Building on the achievements of recent years, from the very beginning of 2025, the Vietnam National Energy & Industry Group (Petrovietnam) reaffirmed its determination to create a “transformational era shift” through new engines of growth.

At the 2024 Review Conference and 2025 Mission Deployment Meeting, Mr. Lê Mạnh Hùng, Chairman of the Members’ Council of Petrovietnam, presented his assessment of the petroleum sector’s upcoming “era shift,” divided into two strategic periods: 2025–2035 and 2035–2045. In this context, Chairman Lê Mạnh Hùng also identified six key growth drivers for 2025, forming the foundation for a strong transformation marking the beginning of the new era.

Chairman Lê Mạnh Hùng emphasized that Vietnam’s target for high economic growth—over 8% in 2025 and “double-digit growth” in the subsequent phase—is both a challenge and a motivation for Petrovietnam. As a leading State-owned enterprise contributing 9–10% of the national GDP annually, Petrovietnam faces increasing growth pressure to help the Government accomplish its goals. However, the Group also sees great opportunities: as the economy expands, demand for energy and Petrovietnam’s key products naturally rises—an important driver for expanding production and business. In addition, the Government’s ongoing reforms to improve the business environment also create favorable conditions for the Group to achieve its targets.

Chairman Lê Mạnh Hùng emphasized that Vietnam’s target for high economic growth—over 8% in 2025 and “double-digit growth” in the subsequent phase—is both a challenge and a motivation for Petrovietnam. As a leading State-owned enterprise contributing 9–10% of the national GDP annually, Petrovietnam faces increasing growth pressure to help the Government accomplish its goals. However, the Group also sees great opportunities: as the economy expands, demand for energy and Petrovietnam’s key products naturally rises—an important driver for expanding production and business. In addition, the Government’s ongoing reforms to improve the business environment also create favorable conditions for the Group to achieve its targets.

To advance national reforms and ensure institutional readiness, the Group also established a dedicated Steering Committee to review and improve its internal regulatory system. The aim is to institutionalize the Politburo’s resolutions and reflect evolving legal frameworks—thereby removing bottlenecks, activating resources, and strengthening governance for breakthrough growth.

General Secretary Tô Lâm and the President of South Korea, Lee Jae Myung, witnessed the signing of the Memorandum of Understanding on cooperation in human resource development in the nuclear energy sector between the Vietnam National Energy and Industry Group and the Korea Electric Power Corporation.

With the support of the Party and the Government, and by taking advantage of the opportunities created through the country’s strengthened, promoted, and expanded international cooperation, international trade has been boosted at Petrovietnam and its member units, becoming an important growth driver.

Since the beginning of the year, notable high-level cooperation activities include: within the framework of the State visit of General Secretary Tô Lâm to South Korea, Petrovietnam signed and achieved many important agreements with Korean partners; the Group promoted and expanded relations with Brazilian energy enterprises during Prime Minister Phạm Minh Chính’s working trip to the BRICS Summit; … Petrovietnam also worked, exchanged, and reached many agreements and commitments, promoting cooperation with many other international partners such as Russia, Japan, Singapore, Kazakhstan, Azerbaijan, …

In the consolidated revenue structure of the first 7 months of the year, Petrovietnam recorded more than VND 67,300 billion in revenue from international business, proving the significant contribution of this growth driver.

Along with the Group, in the first half of this year, Petrovietnam’s member units also achieved remarkable progress in international cooperation. For example, PVCFC obtained the Level One certificate in March 2025 — the highest level in Australia’s inorganic fertilizer import control system, thereby promoting and creating favorable conditions for increasing exports to the Australian market as well as other developed markets with the world’s strictest standards. The company’s products are now present in nearly 20 countries. PVFCCo – Phú Mỹ boosted fertilizer import and export activities, expanded markets, and diversified supply sources, thereby increasing revenue and profit. At PVOIL, international business was also a highlight: in the first 6 months of 2025, PVOIL Singapore recorded revenue more than doubling compared to the same period, making an important contribution to PVOIL’s overall results…

Another important growth driver identified by Chairman of the Members’ Council of Petrovietnam, Mr. Lê Mạnh Hùng, earlier this year, is accelerating and strengthening the oil and gas exploration and production sector. To realize this driver, Petrovietnam has implemented many comprehensive solutions: accelerating well intervention technical solutions, increasing reserves, expanding existing fields, developing new fields, promoting new cooperation both domestically and internationally, …

Since the beginning of the year, the oil and gas exploration and production sector of Petrovietnam has continuously witnessed significant achievements. The Group has put into operation and exploited many key projects, such as: the Đại Hùng Phase 3 Field Development Project achieved first oil in May 2025, 20 days ahead of schedule; recently, the White Rhino – South White Rhino Field Development Project, Block 09-2/09, achieved first oil and was put into commercial operation on schedule; … contributing significantly to maintaining and increasing the Group’s production output, towards ensuring growth targets.

