 Petrovietnam-invested Song Hau 1 power plant fulfils its 2024 output plan two months in advance. Photo: Petro Times |
In October, Petrovietnam reaped many outstanding achievements. The Group was ranked first in the Top 10 Strong Brands in Vietnam 2024; For the sixth time, it was honored as the leading enterprise in the Top 500 Most Profitable Enterprises in Vietnam; Vietsovpetro's project "Manufacturing and completing the installation of the topside RC-8 wellhead rig" was named a prominent project of the third Enterprise Development Innovation Award 2024.
Business indicators in October picked up in crude oil exploitation, electricity output, fertilizer, gasoline, among others; 10-month cumulative figures were higher than last year with a number of industries exceeding the monthly and yearly plans. As a result, all financial targets were higher than planned, Petrovietnam’s total revenue fulfilled its yearly plan three months ahead, exceeding the yearly plan by 12% and up 10% over the same period in 2023. So, in the past 10 months, Petrovietnam achieved all six financial targets for the whole year 2024 in line with the plan assigned by the Commission for the Management of State Capital at Enterprises and the Board of Members.
 Panoramic view of the offshore windfarm foundation construction site. Photo: Petro Times |
In the remaining months of the year, Petrovietnam's member units have proposed many solutions and initiatives. The exploration and exploitation units have completed the year's major maintenance and repair campaigns, maintained exploitation projects to ensure progress, and renewed contracts. Meanwhile, the gas, electricity, and fertilizer units are determined to achieve the Group's goals. Investment activities have pushed projects underway in fertilizer plants.
Following the energy transition trend, Petrovietnam Gas Corporation (PV GAS) and Petrovietnam Power Corporation (PV Power) are making restructuring adjustments by increasing the proportion of renewable energy and new energy. The petrochemical refining unit has actively improved machinery, saves fuel, and mapped out scenarios for the last months of the year and 2025 as well as worked out a management plan to control inventory for both input and output. The technical services sector’s general solution is extending contracts, strengthening coordination with production and business units to fulfill the assigned management plans, and focusing on horizontal linkages based on strengths of each unit. PetroVietnam Technical Services Corporation (PTSC) has carried out a series of outstanding events in the last two months of the year, including the export of the first offshore windfarm foundation.
 Chart of results of realizing Petrovietnam's financial targets for the period 2019-2023. Photo: Petro Times |
As directed by the Petrovietnam leaders, from now until the end of the year, units within the Group must continue to evaluate the market, develop plans, proactively add new motivation, renew old motivation, and accomplish assigned tasks and at the same time develop a plan for the remaining two months of the year, in sync with the Group's plan, with the spirit of "savings - efficiency - anti-waste".
Petrovietnam needs to focus on the management plan, be steadfast and determined with the set goals, ensuring that plans are met or surpassed. Efforts should be made to keep closely following the market, prioritize operational efficiency, review growth potential, strive for the planned target of 40 billion USD revenue in 2024, achieve high efficiency in consolidated profit in 2024, and maintain No 1 position in Vietnam in terms of profit, while preparing for growth momentum for the next year.