PetroVietnam adopts measures for successful 2020-2025 hinh anh 1Members of PetroVietnam's second-tenure Party Committee (Photo courtesy of PetroVietnam)

Hanoi (VNA) - The Vietnam National Oil and Gas Group (PetroVietnam) has set forth a number of measures for the 2020-2025 period so that major targets are achieved.

Over the course of the next five years, it will continue to implement Politburo Resolution No 41 on directions for the Vietnam Oil and Gas Industry Development Strategy until 2025 with a vision to 2035, while pursuing the stance of Party Central Committee Resolution No 36 on the Strategy on Sustainable Development of Vietnam’s Sea-based Economy until 2030 with a vision to 2045, and Politburo Resolution No 55 on directions on the Vietnam National Energy Development Strategy until 2030 with a vision to 2045.

The group will maintain a close watch on global development trends and the national development strategy, proactively adapt to free trade agreements and new economic agreements, increase capacity in forecasting and managing risks, and effectively respond to fluctuations and uncertainties.

Major targets set by the group for the 2020-2025 period are to build a comprehensive and strong Party Committee, turn the group into an economic driver, reach a high level of competitiveness, boost potential in finance and advanced science and technology, and successfully fulfil the Oil and Gas Industry Development Strategy.

The group will focus on developing its principal production and business activities, including oil and gas exploration and exploitation, oil and gas processing, electricity and renewable energies, and high-quality technical services, among others. Efforts will also be made to preserve and increase capital resources, and associate production and business development with environmental protection, national security and defence, and national sovereignty at sea.

To achieve these goals, the group’s entire Party Committee will raise the leading role and responsibility of the Party organisation through following the Party’s policies and the State’s laws as well as late President Ho Chi Minh’s thoughts and moral example.

In addition to traditional energy sources, the group will step up the development of new and renewable energies while keeping a close watch on global energy movements to ensure sustainable development.

Attention will be paid to speeding up equitisation and divestment in the sectors where the State need not hold the dominant capital share, resolving existing financial shortcomings, improving financial governance, and attracting more investment through investment funds and stock and bond markets to meet development demand and deal with possible risks.

PetroVietnam will conduct an overall review of ongoing projects to focus resources on those that are highly-effective and urgent and stringently handle those performing poorly. The group will speed up the restructuring of scientific research and training establishments to improve quality and better meet the sector’s development requirements amid intensive international integration and the impact of Industry 4.0.

The group will effectively carry out coordination mechanisms and cooperation agreements with the Ministry of National Defence, the Ministry of Public Security, and the Ministry of Foreign Affairs to fully conduct its tasks in controlling and exploring oil and gas. It will also adopt policies to intensify cooperation with major countries’ oil and gas companies in exploration and exploitation in Vietnam’s waters and on its continental shelf in order to serve economic development and the protection of national sovereignty at sea.

PetroVietnam adopts measures for successful 2020-2025 hinh anh 2A work to welcome  third Congress of PetroVietnam’s Party Committee in the 2020-2025 tenure (Photo courtesy of PetroVietnam)

The third Congress of PetroVietnam’s Party Committee in the 2020-2025 tenure is an opportunity to summarise the past five-year journey and the unprecedented difficulties the group has experienced. In unusual circumstances, the bravery and wisdom of the group’s staff have been clearly evident. The Party Committee is deeply aware of its responsibilities to the Party, the State, and officials and employees. With a spirit of Bravery - Responsibility - Solidarity - Innovation - Action, the group’s Party Committee will overcome and rectify any and all limitations and shortcomings, seize opportunities, take on challenges, improve leadership capacity, bring into full play all resources, and be determined to fulfil the objectives and tasks assigned on it by the Party and the people so as to be worthy of being the backbone of the country’s economy and contribute significantly to the national construction and defence./.