Highlights of 2024
Over the past 50 years of development and growth, Petrovietnam has made remarkable and comprehensive progress in both scale and depth. The Group has established a fully integrated value chain, spanning from oil and gas exploration, surveying, and extraction to the gas industry, petrochemical refining, power generation, and high-quality oil and gas technical services. As a pioneering State-owned enterprise, Petrovietnam has played a crucial role in national economic development, industrialization, modernization, and international integration.
Prime Minister Phạm Minh Chính, Deputy Prime Minister Bùi Thanh Sơn, and Petrovietnam’s leadership perform the transition ceremony of Petrovietnam into a National Energy Industrial Group.
Through effective governance based on synchronized digital transformation, volatility management, investment portfolio management, and supply chain management, Petrovietnam has successfully navigated market challenges and fluctuations, achieving continuous annual growth. With a workforce of nearly 60,000 employees and total consolidated assets of nearly USD 50 billion, Petrovietnam stands as the country’s leading economic conglomerate, serving as the backbone in ensuring the "Five Pillars of Security": Energy Security (oil and gas exploration, extraction, and processing)
Food Security (production and supply of fertilizers for agriculture), Economic Security (significant contributions to the national budget), National Defense Security (participation in safeguarding national maritime sovereignty) and Social Security (active involvement in social welfare initiatives).
Petrovietnam is also a pioneer in the offshore energy industry, actively participating in the global energy supply chain.
In 2024, Petrovietnam diligently fulfilled the tasks assigned by the Party, State, Government, and Prime Minister, reaffirming its pioneering role in implementing key national programs. The Group maintained effective governance and business operations, setting an exemplary model for other State-owned corporations and enterprises.
Notably, Petrovietnam successfully met all production and business targets, achieving outstanding results and setting new records. These achievements have laid a solid foundation for future growth. The Group also led the way in offshore energy industries, actively participating in the global energy supply chain, opening new development opportunities aligned with national policies and Conclusion No. 76-KL/TW. A remarkable milestone was reached when Petrovietnam exported offshore energy industry products for the first time, marking a significant step forward in both traditional and renewable energy sectors for the company and Vietnam as a whole. Petrovietnam set a new revenue record for the third consecutive year, surpassing 1 quadrillion VND, a 36% increase compared to the pre-COVID-19 period (2019) and equivalent to approximately 9% of the national GDP. The Group contributed 165 trillion VND to the State budget, accounting for nearly 9% of total national revenue, reflecting a 52% increase from the pre-pandemic period. These results enabled Petrovietnam to complete its 2021-2025 five-year plan ahead of schedule, exceeding targets by 6-32%. Over four years, the Group achieved total revenue exceeding 3.5 quadrillion VND, with an annual growth rate of 16.7%; Total contributions to the State budget surpassing 599 trillion VND, growing at 21.2% per year; Consolidated pre-tax profit exceeding 238 trillion VND, with an annual growth rate of 44.3%.
These records and achievements serve as a strong foundation for Petrovietnam to transform into the National Energy Industrial Group, accelerating development and contributing to Vietnam’s journey toward a prosperous and powerful new era.
Focusing Resources, Poised for a Breakthrough
Building on past achievements and proud milestones, Petrovietnam’s leadership, employees, and workforce remain united, determined, and proactive in overcoming difficulties, challenges, and limitations. With flexibility, decisive actions, scientific approaches, efficiency, and a strong spirit of innovation, the Group is committed to successfully achieving its goals and fulfilling all assigned tasks for 2025 and beyond.
Petrovietnam has effectively managed and operated the enterprise, serving as a model for other State-owned corporations, groups, and enterprises. In the photo, the Group's leadership is inspecting operations at the Thị Vải LNG Terminal.
