At the meeting. — Photo pvn.vn

HÀ NỘI — On July 18, Petrovietnam’s general director Lê Mạnh Hùng led a meeting focusing on the group's forthcoming strategy for key product development.

Present at the session were Bùi Minh Tiến, a member of the Board of Directors, as well as Lê Xuân Huyên and Phạm Tiến Dũng, Deputy General Directors. Additionally, leaders from various specialised departments within the group, the Vietnam Petroleum Institute (VPI) and representatives from member units of the Group were in attendance.

The initial part of the meeting featured a preliminary report from Nguyễn Duyên Cường, Deputy Head of the Trade and Service Department. The report delved into the research, evaluation and execution of the Group's key product portfolio during different periods. The drafting team collaborated with VPI and its member units throughout the research phase, reviewing, gathering and assessing the potential and opportunities for developing pivotal products in line with current global trends in the energy market.

VPI's representative provided a detailed account of the research and assessment process for establishing the Group's key product list. The analysis took into account market demands, resources and the Group's strengths and advantages for each product category.

Unit leaders engaged in focused discussions centered on the research report. They offered recommendations and proposed solutions based on actual operational contexts. Their aim was to encourage the Group to establish conditions and mechanisms conducive to future key product development.

Group leaders and professional committees assessed the existing product portfolio and selected Petrovietnam's key products. It was unanimously agreed that the strategic development of these products, both for Petrovietnam and its subsidiaries, should align with the overall development strategy of the Group and individual units. Thus, the focus should be on expedited review and evaluation, culminating in a comprehensive list of key products.

This would provide a foundation for guiding increased investment and concentrated efforts toward developing these essential products in harmony with global development trends, particularly the pursuit of achieving net-zero emissions.

Lê Mạnh Hùng, General Director of Petrovietnam, commended the drafting team's diligent research efforts, stating that the report vividly outlined the strategic course of the company's key products over distinct periods. With Petrovietnam's aspiration to become a premier Industry-Energy Group in the nation, he emphasised the need to sustain and enhance existing products. He advised assessing the Group's and unit's capabilities to chart directions for developing key products in sync with current energy transition trends.

Hùng also requested the Trade and Service Department, alongside other specialised departments, collaborate further with VPI and the units to finalise the key product list by the third quarter of 2023. This list would subsequently be integrated into the Group's comprehensive development strategy.

As research continues, it is important to supplement the information, refine current and future product categorisation criteria, and conduct more in-depth assessments based on actualities. Adjustments should be made considering Petrovietnam's potential and capacity for each product category.

Moreover, for each product type, an initial assessment of the development timeline – spanning from the research phase to the investment stage – was recommended. Concurrently, Hùng urged an exploration of mechanisms and policies for key product development, proposing prompt solutions to address any challenges and seize product development opportunities in a targeted and expedited manner. — VNS