Prime Minister Pham Minh Chinh: Petrovietnam to focus on implementing "6 pioneering priorities" and core business

Abstract

On December 26, 2025, Prime Minister Pham Minh Chinh attended and delivered directives at the conference reviewing the 2025 production and business performance and outlining the 2026 plan of the Vietnam National Industry - Energy Group (Petrovietnam), and presented the Decision appointing the Chairman of Petrovietnam’s Board of Directors.

Also attending the conference were Standing Deputy Prime Minister Nguyen Hoa Binh, Deputy Prime Minister Bui Thanh Son, Deputy Prime Minister Le Thanh Long, Vice Chairman of the National Assembly Vu Hong Thanh, Minister of Finance Nguyen Van Thang, Minister of Science and Technology Nguyen Manh Hung, Acting Minister of Industry and Trade Le Manh Hung, and representatives of ministries, sectors, and localities.

Total revenue exceeds 1,100 quadrillion VND, equivalent to 9-10% of GDP

In his directives at the Conference, Prime Minister Pham Minh Chinh affirmed that Petrovietnam is a leading state economic group with a pioneering role in driving industrial development, promoting energy transition, green growth, digital growth, and deep international integration.

The Prime Minister recalled the directive speech of General Secretary To Lam at Petrovietnam's 50th anniversary ceremony, affirming that the Group has made vital contributions to macroeconomic stability, national energy security, safeguarding the “lifeblood” of society, and protecting regime security during challenging periods amid global political volatility. He highly commended Petrovietnam’s role in ensuring “Five Securities” - energy security, economic security, food security, national defence and security, and social welfare - as well as its “Five Firsts” achievements: the largest scale, the highest contributions to the state budget, the highest profits, the most science‑and‑technology awards, and the most extensive social welfare activities. General Secretary To Lam also conferred upon Petrovietnam the motto: Pioneering - Outstanding - Sustainable - Global.

According to the Prime Minister, Petrovietnam has demonstrated extraordinary efforts, acted decisively, and continuously promoted innovation and creativity, achieving significant results reflected in eight themes: (1) Unified will; (2) Warrior spirit; (3) Comprehensive achievements; (4) Innovative mindset; (5) Deep integration; (6) Smart governance; (7) Strong humanistic values; (8) Value diffusion.

With the principle "One team - One goal," the Group has continuously fostered solidarity, unity, and a shared will and sense of action to contribute to Petrovietnam’s sustained development. Petrovietnam has demonstrated a steadfast warrior spirit in overcoming challenges, successfully executed restructuring, revitalized organizational morale, restored confidence, and spread a strong aspiration for growth.

The Prime Minister highly commended Petrovietnam for completing and exceeding all targets under its 2025 production and business plan and the 2021-2025 five-year plan, achieving outstanding and breakthrough growth. Notably, Petrovietnam recorded the 4th consecutive year of record-high total revenue; state budget contribution in 2025 reached nearly VND 166 trillion, exceeding the plan by more than 80%; the Group continued to rank as the most profitable state-owned enterprise (SOE) nationwide. Total investment disbursement in 2025 reached VND 51.4 trillion, up nearly 44% year-on-year. Total oil production increased by 0.8% compared to 2024 after 11 consecutive years of decline. Power generation rose by 7.3% year-on-year, and fuel production increased by 17.6% year-on-year. Increased oil and gas reserves totaled 14.5 million tons of oil equivalent, exceeding 11.5% compared to the 2025 plan. In 2025, consolidated total assets were estimated at nearly VND 1,2 quadrillion, up 40% from 2020, accounting for ~33% of total SOE assets; consolidated equity was estimated to reach nearly VND 587 trillion, up 27% compared to 2020, representing about 32.4% of total SOE equity.

By proactively and actively reframing its mindset and daring to act, Petrovietnam has gradually resolved long‑standing bottlenecks in critical projects - bringing the Thai Binh 2 Thermal Power Plant into safe, efficient operation, restarting the Block B gas project, and restructuring the Nghi Son Refinery and Petrochemical complex...

Petrovietnam has continuously enhanced operational efficiency, taken a pioneering role in developing alternative energies, and gradually strengthened its participation in the global energy value chain. Revenue from international business expansion in 2025 exceeded VND144.6 trillion, up 56% year-on-year versus 2024.

Petrovietnam has implemented smart governance, gradually establishing itself as a benchmark model for governance and administration among groups, corporations, and state-owned enterprises.

The Prime Minister highly appreciated Petrovietnam for demonstrating its pioneering mission in fulfilling responsibilities to the community, with total contribution to social welfare during the recent term exceeding VND 5,100 billion (of which more than VND 1,500 billion was contributed in 2025), representing an increase of 75% compared to the previous term.

In terms of value diffusion, during the 2021-2025 period, Petrovietnam commenced construction and put into operation 50 major projects with a total investment value of VND 561 trillion, creating strong momentum for economic growth. In 2024, Petrovietnam was ranked 11th by Fortune in the Top 500 enterprises in Southeast Asia, ranked 5th in the region in the energy sector, and recognized as the largest enterprise in Vietnam. In 2025, Petrovietnam ranked 2nd in the Top 500 largest enterprises in Vietnam.

The Prime Minister stated that the results achieved by Petrovietnam carry particularly significant meaning: affirming the Group's pioneering and leading mission; reinforcing confidence and the strength of solidarity and unity; demonstrating strength, stature, and maturity; building trust and spreading positive momentum; reflecting aspirations, resilience, wisdom, the spirit of self-reliance and self-strengthening, along with a strong determination to overcome difficulties  - guided by the spirit of "turning nothing into something, turning difficulty into ease, turning the impossible into possible," and "what is said must be done, what is committed must be implemented, what is implemented must deliver specific, quantifiable, and measurable results". The Prime Minister also underscored that these achievements demonstrate the soundness of personnel work "selecting the right people, assigning the right tasks".

