Prime Minister Phạm Minh Chính is briefed on Petrovietnam’s new product. — Photo courtesy of Petrovietnam

HÀ NỘI — Vietnam National Industry–Energy Group (Petrovietnam) is determined to become one of Southeast Asia’s top five corporations by 2030.

The group plans to stay number one in Việt Nam, enter the regional top five and join the Global Fortune 500.

To reach these goals, it targets yearly growth of 10 per cent in revenue and State budget contributions, and 4.5 to 5 per cent in pre-tax profit.

Petrovietnam is committed to building a powerful and modern industrial–energy group with high competitiveness, pioneering the national energy transition and driving sustainable, green growth.

This vision was the focus of the 4th Party Congress of the group, held on August 2-3, 2025, marking a historic milestone of 50 years since the group’s founding. The Congress featured 238 delegates representing nearly 14,000 Party members and over 55,000 workers from across the country.

At the congress, Prime Minister Phạm Minh Chính praised Petrovietnam’s achievements, saying the group had become a model for transformation, resilience and innovation across the State-owned enterprise sector.

From oil and gas to energy and industry powerhouse

During the 2020–25 term, Petrovietnam overcame an unprecedented period of global and domestic uncertainty. With timely strategies and the support of the Party, Government and key ministries, the group not only maintained stability but surpassed expectations.

It achieved all 12 goals of the previous term’s resolution, including major financial breakthroughs.

Annual revenue rose by an average of 14.5 per cent, exceeding the plan by 383 per cent. Pre-tax profit grew by 32.7 per cent per year, surpassing 1,535 per cent of the target. In 2024, Petrovietnam reached a historic milestone – over VNĐ1 quadrillion (US$38.5 billion) in revenue for the first time, confirming its vital role in the national economy.

This congress was the first held under the group’s new name – the Việt Nam National Industrial and Energy Group, reflecting its expanded scope beyond oil and gas.

The new term’s direction centres on applying science, technology and innovation as core drivers, while promoting energy diversity and marine economic development linked to national sovereignty.

The Congress elected 37 members to the Executive Committee for the 2025–30 term. Lê Mạnh Hùng was re-elected as Secretary of the Party Committee, while Lê Ngọc Sơn and Trần Quang Dũng continued as Deputy Secretaries.

The 4th-term Party Executive Committee of the Vietnam National Industrial and Energy Group (2025–2030) makes its debut at the Congress. — Photo courtesy of the group

In his opening remarks, Hùng highlighted the Party’s core mission to build a comprehensive, strong leadership structure, promoting the spirit of innovation and discipline across the group.

He reaffirmed that each Party member must carry the “aspiration” to overcome challenges, contribute to national development and honour the legacy of “those who sought fire” – a reference to the early pioneers of the oil and gas industry.

PM Chính praised Petrovietnam for building trust, expanding cooperation, adding value and nurturing human-centred development. He noted that the group had successfully transitioned into a diversified energy leader with operations in 28 countries.

It ranked 11th in Southeast Asia on the 2024 Fortune 500 list, 5th in the energy sector and first among Việt Nam’s largest enterprises.

Petrovietnam holds 32.8 per cent of total assets among all SOEs, with consolidated revenue accounting for 26.1 per cent. These figures reflected not only scale but the group’s efficiency, vision and societal contributions, he said.

Petrovietnam has donated over VNĐ3.6 trillion to social welfare projects, including support for remote, disaster-struck areas.

The group now has the full potential – financial, technological, institutional and human – to reach higher, according to the Prime Minister. He encouraged Petrovietnam to embrace double-digit growth, maintain macroeconomic stability and lead the shift to renewable and green energy solutions.

The 2025–30 period marks a key stage in Việt Nam’s green growth. Despite global challenges, Petrovietnam’s leader said the group was determined to drive progress, turn risks into opportunities and strengthen its global role as a symbol of the country’s strength and ambition. — BIZHUB/VNS