Vietnam has successfully mastered most of the core technologies in the oil and gas value chain, covering exploration, production, refining, petrochemicals, and advanced energy solutions, according to Petrovietnam Chairman Lê Mạnh Hùng.
Speaking at the group’s 50th anniversary celebration, Hùng said Petrovietnam has built a modern, comprehensive oil and gas industry with strategic energy infrastructure, contributing significantly to the country’s economic development.
Technological breakthroughs
Petrovietnam has developed expertise in:
-
Oil and gas exploration and drilling
-
Refining and petrochemicals, including ammonia, urea, and polymer materials
-
Power generation from gas and steam turbines
-
Advanced global contributions such as basement rock oil extraction, self-elevating drilling rigs, and graphene synthesis
The corporation has also built a highly skilled workforce of leaders, scientists, and industry experts.
A history of growth
Vietnam’s oil and gas journey spans three key phases:
-
1956–1960: Early exploration with Soviet assistance, producing the first petroleum prospect maps.
-
1961–1975: Establishment of the first exploration team and discovery of the first commercial gas flow in Thái Bình province.
-
Post-1975: Rapid growth following the creation of the General Department of Oil and Gas, which later became Petrovietnam.
Today, Petrovietnam is Vietnam’s largest contributor to the state budget. In 2024, the group reported record revenue surpassing 1 quadrillion VND (approx. USD 40 billion), equal to 9% of national GDP, and contributed 165 trillion VND in taxes.
Strategic ambitions
By 2030, Petrovietnam aims to become one of the world’s top 500 enterprises, with:
-
25% of revenue from science, technology, and innovation
-
30% from international business and exports
-
Expanded investments in R&D, AI, and digital transformation
National importance
At the ceremony, General Secretary Tô Lâm praised Petrovietnam’s role in ensuring Vietnam’s “Five Securities” – national security, economic security, food security, defense security, and social security. He urged the group to continue leading in energy security, industrialization, and modernization.
Tô Lâm also called on Petrovietnam to:
-
Complete national petrochemical and refinery complexes
-
Develop offshore platforms, energy equipment, and eco-industrial hubs
-
Accelerate digital transformation and international-standard governance
-
Strengthen partnerships, public-private collaborations, and global integration
Related
Discover more from Vietnam Insider
Subscribe to get the latest posts sent to your email.
Source: Vietnam Insider