(VOVWORLD) - Over the past 6 decades, Vietnam’s oil and gas sector has been entrusted with the heavy missions and responsibilities by the Party and the State. Generations of "fire-seekers" have overcome all hardships to achieve outstanding successes. The robust oil and gas industry has become an economic engine, playing a pivotal role in national energy security and earning the trust of the Party, the State, and the people.
 Vietnam’s oil and gas sector engages in multiple aspects of the national economy. (Source: petrotimes.vn) |
In line with the strategic vision of the Party and State, Exploration Team 36 was established on November 27, 1961, marking the birth of Vietnam’s oil and gas industry. Since then, through the development of the Vietnam Oil and Gas General Department, which later became the Vietnam Oil and Gas Corporation, and now the Vietnam Oil and Gas Group (Petrovietnam), the sector has fulfilled its missions, recorded commendable accomplishments, and contributed significantly to national renewal and development.
During the country's challenging post-war period in the 1990s, the discovery and exploitation of oil at the Bach Ho (White Tiger) basement granitic reservoir not only opened a new chapter for Vietnam’s oil and gas sector but also played a vital role in addressing the energy crisis and driving economic growth in the early years of national renewal.
During its initial development stage, the sector achieved an annual growth rate of 18-20%, contributing 28-30% of state budget revenue and 15% of the country’s total export turnover. Its enormous efforts significantly supported Vietnam’s industrialization and modernization.
Today, Petrovietnam annually contributes 9-10% of the nation’s GDP and accounts for 9-9.5% of total state budget revenue. As of December 31, 2023, Petrovietnam's consolidated assets exceeded 1 quadrillion VND (approximately 43 billion USD), making it the only non-banking enterprise in Vietnam with assets surpassing this mark.
Vietnam’s oil and gas sector, particularly Petrovietnam, not only serves as a key driver of the economy and an effective macroeconomic tool for the State but also plays an essential role in ensuring national energy security.
Its core products, such as crude oil, petroleum, natural gas, liquefied gas, electricity, and fertilizers, are deeply integrated into every aspect of the nation’s economy, contributing to socio-economic stability and growth. Oil and gas activities have also covered nearly all of Vietnam’s continental shelf and exclusive economic zone, serving as markers affirming the country’s sovereignty, sovereign rights, and jurisdiction in the East Sea.
 An offshore platform of Vietnam’s oil and gas sector. |
In recent years, to meet the demands of the global energy transition and adapt to the volatile economic and geopolitical landscape, Petrovietnam has proactively made bold transformations to overcome challenges and continuously set new records in production and business. These efforts have strengthened its internal strength, providing a solid foundation for development.
The group has adopted initiatives to create new growth momentum, including expanding exploration of unconventional oil and gas reserves, promoting advanced processing techniques, developing science and technology across multiple fields, researching carbon capture and storage, importing LNG, engaging in new and renewable energy sectors (e.g., offshore wind power), and establishing national energy centers.
Under the motto “Building on resources, shaping the future,” Petrovietnam is committed to uniting to fulfill the tasks entrusted by the Party and State and achieve the group’s strategic goals. Petrovietnam aims to become a leading industrial and energy group in Vietnam and the region. Petrovietnam’s General Director is confidence that, with the spirit of "One Team – One Goal," the group will continue to seize opportunities in challenges, renew its existing drivers, and introduce new ones for further advancement.