the production and business activities in February 2025 and deploy the task plan for March 2025.

*Petrovietnam Board of Directors and Executive Board analyzed and discussed difficulties and found solutions in each field.*

Petrovietnam paid nearly 21,000 billion VND to the budget in the first 2 months of the year

Through management and operational efforts, promptly responding to market fluctuations, Petrovietnam has maintained a safe production and business pace, keeping a stable growth rate.

Regarding production, in February, Petrovietnam had 4 targets equal to/increased compared to the previous month, specifically: Electricity production increased by 12.6%; gasoline (excluding NSRP) by 100%; NPK increased by 4%; condensate increased by 0.9%. The Group also achieved 5 targets equal to/increased compared to the same period in 2024: Foreign oil exploitation reached 100%; electricity increased by 34.8%; Phu My Urea production reached 100%; NPK production increased by 69%; condensate reached 100%.

*Promoting the development of Ca Mau Gas - Power - Fertilizer Complex into a key industrial - energy center*

In February 2025, Petrovietnam promoted the development of the Ca Mau Gas - Power - Fertilizer Complex into a key industrial - energy center. A highlight was that on February 25, the Thai Binh 2 Thermal Power Plant (TPP) reached the output milestone of 10 billion kWh after nearly 2 years of being used for power generation. In addition, the Group also continued to promote and accelerate the implementation of key projects such as the Lot B - O Mon Gas Pipeline Project and the Long Phu 1 Thermal Power Plant Project.

*Thai Binh 2 Thermal Power Plant reached the output milestone of 10 billion kWh on February 25.*

In terms of finance, in February, all 6/6 targets exceeded the plan assigned by the Board of Directors by 6% - 2.1 times. Specifically, the Group's total revenue in February reached VND 77,938 billion, up 4% compared to January 2025 and up 4% compared to the same period in 2024; the cumulative revenue for the first 2 months reached VND 152,977 billion, up 2% compared to the same period in 2024. The Group's total State budget contribution in February reached VND 10,656 billion; the cumulative revenue for the first 2 months of the year reached VND 20,950 billion, up 2% compared to the same period last year. In the past 2 months, the Group's total investment value reached VND 5,121 billion, up 28% compared to the same period in 2024.

Focus on forecasting and managing fluctuations

Identifying that market fluctuations will still be challenging and unpredictable in March 2025, the Board of Directors, Deputy General Directors, and representatives of the Group's professional departments discussed and analyzed the difficulties and solutions of each field. In particular, the proposed solutions focus on building a readiness plan for each scenario of oil price fluctuations; solutions to optimize cash flow; practice thrift, and prevent waste; etc.

*Petrovietnam General Director Le Ngoc Son: The Group has made adjustments to adapt to the new situation, achieved positive results, and grown in many aspects of operations.*

Petrovietnam General Director Le Ngoc Son commented that the market situation in February had many unfavorable fluctuations. The Group also made adjustments to adapt to the new situation, shifting its focus to business when facing difficulties in production, achieving positive results and growth in many aspects of operations.

Petrovietnam General Director Le Ngoc Son emphasized that the Group's key tasks next month are to focus on assessing risks and developing response scenarios; maintaining existing advantages, especially in important projects; implementing solutions according to the management plan; assigning tasks to research units to propose solutions to achieve goals; controlling debts, cash flow, handling existing problems; continuing to promote the application of science and technology, innovation and digital transformation in management and operation of production and business activities. In addition, Petrovietnam continues to participate in perfecting mechanisms and policies related to the Group's production, business and investment activities, and proposing solutions to remove obstacles.

Concluding the meeting, Chairman of the Board of Directors of Petrovietnam Le Manh Hung emphasized that in the current volatile context, the Group needs to clearly identify and provide timely solutions to achieve the goals according to the proposed management plan.

*Petrovietnam Chairman of the Board of Directors Le Manh Hung emphasized that the Group needs to clearly identify and provide timely solutions to achieve the goals set out in the management plan.*

Chairman of the Board of Directors Le Manh Hung requested that based on the review of February business results and the first quarter targets, Petrovietnam and its units must continue to review and closely follow the implementation of the proposed solutions to make the highest effort to complete the March plan and the first quarter of 2025, striving for growth compared to the same period and previous months.

According to Chairman of the Board of Directors Le Manh Hung, the most important task is to focus on forecasting and evaluating each month, quarter and year, closely following macro indicators and their impacts on Petrovietnam, thereby providing plans and solutions for flexible and appropriate management and operation of production and business activities.

The Chairman of the Board of Directors of Petrovietnam also proposed a comprehensive review of the issues related to mechanisms and institutions related to the Group's production and business activities such as the Law on Bidding, the Law on Investment, the Law on Atomic Energy, etc. to report and propose to competent authorities for consideration, resolution, and institutional motivation for production and business activities.

Regarding financial solutions, the Chairman of the Board of Directors of Petrovietnam proposed evaluating capital and asset performance, especially debt control and improving asset management efficiency, with the goal of increasing financial revenue by at least 5%; implementing savings, preventing waste; and eliminating risks due to oil price fluctuations.

Regarding solutions to promote production, business and investment, Chairman of the Board of Directors of Petrovietnam Le Manh Hung emphasized that there must be solutions to maintain oil and gas production output; maximize gas output according to demand; develop and form a chain linking fields within the Group to respond to market fluctuations; and overcome shortcomings and difficulties in each field.

On the other hand, Chairman of the Board of Directors of Petrovietnam Le Manh Hung also requested the entire Petrovietnam system to quickly deploy solutions to apply science and technology, innovate and digital transformation in management and operation of production and business activities; continue to perfect internal management regulations and rules on science and technology, propose mechanisms to create leverage on science and technology throughout the Group to optimize performance, improve quality and efficiency in production and business activities, towards ensuring the implementation of the growth target assigned by the Government.

Source: https://baotainguyenmoitruong.vn/petrovietnam-duy-tri-toc-do-tang-truong-trong-boi-canh-thi-truong-nhieu-bien-dong-387365.html