Especially, after a long period without new contracts, in the first half of this year, Petrovietnam signed new Production Sharing Contracts (PSCs), such as: new PSC for Block 15-2, Cửu Long Basin; new PSC for Block 15-1 in the southern continental shelf of Vietnam; a new PSC with Petronas for Block PM3 CAA, along with a 20-year extension. These contracts not only reflect the strong and effective cooperative relationships between Petrovietnam and its partners but also lay a solid foundation for future field development and investment activities, contributing to the Group’s sustainable development.

The growth drivers from the gas and power sectors have also been effectively promoted by Petrovietnam. In this regard, PV GAS increased LNG supply for both power generation and industrial customers, contributing to development goals while meeting green transition requirements. At the same time, the Group’s power segment also achieved impressive growth by fully capitalizing on market demand, especially during peak heat periods and times when the economy required high energy to develop.

Notably, investment activities have been aggressively implemented by the Group as an important solution contributing to achieving the 2025 plan, as well as long-term strategic orientations aimed at high and sustainable growth. Key projects such as: Block B – Ô Môn Gas-to-Power Chain, Nhơn Trạch 3 – 4 LNG Power Plants; upgrading and expanding the Dung Quất Refinery; increasing the capacity of the Thị Vải LNG Terminal; … have all been actively implemented, meeting scheduled progress.

It is noteworthy that the Long Phú 1 Thermal Power Plant project, after a long period of difficulties and stagnation, has been restarted and is being accelerated with the goal of generating electricity in 2027. Petrovietnam also commenced the Ô Môn 4 Thermal Power Plant, an important downstream component of the Block B project chain.

The Group also marked a notable milestone when its member unit, PTSC, completed the fabrication of 33 offshore wind jackets for the CHW2204 project — marking the first time a Vietnamese enterprise has won a bid and manufactured large-scale offshore wind foundations for export to the world… along with many other outstanding projects and works. This determination is clearly demonstrated through the Group’s investment disbursement value in the first 7 months of the year, which increased by 49% compared to the same period, creating strong momentum for growth in 2025 and long-term strategic objectives.

Scientific research and innovation are among Petrovietnam’s core growth drivers, contributing to realizing the Party, Government, and Group Party Committee’s guidelines.

Petrovietnam has rapidly commercialized many new products with high added value, bringing clear effectiveness. Examples include: the development of lubricants and nano-carbon coating technologies that improve performance and reduce consumption; the successful research of the VPI SP Enhanced Oil Recovery Chemical System, a breakthrough scientific and technological product; pioneering the pilot introduction of E10 biofuel to the market and continuing to develop specialized fuels for the defense sector. Other products such as granular sulfur (BSR) and green hydrogen (PV GAS) have also begun to be developed and introduced to the market. In the first 7 months of the year, new products from science, technology, and innovation contributed VND 5,204 billion to the Group’s consolidated revenue, affirming the effectiveness of this strategy.

With efforts to unlock resources and seize opportunities for growth, Petrovietnam has gradually realized its goals and vision for 2025. This is evident in the Group’s business results in the first 7 months of the year. Despite many challenges, declining oil prices, and global economic and geopolitical fluctuations, the Group still achieved high growth. Production indicators all outperformed the same period in 2024, such as electricity production up 9.8%, refined petroleum up 23.4%, and NPK fertilizer up 53.8%. In financial terms, consolidated revenue reached VND 602,165 billion and State budget contribution reached VND 83,013 billion — all recording impressive growth.

Based on the strategic direction outlined, Petrovietnam is showing strong alignment between vision and reality. The growth drivers forecasted earlier this year have been and are being realized, creating a clear roadmap for meeting and exceeding the 2025 plan. These results are not only proof of a correct strategy but also a solid foundation for Petrovietnam to continue developing towards the goal of becoming an energy–industrial group with superior management capacity and leading competitiveness in the region and globally.

–  According to PetroVietnam