The White Lion oil field (Photo: Petrovietnam)

In the first 7 months, global, regional, and domestic affairs presented more difficulties and challenges than opportunities, with outlooks far more pessimistic than forecasts from early 2023. Some of the challenges included low global growth, weakened consumer demand, increased protective barriers, unstable financial and energy market, tightened monetary policies in many countries, new challenges for global food security, disrupted supply chains and economies, negative trends for prices and strength of demand due to pressure from a slumping global economic growth. With high economic openness and prolonged consequences of the COVID 19 pandemic, Vietnam’s economy is facing “dual pressures” from unfavourable conditions both inside and outside the country. 

The Government has implemented many solutions to “untie the Gordian knot” and support the economy, standing by its growth targets for 2023, however difficult. 

Determined to help the Government and ministries reach the set targets as Vietnam’s leading financial and energy group, Petrovietnam always performs its best in business activities to accomplish and exceed its assigned targets and missions, standing by goals and plans set out at the beginning of the year to contribute the most to the economy. 

In the first 7 months of 2023, Petrovietnam had ensured safety, stability, and high efficiency in its production and business activities by actively implementing timely management solutions in line with market trends, with the motto “to manage volatility, expand the scale, accelerate digital transformation, shift models, improve productivity, reinvent business”. 

Production indicators exceeded targets and remained high. Supplies of strategic products, including petrol, electricity, fertilizer, and oil have been maintained with maximum output for everyday consumption and production. 

The group has also exceeded financial targets in the past months and quarters, recording optimistic results against the downward trends seen in oil prices, export, investment, and consumption. In July, Petrovietnam State budget contribution reached more than 502 million USD (12.2 trillion VND), more than doubling its monthly target. From January to July of 2023, the group’s total State budget contribution reached more than 3.2 billion USD (78.31 trillion VND), exceeding its 7-month target by 62%, reaching 100,02% of its target for the whole year, and completing 2023 target 5 months ahead of time. 

Petrovietnam’s achievements have contributed to Vietnam’s economy, ensuring national energy security, making up for the difficulties that the economy is facing, and contributing to 2023 GDP growth. They demonstrated the group’s efforts in realizing the nation’s goals and commitment to always prioritizing assigned tasks from the State and national interests. 

LNG Thi Vai warehouse receives its first batch of liquefied natural gas (LNG). (Photo: Petrovietnam)