Hanoi (VNA) – The Vietnam National Industry - Energy Group (Petrovietnam) is not only reviewing its six growth drivers for 2025 but is also focusing on developing a comprehensive action strategy for international business and collaboration.
This strategy aims to help the organisation overcome the significant challenges it will encounter as it progresses toward its goals for 2025.
Petrovietnam Chairman Le Manh Hung issued this direction during a recent meeting to review the group's production and business activities with member units.
Hung specifically requested that the units reevaluate the six growth drivers for this year. These include assessing market demand, restructuring the exploration and exploitation sectors, aligning electricity demand with economic growth, developing the gas business, revitalising struggling projects, and expanding international trade.
Based on these drivers, Petrovietnam aims to establish a new growth model that integrates both traditional and emerging growth factors, targeting an average growth rate of 10% per year.
In the coming months, the Chairman has directed the entire group to enhance the development and promotion of institutional drivers. This effort will focus on addressing both internal and external challenges, ranging from updating internal regulatory documents to submitting recommendations to ministries, sectors, and local authorities.
The group will concentrate on implementing a comprehensive plan for maintenance and repairs, ensuring industry-wide integration, optimising human resources and assets, to make Petrovietnam a strong EPC (Engineering, Procurement, and Construction) contractor both domestically and internationally, Hung stated.
In addition, creating financial growth drivers from investment projects, focusing on efficient cash flow management, ensuring the safety and effectiveness of capital use, and meeting the capital needs for production, business and investment activities are also key directions to be implemented, he said.
According to Petrovietnam General Director Le Ngoc Son, the pressure to achieve the targets for the fourth quarter is extremely high, so the group must accelerate efforts and be determined to execute the plan according to the assigned indicators.
Proposing groups of solutions to reach the 2025 targets, Petrovietnam’s member units agreed to maintain production growth linked with absolute safety; implement cross-border solutions; apply technology, digital transformation, and artificial intelligence (AI) to manage risks; ensure production, revenue, and progress of key projects in the last quarter; and maintain high operating capacity of plants and optimise maintenance.
Attention will be paid to sustaining stable supply chains with flexible market-driven operations; expanding exports and boosting international business; and simultaneously seizing opportunities from the government’s flexible fiscal and monetary policies to restructure capital and optimise financial efficiency.
Petrovietnam has strengthened its international business operations, viewing this as a strategic pillar in the group's development strategy to ensure growth targets and demonstrate its global competitiveness.
With international business revenue reaching 94.7 trillion VND (3.6 billion USD) in the first 9 months, international business has made a positive contribution to growth, accounting for 30% of total consolidated revenue by 2030.
Petrovietnam’s consolidated revenue reached 484 trillion VND, marking a 10% increase compared to the same period in 2024. Its total revenue was estimated at 795 trillion VND, up 7% year on year. It also contributed 112.3 trillion VND to the state budget./.
