“The Vietnam National Oil and Gas Group (Petrovietnam) has exemplified a state-owned enterprise operating efficiently, transparently, and with high competitiveness,” experts affirmed at the seminar “Petrovietnam in the Journey of Development with the Country,” organized by New Energy/PetroTimes Magazine on December 6.
An economic pillar - foundation of national energy security
Reflecting on Petrovietnam’s 50-year journey, Dr. Nguyen Quoc Thap, Chairman of the Vietnam Oil and Gas Association, said the Group has shouldered both a “heavy and glorious responsibility”: serving as a national energy pillar, a core economic force, and a symbol of Vietnamese spirit at sea.
Over half a century, Petrovietnam has extracted and sold more than 440 million tons of oil and brought nearly 200 billion cubic meters of gas ashore. The Group has remained one of the state budget’s most consistent contributors, even during periods of sharp volatility in global oil and gas markets, thanks to disciplined operations and stable revenue streams.
Beyond economics, Petrovietnam fulfills the mission of ensuring “5 Securities”: energy, economic, food, defense, and maritime sovereignty security, along with social security—reinforcing its role as a key driver of national development.
Building on that foundation, Petrovietnam’s “5 Firsts” further define its position. It is the largest enterprise by scale, with total consolidated assets of more than VND1 quadrillion ($38.5 billion) and owner’s equity exceeding VND556 trillion ($21.4 billion). It also records the highest budget contributions, averaging VND160 trillion ($6.15 billion) per year, which accounts for more than 80 per cent of all contributions from the state-owned enterprise sector. Petrovietnam reports the highest profits as well, reaching VND316 trillion ($12.2 billion) in the 2020-2025 period, equivalent to an average of about $2.2 billion per year. It is also the only enterprise to receive numerous top-tier science and technology distinctions, including six Ho Chi Minh Awards and four State Awards.
What moves Dr. Thap most is the image of those who “searched for fire” in the industry’s early days, Petrovietnam staff who endured extreme hardship to survey and collect geological, geochemical, and geophysical data to locate the country’s first drilling sites.
He underscored the core values shaping Petrovietnam’s identity: perseverance and resilience; the will to master technology; the capacity to realize national and industry goals; and, above all, passion for the profession, solidarity, and mutual support.
From the perspective of an agency tasked with examining and supervising economic policy, Ms. Pham Thuy Chinh, Deputy Chairwoman of the National Assembly’s Economic and Financial Committee, echoed these assessments. She emphasized Petrovietnam’s special role across multiple pillars of the economy.
According to her, the Group is a driver of growth and macroeconomic stability, maintaining strong GDP and budget contributions and generating jobs for tens of thousands of workers. Its comprehensive oil and gas value chain ensures strategic supply, supporting growth and price stability. Offshore operations affirm national sovereignty and help develop seaport infrastructure, logistics, and supporting industries.
Ms. Chinh noted that Petrovietnam remains a stabilizing force for national energy security. Despite global disruptions, the Group has maintained steady supplies of gasoline, oil, gas, electricity, and fertilizers, helping Vietnam avoid energy shocks. It is also a pioneer in innovation and digital transformation, advancing technology programs aligned with Resolution No. 57-NQ/TW and strengthening national self-reliance.
After five decades of development, Petrovietnam has emerged as Vietnam’s leading enterprise in revenue, efficiency, and budget contribution, continuing to play a central role in supporting sustainable national growth.
Petrovietnam’s ecosystem - a strategic foundation of the economy
Offering a broader economic lens, Associate Professor Dr. Nguyen Thuong Lang of the National Economics University said Petrovietnam’s contributions cannot be measured solely in tons of crude oil. Instead, its strength lies in its interconnected ecosystem and extensive spillover effects across the economy.
He noted that energy technology is considered strategic in economics, underscoring Petrovietnam’s vital role in industrialization and modernization. The Group’s influence spans the entire “industrial-energy ecosystem,” including exploration-exploitation, refining-petrochemicals, gas-electricity-fertilizer, oil and gas services, manufacturing, and maritime transport. These interconnected chains generate substantial added value and position the Group as a key player in the transition to green energy.
Another dimension of Petrovietnam’s stature, according to Mr. Nguyen Van Phung, Senior Expert on Tax and Business Administration and former Director of the Department of Large Enterprise Tax (Ministry of Finance), is its long-term vision and strict financial discipline. These factors, he argued, make Petrovietnam a rare enterprise that tax authorities can fully trust as a “real business - real data” entity. Cash flow, investments, budget allocation, and revenue-expenditure are managed with transparency and aligned with international standards.
He emphasized that long-term strategy is critical in industries like oil and gas, gas-electricity-fertilizer, and refining-petrochemicals, where projects involve large capital outlays, high complexity, and long investment cycles. Petrovietnam’s commitment to human resources and risk management has created a workforce capable of navigating market turbulence. This “three-legged stool” - financial discipline, long-term thinking, and investing in people - forms the foundation of the Group’s sustainable success.
Looking ahead, Petrovietnam faces new demands: energy transition, emissions reduction, high-tech development, ESG compliance, and volatile global geopolitics. Experts at the seminar agreed that the Group must continue advancing its energy-industrial ecosystem but restructure it toward a green, smart, and efficient model. With a strong foundation, Petrovietnam is well-positioned to lead in renewable energy, hydrogen, deep processing, the gas industry, and LNG infrastructure. However, experts stressed the need for a special strategic mechanism that empowers the Group to fully leverage its resources as a pillar of economic and energy security.
Ms. Pham Thuy Chinh shared her impressions after reading Managing Fluctuations and Crises, edited by Petrovietnam Chairman Le Manh Hung. She said she was encouraged by the Group’s early recognition of global volatility and its proactive shift in management thinking.
She added that Vietnam needs a synchronized legal framework and tax-financial policies tailored to long-term energy investments. With multibillion-dollar projects and lengthy lifecycles, clear and stable tax and fee mechanisms are essential for Petrovietnam to confidently invest in LNG, hydrogen, and deep refining - sectors of strategic national importance.
“From the perspective of voters and National Assembly deputies, Petrovietnam is a model to prove that state-owned enterprises can operate effectively, transparently, and with high competitiveness if they have a suitable mechanism. This is a very important message for policymakers in the current state-owned enterprise reform process. With its vision and rich tradition, Petrovietnam will achieve progress worthy of the expectations of the Party, the State, and the People,” Deputy Chairwoman of the Economic and Financial Committee of the National Assembly Pham Thuy Chinh expressed her hope.
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