At the conference

Vice Chairman of the Commission for the Management of State Capital at Enterprises Ho Sy Hung and other leaders of the State Capital Management Committee and the Party Committee of the Central Enterprises attended the event.

General Director of Petrovietnam Le Manh Hung speaks at the conference

In his address, General Director of Petrovietnam Le Manh Hung highlighted the development strategy of Vietnam National Oil and Gas Group which is based on major Party and State Resolutions including Resolution 55, Resolution 36 and especially Resolution 41.

After 7 years of implementing Resolution 41 of the Politburo on Petrovietnam's development strategy, a number of issues, challenges, and difficulties have been resolved and opportunities seized. As a result, resources having been focused, core problems have been identified and located, business models reformed, and new products and key products identified. The Group has reformed its operations, creating a competitive level in the coming years. It has promoted its leading role in the national economy, coordinated with the Ministry of National Defense and relevant ministries and sectors to participate in defending national sovereignty and borders.

During that period, Petrovietnam faced numerous challenges in carrying out the objectives outlined in Resolution 41. This included navigating through two instances of dwindling oil prices and grappling with the complicated and unpredictable situation in the East Sea. Furthermore, the existing mechanisms and policies concerning the oil and gas industry revealed several deficiencies. The actual reserves and potential within the oil and gas sector fell short of initial expectations. The acquisition of several underperforming projects from other units posed managerial and resource allocation challenges for Petrovietnam.

In surmounting these challenges, Petrovietnam effectively executed the tasks entrusted by the Party and State, delineating objectives and core values for the future development of the Vietnam National Oil and Gas Group. "To shape the Vietnam National Oil and Gas Group into the leading energy industry group in the country and region, assuming a pivotal position and role in guaranteeing national energy security - this constitutes the guiding direction and objective for Petrovietnam in the upcoming period," emphasized General Director Le Manh Hung.

In pursuit of this objective, General Director Le Manh Hung has put forth eight sets of solutions for the entire Group. First, it’s important to ensure effective human resource management. Second, focus on promoting the comprehensive enhancement of institutions and mechanisms. Third, develop robust corporate governance. Fourth, strengthen digital transformation. Fifth, promote advancements in science and technology. Sixth, focus on expansion and integration in market growth and augmenting market share for key products. Seven, optimize investment and financial strategies. Last, promote a strong corporate culture.

Deputy General Director of Petrovietnam Le Ngoc Son delivered a presentation at the event

During the conference, Deputy General Director of Petrovietnam Le Ngoc Son delivered a presentation on the new aspects of the 2022 Petroleum Law and Decree No. 45/2023/ND-CP. He assessed the potential impact of these changes on the Group's operations while simultaneously providing guidance on the necessary amendments, supplements, and issuance of internal normative documents within the Group. The introduction of the 2022 Petroleum Law and Decree 45 has established a new legal framework for petroleum activities in the upstream sector after 30 years since the inception of the initial Petroleum Law in 1993.

Duong Manh Son, Deputy General Director of Petrovietnam

Duong Manh Son, Deputy General Director of Petrovietnam, provided an overview of the Group's recent production and business scenario. Despite the challenging global and domestic economic conditions, with a substantial decline in the energy market both in the current period and an anticipated further decrease in the coming months, Petrovietnam has managed to sustain safe and stable production and business operations, achieving steady growth over the months, contributing to national GDP growth, and ensuring national energy security.

Pham Xuan Canh, Permanent Deputy Secretary of the Party Committee and Member of the Board of Directors of Petrovietnam

Pham Xuan Canh, Permanent Deputy Secretary of the Party Committee and Member of the Board of Directors of Petrovietnam, shared comprehensive insights into the enforcement of new Party regulations, State law, and Petrovietnam concerning cadre work and representative management.

In addition, professional committees and member units of Petrovietnam delivered several presentations addressing critical topics, including mechanisms and policies for the group’s representatives in units, policies on renewable energy development,  projects to expand oil refineries, storage facilities for gasoline and crude oil, and digital transformation.

Ho Sy Hung, Vice Chairman of the Commission for Management of State Capital at Enterprises

In his address, Ho Sy Hung, Vice Chairman of the Commission for Management of State Capital at Enterprises, praised Petrovietnam's adeptness in surmounting challenges, its substantial economic and budgetary contributions to the nation, and its pivotal role in ensuring national energy security. He emphasized Petrovietnam's stature as one of the largest and most crucial economic groups in the country. Mr. Hung urged Petrovietnam to prioritize investments in large-scale projects and strategies for the development of renewable energy in the forthcoming period.

Mr. Hoang Quoc Vuong, Secretary of the Party Committee and Chairman of Petrovietnam's Board of Directors

In concluding the conference, Mr. Hoang Quoc Vuong, Secretary of the Party Committee and Chairman of Petrovietnam's Board of Directors, asked Petrovietnam to enhance the managerial and administrative capabilities of its leadership and representatives in the coming time. Stressing the importance of collaboration within the Group and its units, he encouraged the collective effort of representatives to maximize efficiency, benefiting both the Group and the State. Additionally, he emphasized the need to foster stronger relationships, facilitate the exchange of experiences, and promote continuous learning among team members. This collaborative approach aims to address challenges effectively, overcome difficulties, and achieve improved and sustainable results, ensuring the Group’s success in the times ahead.