PetroVietnam requested to regain growth engine role

Prime Minister Nguyen Xuan Phuc (R) greets participants in the meeting of PetroVietnam in Hanoi on January 11

The group reported that PetroVietnam successfully fulfilled the targets for 2018, noting that it exploited 23.98 million tonnes of oil equivalent, including 13.97 million tonnes of crude oil, respectively up 5 percent and 5.6 percent from the set targets. Meanwhile, 10.01 billion cubic metres of gas was exploited.

It produced 1.63 million tonnes of nitrogen fertilizer, rising by 5.7 percent from last year’s target.

PetroVietnam also surpassed financial targets as it earned 626.8 trillion VND (26.9 billion USD) in revenue, up 18.1 percent and 25.9 percent from the set target and the previous year, respectively. It contributed about 121.3 trillion VND to the State budget, up 64.3 percent and 24.3 percent.

Addressing the meeting, PM Phuc stressed PetroVietnam’s leading role among State-owned enterprises, elaborating that it not only greatly contributes to the State budget but also plays an important role in the external work, ensuring defence-security, and helping with the economy’s self-reliance.

Applauding the groups’ achievements, he emphasised that these will be prerequisites for further development in the time ahead.

The firm has made substantial contributions over more than 30 years of Doi moi (Reform), he said, noting that the sector has ensured the gas supply for the production of 35 percent of electricity, 75 percent of fertilizers and 64 percent of liquefied gas consumed in Vietnam.

The Government leader requested PetroVietnam be determined to overcome shortcomings as well as challenges and difficulties to deserve the “Hero of Labour in the reform period” title.

It must nurture the ambition to regain its leading position in the national development and become a stronger group, he said.

PM Phuc also asked it to take the lead in applying science-technology amid the Fourth Industrial Revolution.