That is the development goal to 2030 and vision to 2045 of PetroVietnam, clearly stated by Group General Director Le Manh Hung at the 2023 Conference of Managers and Representatives.

PetroVietnam General Director Le Manh Hung speaks at the 2023 Management and Representative Conference. (Source: PVN)

At the Conference, PetroVietnam General Director Le Manh Hung informed about the basis for building the development strategy of the Vietnam Oil and Gas Group based on major Resolutions of the Government such as Resolution No. 55, Resolution 36 and especially Resolution No. 41. The Vietnam Oil and Gas Industry also has legal bases and decisions of the Prime Minister as a basis for building and developing.

After 7 years of implementing Resolution No. 41 of the Politburo on PetroVietnam's development strategy, a number of groups of issues have been resolved, including resolving challenges, difficulties and taking advantage of opportunities through focusing resources; identifying and locating core issues; actively innovating business models, identifying new products, and key products of the Group; focusing on improving operations and creating competitiveness in the following years; actively promoting and effectively performing the role of the country's economic locomotive; actively coordinating with the Ministry of National Defense and relevant ministries and branches to participate in protecting national sovereignty and borders.

During that period, PetroVietnam encountered many difficulties in implementing the tasks of Resolution 41, such as having to cope with two periods of declining oil prices; the situation in the East Sea had many complex fluctuations; mechanisms and policies related to the oil and gas industry still had many shortcomings; oil and gas reserves and potential were not as expected; the handover of some weak projects from other units caused difficulties for PetroVietnam in management and resource allocation...

Overcoming those difficulties, PetroVietnam successfully carried out the tasks assigned by the Party and the State, identifying goals and core values ​​to build and develop the Group in the future.

“Building and developing the Vietnam Oil and Gas Group into a leading energy industry group in the country and region; having a core position and role in ensuring national energy security - that is the orientation and goal in the coming time of PetroVietnam”, General Director Le Manh Hung emphasized.

To achieve that goal, General Director Le Manh Hung has proposed 8 groups of solutions for the entire Group to implement. One is to manage human resources well. Two is to focus on promoting the synchronous completion of institutions and mechanisms. Three is to develop corporate governance. Four is to actively transform digitally. Five is to promote science and technology. Six is ​​to focus on expanding and integrating in market expansion and increasing market share for key products. Seven is to focus on optimizing investment and finance. Eight is to promote the building of corporate culture.

Thai Binh 2 Thermal Power Plant successfully synchronized Unit 1 with the grid in the presence of leaders of the State Power Management Committee, Thai Binh province and PetroVietnam. (Source: PVN)

The 2023 PetroVietnam Management and Representative Conference was held to clearly affirm the Group's development goals and summarize the results and achievements that PetroVietnam's leaders and employees have strived to achieve in the past time.

The event also drew valuable lessons that helped PetroVietnam overcome difficulties and obstacles in the process of operating and implementing production and business. Thereby, it agreed on solutions to promote the role and responsibility of managers and representatives, contributing to improving the production and business activities of the Group.

In recent times, despite the extremely difficult economic situation in the world and in the country, the energy market has decreased sharply compared to the same period and the trend of each month decreasing compared to the previous months, but thanks to the determination and efficiency in management and operation, PetroVietnam has maintained safe and stable production and business activities, achieved high results, and grown over the months, making important contributions to the economy, supporting the country's GDP growth, as well as contributing to ensuring national energy security.

By the end of 2022, PetroVietnam achieved a record crude oil production output of 8.98 million tons, exceeding the annual plan by 28%; fertilizer production and export output of 1.88 million tons, exceeding the plan by 17%, exporting 606 thousand tons, contributing 37.4% of fertilizer export value; gasoline production meets about 75% of domestic gasoline demand.

Total revenue of the Group reached 931.2 trillion VND; consolidated pre-tax profit reached over 82 trillion VND; state budget contribution was 170.6 trillion VND, accounting for about 9.6% of total state budget revenue.

By the end of July 2023, all production targets of the Group exceeded the plan by 3-28%; some growth targets compared to the same period in 2022, including: electricity production increased by 62.3%; gasoline production increased by 5.4%; gas exploitation increased by 0.6%; LPG increased by 1.6%; nitrogen production from Ca Mau increased by 3.3%; Ca Mau NPK increased by 13.1%. In the first 7 months of the year, the total revenue of the Group reached 495.7 trillion VND, exceeding the 7-month plan by 25% and reaching 73% of the 2023 plan; the Group's state budget payment reached 78.3 trillion VND, completing the 2023 plan, reaching the target 5 months ahead of schedule.

In 2023, PetroVietnam's brand value will reach 1.382 billion USD (up 7% compared to 2022's 1.296 billion USD) with a brand strength index of AA-. This is the 4th consecutive year that PetroVietnam has been in the Top 10 most valuable brands in Vietnam.