Cultural identity helps Petrovietnam weather challenges

(VOVWORLD) - Since its inception, the Vietnam Oil and Gas Group (Petrovietnam) has worked tirelessly to surmount difficulties and challenges in its quest of finding oil and gas to help Vietnam prosper and ensure national energy security.
Cultural identity helps Petrovietnam weather challenges   - ảnh 1Vietnam’s oil and gas workers prepare to install an offshore drilling rig.

Harmonious economic and cultural development is the cornerstone of Petrovietnam’s sustainable development strategy. It’s Petrovietnam’s cultural identity that has consolidated the company’s strength and brand and affirmed its position as an engine and a vanguard in the national economy.

Petrovietnam’s biggest achievement so far is the development of a complete and synchronous system of oil and gas production facilities, helping to ensure national energy security for the next several decades. 

With the synchronous development of its oil and gas industry chain, the group has become the nucleus in the formation of concentrated industrial zones across the central and southern regions, generating an enormous revenue for the state budget and fundamentally meeting the nation’s energy and fertilizer needs.

Petrovietnam’s projects at regional level are vivid evidence of the qualifications and capabilities of Vietnamese officials, engineers and workers and serve as a steppingstone to promote oil and gas service export.

Along its development path, Petrovietnam has accumulated abundant, high-quality resources in terms of capital, technology, equipment, and particularly human resources. Its strong development in both scope and scale, domestically and internationally, has made its operation effective in multiple areas, significantly contributed to the overall development of the country and the State budget, enhanced the regional and global position of Petrovietnam, and helped build the group’s reputable culture and brand in Vietnam and abroad. 

Cultural identity helps Petrovietnam weather challenges   - ảnh 2

The will and efforts of oil and gas workers over the years have stemmed from the “Petrovietnam Culture.”

2020 was the most difficult period in Petrovietnam’s 45-year history. It had to respond to both the unpredictable developments of COVID-19 and the unprecedented decline in crude oil prices. But with drastic actions, including a swift response package,  Petrovietnam exceeded many important targets set for 2020.

In the first 10 months of 2021, the dual task of maintaining production and fighting COVID-19 became even more urgent. However, Petrovietnam, with its proactive and consistent pandemic prevention measures and vaccination, successfully implemented its Cultural Re-creation Project in a bit to invigorate production and business activities.

As a result, the group's crude oil output in October exceeded 6.6% of the monthly plan, with the figure for the first 10 months hitting 9.09 million tonnes, surpassing the plan by 12.4%. 

In the January-October period, Petrovietnam contributed 3.31 billion USD to the state budget. This figure exceeded 2021’s plan by 21% and was up 23% over the same period last year. The group, meanwhile, continued to secure a Fitch Ratings independent credit rating of BB+. It also ranked in the top five of the Profit 500 – the top 500 most profitable enterprises in Vietnam – for the fifth consecutive year. This achievement is partly attributed to Petrovietnam’s corporate culture. 

Cultural identity helps Petrovietnam weather challenges   - ảnh 3Vietnam’s oil and gas workers on an offshore platform.

The time when Petrovietnam was hard hit by COVID-19 and falling oil prices was also the period when its corporate culture was fully tapped. Though the work and income of the group’s employees were negatively affected, patience and unity to overcome difficulties prevailed across Petrovietnam, from factories, enterprises and inland projects to offshore rigs. Even when the epidemic reached its peak, neither a single key project nor a single factory or enterprise of the group with nearly 60,000 employees in total had to cease operation.

Petrovietnam’s socio-cultural and charity activities have been organized regularly. The group has donated tens of millions of USD to the fight against COVID-19 and poor  people across the country.

The “Petrovietnam Culture” has become an integral part of the group’s production and business activities, contributing to consolidating its brand and prestige and providing the momentum to build and implement its sustainable development strategy in the new period. 

The “Petrovietnam Culture” has constantly been a guiding star for each and every employee of Petrovietnam.