As 2025 approaches, Petrovietnam identifies this as a pivotal year marking its transition into a new phase of growth, filled with opportunities and potential breakthroughs. From the outset, the Party Committee and the Board of Members have established the strategic theme for the year: "Core Innovation; Outstanding Model Development; Global Supply Chain Integration; Energy Knowledge Advancement; Breakthrough Growth; Sustainable Green Transition". Among these, "Core Innovation" and "Outstanding Model Development" serve as the foundation for expanding scale, accelerating growth, advancing energy transition, and strengthening the knowledge-based capabilities of the industry. This guiding principle enables Petrovietnam to establish a sustainable growth platform, meeting national economic development requirements and aligning with global energy transition goals.
To achieve sustainable growth, Petrovietnam will focus on key strategic developments right from Q1 2025. The Group aims to finalize its Industry Development Strategy and Corporate Development Strategy, ensuring alignment with the directives of the Politburo and the Government. At the same time, Petrovietnam will update and complete the Five-Year Plan for 2026-2030, ensuring comprehensive and long-term stability for future development. The Group is committed to mobilizing resources and feasible solutions to achieve higher growth targets than previous years, reinforcing its role as a key pillar of the national economy. Petrovietnam strives to exceed its 2024 performance across all key indicators in 2025.
Specifically, the Group's total revenue is expected to grow by 10%; State budget contributions are projected to increase by 10%; Investment execution value is set to grow by at least 15%; Further optimization of cost-saving and waste reduction efforts will be implemented, aiming to cut 10-20% of corporate management expenses. At the same time, the Board of Members of the Group aims to: Complete and exceed all targets and tasks set in the 2021-2025 Five-Year Plan assigned by the Government; Plan and gradually implement the transition roadmap to become a National Energy Industrial Group; Enhance corporate value and scale, ensuring competitiveness and sustainable development; Meet the requirements of the energy transition process and promote green growth, industrialization, and modernization of the country.
Petrovietnam’s Key Strategic Solutions
In 2025, Petrovietnam has set forth key strategic solutions aimed at modernizing and professionalizing business governance, synchronizing management models and systems across the Group and its subsidiaries. This approach ensures effectiveness, performance optimization, and efficiency, aligning with national, regional, and global development and transformation trends.
Petrovietnam’s 2025 strategic theme: "Core Innovation; Outstanding Model Development; Global Supply Chain Integration; Energy Knowledge Advancement; Breakthrough Growth; Sustainable Green Transition."
To make "Petrovietnam extraordinary" and successfully fulfill the missions assigned by the Party and Government, Chairman of the Board Lê Mạnh Hùng emphasized that core innovation is essential—particularly in leadership and human resources development. This transformation will serve as a new driving force, shaping Petrovietnam’s current growth and laying a solid foundation for its future. Accordingly, Petrovietnam will focus on:Assessing workforce capabilities, evaluating labor productivity and asset utilization efficiency; Developing feasible action plans and solutions to maximize resource efficiency; Enhancing labor productivity management and capital utilization efficiency, ensuring a 10-15% growth in labor productivity.
At the same time, Petrovietnam is comprehensively restructuring its organizational system with a streamlined, professional, and synchronized approach. This restructuring aims to establish a well-integrated corporate structure that aligns with the Group’s strategic objectives and operational realities in the new development phase. The restructuring follows the principle of fully integrating all subsidiaries within the Group.
Additionally, Petrovietnam continues to optimize and strengthen its governance system, internal control, risk management, compliance oversight, and supervisory mechanisms. These efforts ensure safety and efficiency, particularly in the context of enhanced delegation and authorization, implemented in strict compliance with legal frameworks.
People are Petrovietnam’s most valuable resource in achieving its strategic goals.
The Group is also accelerating the adoption of digital transformation, information technology, modern technologies, and advanced engineering solutions to enhance business efficiency and labor productivity across the organization.
As Vietnam’s leading energy enterprise, Petrovietnam has mobilized all necessary resources, fully prepared to accelerate and break through into a new era of national development—an era of prosperity, progress, and sustainability. This milestone also marks a significant turning point in the transformation of Petrovietnam into a National Energy Industrial Group, solidifying its legacy after half a century of growth and innovation.