Petrovietnam tasked with six pioneering initiatives to fuel double-digit growth

PM Chinh credited Petrovietnam's contributions as a key factor behind the country's broader achievements, echoing remarks by Party General Secretary To Lam at a September ceremony marking the group's 50th anniversary.

Praising the group’s standout performance recorded in 2025 and throughout the 2021-2025 period, he stressed how its achievements have generated substantial spillover benefits and economic synergies across multiple industries.

He urged Petrovietnam to resolutely and effectively follow orientations and directions set by the Party, Government and National Assembly, particularly those from General Secretary Lam and recent strategic resolutions issued by the Politburo.

Among the six flagship initiatives, he tasked the energy giant with spearheading institutional reforms to advance industrialisation and modernisation, securing national energy security, and building a safe, sustainable industrial-energy-services ecosystem deeply linked to global markets.

Petrovietnam should also lead in adopting sci-tech, digital transformation, green transition, data infrastructure and artificial intelligence to accelerate its shift toward renewables, hydrogen, liquefied natural gas, nuclear power and offshore wind.

The group is expected to pioneer modern, smart governance, restructuring for greater production and business efficiency, optimised resource allocation, flexible market responses, and a focus on large-scale strategic projects with significant spillover effects, high returns and the potential to inspire domestic enterprises.

It was directed to blaze the trail in global integration by partnering with capital-rich players equipped with advanced technologies and expertise, while embedding itself further into global supply and new energy value chains.

The fifth initiative calls for a cultural shift in mindset, bold action against challenges, relentless skill development to cultivate a technical and management talent pool.

The sixth centres on leading by example in thrift and anti-wastefulness practices, while fostering a clean, robust group for long-term sustainable growth, guided by development policies based on the spirit of benefiting the nation, people and businesses, and adhering to principles of no personal gain, corruption or negativity, and no tolerance for asset loss or waste.

Petrovietnam’s 2025 results underscored its dominance, with total assets nearing 1.2 quadrillion VND (46.1 billion USD), record-breaking revenue exceeding 1.1 quadrillion VND for the fourth consecutive year, representing 9-10% of national GDP, and nearly 166 trillion VND contributed to the state budget.

All key financial targets were exceeded, with milestones from the Government’s 2021-2025 plan achieved one to two years ahead of schedule. Beyond profits, the group invested 1.317 trillion VND in social welfare activities, securing second place in the 2025 VNR500 rankings of Vietnam’s largest enterprises and extending its streak in the top three for 17 straight years.

On the occasion, the Government leader announced the appointment of Petrovietnam CEO Le Ngoc Son as Chairman of its Members’ Council, succeeding Le Manh Hung, who had been assigned to act as Acting Minister of Industry and Trade.