PM sets path for Petrovietnam’s continued success in 2024
Prime Minister Pham Minh Chinh has assigned relevant ministries and agencies to remove any existing obstacles as soon as possible, thus providing unwavering support for the Vietnam Oil and Gas Group (Petrovietnam) to further develop and ensure national energy security.
Addressing a hybrid conference in Hanoi on January 8, convened to evaluate Petrovietnam's performance in 2023 and outline tasks for this year, PM Chinh commended the group for its substantial contributions to the State budget, emphasising its role in safeguarding national independence, sovereignty, and territorial integrity.
Petrovietnam should further invest in innovation, digital transformation and green transition, including the development of renewable energy industry, decentralisation coupled with the efficient allocation of resources, and administrative reform, he said.
Agreeing with the group’s tasks and solutions for 2024, the leader urged strict adherence to socio-economic duties in alignment with resolutions and conclusions of the Party, National Assembly, Government, and PM himself.
The oil and gas sector, particularly Petrovietnam, was required to fortify its organisational structure, cultivate a high-caliber workforce, and sustain effective corporate restructuring, equitisation and State divestment initiatives.
He pressed for a comprehensive focus on forecasting, evaluating potential growth drivers across diverse business sectors, and addressing lingering issues in collaboration with relevant sectors and partners.
In conclusion, he believed that Petrovietnam will continue to thrive, successfully achieve its set targets with better results this year.
In a noteworthy achievement last year, Petrovietnam exceeded its annual petroleum reserves target one month and 10 days ahead of schedule, amassing 13 million tonnes, surpassing the annual target by 8.3%.
Financially, Petrovietnam reported a total revenue of VND942.8 trillion (US$39.2 billion), outstripping the annual plan by 39% and VND11.6 trillion higher than the record set in 2022. The figure was equivalent to 9.2% of the national GDP. Contributing significantly to the State budget, it provided VND151.8 trillion, surpassing the annual plan by 94%, equivalent to around 9.4% of the total State budget revenue. The consolidated pre-tax profit reached VND54.5 trillion, surpassing the annual target by 57%.
For the year ahead, Petrovietnam has set ambitious goals, aiming for a revenue of VND734.2 trillion, a VND56.5 trillion increase from the 2023 plan, and a substantial contribution of VND94 trillion to the State budget.
