PetroVietnam Highlights Its Fifty-Year Journey of National Contribution and Energy Security
At a late-August conference titled ’80 years of enterprises accompanying the nation,’ chaired by Prime Minister Phạm Minh Chính, Lê Mạnh Hùng, Chairman of the Members’ Council of Vietnam National Industry-Energy Group (PetroVietnam), shared the group’s half-century long development journey alongside the country.
Hùng underscored that the group’s core mission has always been to ensure national energy security and to actively build a strong national energy foundation.
He emphasized that PetroVietnam has consistently operated by pursuing its ‘Five Ensures,’ which form the bedrock of its strategic operations.
These crucial ensures encompass energy security, economic security, food security, national defense and sovereignty over seas and islands, and social security.
This comprehensive strategic foundation has enabled the group to achieve what Hùng termed the ‘Five Highests’— namely, being the largest enterprise in Vietnam, the biggest contributor to the state budget, the enterprise with the highest profit, the organization with the most scientific and technological achievements, and the one providing the greatest contribution to social welfare.
The group is currently recognized as the largest enterprise in Việt Nam and holds the 11th position in Southeast Asia, commanding total assets exceeding a staggering VNĐ1 quadrillion (equivalent to US$37.9 billion), equity valued at more than VNĐ556 trillion, and accumulated revenue reaching US$599 billion since its inception.
Financial and Scientific Achievements Mark PetroVietnam’s Leading Role
PetroVietnam’s financial dominance and consistent record of scientific and technological innovation solidify its position as a major engine for the Vietnamese economy and national development.
The group holds the distinction of being the biggest contributor to the state budget, with total contributions to date amounting to approximately US$142 billion, averaging more than VNĐ160 trillion annually in recent years, demonstrating a continuous and massive fiscal impact.
In 2024 alone, the group recorded significant profits exceeding VNĐ55 trillion, a performance that maintains its leading position in profitability for many consecutive years.
This financial prowess underscores the operational efficiency and strategic success of the Vietnam National Industry-Energy Group.
Beyond its financial results, PetroVietnam is also the enterprise with the most scientific and technological awards in the country.
This remarkable list of accomplishments includes six prestigious Hồ Chí Minh Awards, four State Awards, 46 Vifotec/WIPO awards recognizing technological innovation, and four international patents, highlighting a deep commitment to research and development and technological advancement.
Furthermore, the company is recognized as one of the leaders in social welfare contributions, with donations and support exceeding VNĐ5.1 trillion during the 2020–2025 period, demonstrating a strong commitment to social security, which is one of the group’s ‘Five Ensures.’
Strategic Repositioning for the Global Energy Transition
Amidst the complex global energy transition, PetroVietnam is strategically repositioning itself to ensure long-term sustainability and achieve its ambitious goal of joining the global Fortune 500 list by 2030.
Recognizing the shift toward cleaner energy sources worldwide, PetroVietnam has taken decisive action to reposition itself as a comprehensive national industrial–energy group with three distinct strategic pillars.
These pillars are focused on energy (including conventional and renewable), industry (leveraging its engineering and manufacturing capabilities), and advanced technical services (exporting its expertise).
The group’s long-term objective is highly ambitious: to secure a place on the Fortune 500 list by the year 2030.
This goal is underpinned by six strategic solution groups aimed at optimizing operations, expanding market reach, and fostering innovation, all guided by a robust sustainable development framework.
Chairman Lê Mạnh Hùng concluded his address by affirming the group’s need for continued support, stating, “We hope to continue receiving the attention and guidance of the Party, the State, and the Government, along with the companionship of the business community and financial institutions at home and abroad, to preserve our legacy and create Việt Nam’s energy future.”
The successful execution of this strategic pivot, especially the focus on new energy and technical services, is paramount to ensuring that the Vietnam National Industry-Energy Group remains a primary contributor to the nation’s energy and economic security for decades to come.
