Over the past five months, all production indicators of the Viet Nam Oil and Gas Group (Petrovietnam) have met or exceeded planned targets, with many showing strong growth compared to the same period in 2024.
Exceeding targets
Pham Van Phong, General Director of PetroVietnam Gas Joint Stock Corporation (PV Gas), stated that despite a challenging market environment, particularly the sharp decline in oil prices and continued drop in gas demand, the collective efforts of the entire workforce enabled the company’s revenue and profit to grow by 9–11% year-on-year during the first five months of 2025.
These achievements were the result of proactive corporate governance, business expansion, and the optimal use of resources and capital. PV Gas had identified potential challenges as early as late 2024 and swiftly implemented strategies to expand its market, develop international business operations, and improve debt recovery.
Investment in construction has also been stepped up, with disbursements from the parent company reaching 842 billion VND. These funds focused on key projects such as increasing the capacity of the Thi Vai liquefied natural gas (LNG) terminal to 3 million tonnes per year; the Son My LNG import terminal; gas supply for the Long An 1 and 2 power plants; and expanding the Phu My–Ho Chi Minh City gas pipeline.
“To maintain growth momentum and adapt to the energy transition trend, we are committed to revitalising existing drivers and adding new ones. This means transforming our operating model to align with the modern and sustainable development of the energy sector. At the same time, we are expanding our consumer markets and mitigating the impacts of fluctuations in gas supply for electricity production, while intensifying business development activities to ensure production and business efficiency,” Phong emphasised.
Phong also noted that in the investment sphere, PV Gas aims to strengthen its investment governance system, ensure the quality and progress of projects, diversify its product portfolio, and prioritise research and innovation to develop highly applicable products. These efforts will support the timely fulfilment of production and business tasks, consolidating PV Gas’s position as the leader in Viet Nam’s gas industry.
The PetroVietnam Fertiliser and Chemicals Corporation (PVFCCo, Phu My Fertiliser) has also emerged as one of the few subsidiaries to exceed its assigned governance targets, reflecting the company’s resolute management and dedicated workforce.
Commenting on this, PVFCCo General Director Phan Cong Thanh confirmed that despite rising input costs and significant market volatility, the company maintained stable production and achieved all assigned production and business targets. It saved 123 billion VND in production costs, 50% of the annual target, including 113 billion VND through energy efficiency measures.
To maintain growth momentum in the coming time, PVFCCo will continue to innovate its business model, integrating science and technology and developing new products. The focus will be on markets, raw materials, core technologies, and value chains across the industry.
Optimising production efficiency
Le Ngoc Son, General Director of Petrovietnam, noted that in the first five months of the year, most of the Group’s production indicators were met or exceeded, with many showing strong year-on-year growth.
Crude oil output reached 4.01 million tonnes, including 3.27 million tonnes from domestic sources, exceeding the plan by 18.9%. Electricity production totalled 14.26 billion kWh, up 9.9%. Refined petroleum output (including the Nghi Son Refinery and Petrochemical Limited Liability Company – NSRP) reached 6.81 million tonnes, a 16.8% increase. Excluding NSRP, output reached 3.12 million tonnes, up 34.4%. NPK fertiliser production stood at 245,200 tonnes, up 64.4% year-on-year.
Total revenue reached 410 trillion VND, equal to 50% of the annual target. Budget contributions totaled 56.1 trillion VND. Investment disbursement hit 12.74 trillion VND, up 28.5% compared to the same period in 2024. According to Son, to sustain growth amid mounting market challenges, Petrovietnam has not only operated its plants and projects efficiently but also expanded its market share and product consumption, especially in petrol, LPG, LNG, and petroleum services.
The group has deployed various flexible measures to scale up domestic and international business activities, seizing opportunities to maximise production efficiency. It is actively signing cooperation agreements with both state-owned and private economic groups to establish interconnected value chains, enhance national competitiveness, identify growth drivers, and expand markets.
Alongside increasing plant capacities and expanding its markets and consumption channels, Petrovietnam is also accelerating the progress of key projects.