 Focusing on "six pioneering priorities" and core business

The year 2026 holds particular significance as the first year of implementing the Resolution of the 14th Party Congress and the 2026 - 2030 five-year socio-economic development plan, with the goal of achieving double-digit economic growth, creating a solid foundation to realize the "two centennial strategic goals," leading the country steadily into a new era.

Drawing on lessons learned from practice, the Prime Minister especially emphasized the importance of focusing on and making breakthroughs in core strategic areas,  while ensuring the development in line with global trends.

The Prime Minister called on Petrovietnam to fully leverage its pioneering and pillar role in implementing the 14th Party Congress Resolution; strive to achieve double-digit growth; deepen participation in value chains; build an ecosystem for the development of the oil and gas industry, thereby creating favorable conditions for the growth of other industries and enabling other groups to grow stronger together. The Prime Minister requested Petrovietnam to implement "6 pioneering priorities", including:

First, Petrovietnam takes the lead in proposing initiatives and contributing to  the improvement of institutional frameworks, as well as  the development and refinement of mechanisms and policies.

Second, Petrovietnam takes the lead in applying science and technology, advancing digital transformation and green transformation, developing data  infrastructure, applying artificial intelligence, and accelerating energy transition (renewable energy, hydrogen, LNG, nuclear power, offshore wind power...).

Third, Petrovietnam takes the lead in synchronously implementing solutions to modernize and smarten governance models; restructuring, optimizing production and business performance and resource utilization; proactively and flexibly responding to market volatility; and strengthening its capability to act as an EPC general contractor for large-scale energy projects.

Fourth, Petrovietnam takes the lead in international integration, participating in global supply chains and value chains; developing ecosystems not only in Vietnam but also worldwide, guided by the spirit of "solidarity for strength, cooperation for mutual benefit, and dialogue to consolidate trust".

Fifth, Petrovietnam takes the lead in innovating mindsets and approaches, boldly confronting difficulties and challenges, and acting decisively and effectively.

Sixth, Petrovietnam takes the lead in practicing thrift, preventing and combating wastefulness and misconduct, ensuring openness and transparency, guided by the spirit of "Three Benefits" - benefiting the country, the people, and the enterprises — and "Two Nos" - no personal motives, corruption, or misconduct, and no loss or waste of state assets. The Prime Minister underscored the primacy of prevention in anti‑corruption efforts, prioritizing prevention as fundamental, strategic, long-term, and decisive, while treating enforcement as critical and breakthroughs; minor violations must not be allowed to accumulate into major shortcomings and serious violations.

Regarding recommendations and proposals raised at the Conference, the Prime Minister requested relevant ministries and agencies - within their assigned functions, tasks, authorities, and relevant legal provisions - to promptly address them at the earliest possible time; matters beyond their authority are to be reported to the competent authorities.

The Prime Minister requested Petrovietnam to continue promoting its pioneering role with warrior spirit, acting with "far-sighted vision, deep thinking and bold action, speaking less and doing more, matching words with deeds, using effectiveness as the measure, and humanity as an overarching value." The Government and the Prime Minister will always accompany and support the Group in fulfilling its pioneering mission.

With the motto "Innovating mindset - Pioneering technology - Energy security - Green and digital transition - Value creation - Elevating position - Breakthrough integration - Sustainable growth", the Prime Minister expressed confidence that Petrovietnam, entering 2026 with a new mentality, fresh motivation, together with strong development aspirations and a spirit of solidarity and innovation, will achieve its set goals and make significant contributions to the country's economic growth objectives.

In response to the Prime Minister's directives, the new Chairman of Petrovietnam’s Board of Directors Le Ngoc Son affirmed that the Group will not merely stop at planning, but will promptly translate it into decisive action programs with clear focus and priorities.

Accordingly, Petrovietnam focuses on building a comprehensively strong Party organization; effectively organizing and implementing action programs to realize resolutions of Party congresses at all levels; strictly implementing the Conclusions of the Politburo; and continuing to improve regulations and provisions on organizational work, personnel, inspection, supervision, and Party discipline, thereby ensuring the Party's absolute and comprehensive leadership over all activities of Petrovietnam.

The Group will focus on finalizing and implementing the Strategic Development Portfolio for Petrovietnam/its sectors and units until 2030, with a vision to 2050, closely linked with the 2026 production and business plan; striving to sustain double-digit growth, and to consolidate its position as a leading economic group and national pillar enterprise of the economy. At the same time, Petrovietnam will continue to improve the institutional framework and governance models; advance restructuring; accelerate digital transformation and science and technology application, develop strategic human resources and strengthen talent management; and build a modern, transparent governance system that meets international standards.

Petrovietnam will focus on implementing solutions for production and business development, investment, and finance: increasing reserves, maintaining and improving production output across all operational areas; effectively managing cash flow, capital, and assets; restoring and improving the performance of projects and units facing difficulties; and ensuring energy security in conjunction with energy transition and green growth.

The Group continues to promote science and technology, innovation, and energy transition, while elevating Petrovietnam's culture as a foundation for sustainable development. At the same time, the Group will actively fulfill its social responsibilities, spreads the culture of gratitude and appreciation, thereby affirming Petrovietnam as a "national enterprise" that consistently accompanies the country’s nation-building and defense.