President and CEO of Petrovietnam Le Manh Hung

Safe production for growth

In early 2021, developed countries who have been successful in their mass vaccination started to have their economies bounce back. But strong trade and service recovery has caused input scarcity and is likely to result in a raw material price hike.

Despite the 4^th coronavirus wave that has hit Vietnam since late April, improvement of administration and strict observance of COVID-19 safety measures have enabled Petrovietnam to achieve, even exceed, its targets set for May and the first five months of 2021. Its oil output exploited in Vietnam and overseas was 18% higher than the target set for May, thus fulfilling the overall plan for the first five months of 2021.

A Petrovietnam oil project

Petrovietnam's financial indicators were much higher from the same period last year. From January to May, the Group earned almost 10 billion USD, 14% more than its five-month plan and 16% more than the same period of 2020. It contributed 1.5 billion USD to the state budget, 23% more than its five-month plan and 20% more than the same period of 2020. Its profits before tax totaled 6.3 billion USD, 2.3 folds higher than its five-month plan and 3 folds higher than the same period of 2020. 

Petrovietnam has adopted a series of measures and drafted different scenarios to keep its workers safe and production uninterrupted during the pandemic. It has activated a state of emergency, rehearsed response in case a member is confirmed positive for the virus, and tested and inoculated its employees. The Group is working to vaccinate all its employees.  

In response to the Government’s appeal, Petrovietnam has raised 18 million USD for Vietnam’s Vaccine Fund and another 3.4 million USD for other initiatives to fight the coronavirus.

Chairman of the Members’ Council of Petrovietnam Hoang Quoc Vuong presents the Group's donation to Vietnam's Vaccine Fund.

Striving to exceed 2021 targets

At the online meeting, Chairman of the Members’ Council of Petrovietnam Hoang Quoc Vuong praised the achievements of its affiliates in the first five months of this year despite low consumption of electricity and gas.

Chairman of the Members’ Council of Petrovietnam Hoang Quoc Vuong

The Group is planning to launch a number of huge projects that will have long-lasting effects on its operation. Chairman Vuong demanded that management of costs and risks be given due attention. He also gave instructions to the projects like Lot B, Blue Whale; Song Hau 1, Thai Binh 2, Nhon Trach 3, and Nhon Trach 4 thermal projects, and the expansion of the Dung Quat oil refinery. 

Petrovietnam's President and CEO Hung acknowledged all the efforts its affiliates have made during this difficult time. He ordered the Group to stick to COVID-19 precautions, including immunization for its employees working for marine projects at home and abroad and other high-risk areas. He asked for macro-economic updates on price hike, inflation, and exchange rates, which are key factors to financial and investment administration; frequent forecast and assessment of market changes and the COVID-19 pandemic on production and consumption; and closer coordination among its affiliates. 

Petrovietnam employees working at a marine project

The President and CEO suggested increasing oil output to compensate for gas output and ensure production and business efficiency when oil price is preferable, while, in the long run, seeking to boost reserves, remove market bottlenecks, expand market, improve the efficiency of factories, and broaden partnership to accomplish all Petrovietnam's tasks for 2021.