State group PetroVietnam is proving a leading player in Vietnam’s economy.
It chairman Phung Dinh Thuc said oil and gas exploitation in 23 oil and gas field was central among the group’s core fields. “A new [oil or gas] field coming on stream means a step forward to PetroVietnam. More and more fields being pressed into service will spur the group’s other operations,” said Thuc.
To make the goal come true, PetroVietnam is stepping up exploration and extraction inside and outside the country.
Russia, Latin America, Africa and South East Asia are PetroVietnam targets. For instance, two oil fields in Russia’s Nhenhetxki region having PetroVietnam stakes were brought online in the last two years.
Through PetroVietnam’s great efforts, full petroleum industry has come into existence to include both upstream and downstream areas. PetroVietnam has actually become the country’s motivating force and a catalyst to the national industrialisation and modernisation. Its growth averages 20 per cent per year in recent years while it contributes 28-30 per cent of state budget total revenue and 15 per cent of the country’s total export value.
In current context of vulnerable economy both domestically and internationally PetroVietnam had finalised its full-year revenue, pretax profit and tax contribution targets three months earlier. The group plans to pay VND155 trillion ($7.38 billion) to state coffers, exceeding a projected figure by $2.6 billion.
PetroVietnam is now in full swing for successful implementation of its growth acceleration strategy which is rooted on human resources quality, science-technology progress and management expertise with human resources quality playing key role.