Ensuring stable energy supply for production and life
The goal of double-digit economic growth is being set as a strategic requirement for Vietnam in the new development stage. To realize this goal, the strong contribution from key state-owned economic groups is extremely important, especially the Vietnam National Group of Industry and Energy (Petrovietnam).
Petrovietnam enterprises are playing an important role in ensuring energy security, developing basic industries and creating revenue for the national budget.
Petrovietnam is not simply an oil and gas exploitation enterprise. The Group has developed into a relatively complete industrial - energy ecosystem, including oil and gas exploration and exploitation, gas industry, oil refining and petrochemicals, electricity, oil and gas technical services and recently new energy sectors.
With a large asset scale, annual revenue accounting for a significant proportion of GDP and budget contributions belonging to the leading group in the country, every step of Petrovietnam's development has a spreading effect on many other economic sectors.
In the context of the economy moving towards higher growth rates, Petrovietnam's first role is to ensure stable energy supply for production and life. Reality shows that economic growth and energy demand growth are always closely related.
When large hydropower sources have almost exploited their full potential, many coal-fired power plants face environmental and fuel pressure, natural gas and new energy forms are becoming important choices for the transitional period. This is the field where Petrovietnam has advantages and superior capabilities.
Accelerating the progress of key projects such as the gas - electricity chain Block B - O Mon or LNG infrastructure projects not only helps supplement energy sources for the economy but also creates momentum for investment growth, supporting industry development and attracting social capital.
Each large-scale oil and gas project often involves the participation of hundreds of businesses in the fields of construction, mechanics, transportation, finance and technical services, thereby creating a widespread spillover effect.
Another aspect that cannot be ignored is Petrovietnam's role in ensuring national energy security. In the context of the world energy market fluctuating strongly due to geopolitical conflicts, strategic competition and the global energy transition process, proactive domestic supply is of particular importance.
Energy security is not just about having enough electricity or enough fuel, but also a prerequisite for maintaining sustainable economic growth and improving national competitiveness.
From this perspective, Petrovietnam is showing a pioneering role with a shift to new fields such as LNG, gas power, hydrogen and renewable energy...
Early participation in these fields not only helps diversify operations but also creates conditions for the group to play a leading role in forming multi-energy integrated models.
Petrovietnam is a pillar of energy security
According to Dr. Vo Tri Thanh - Director of the Institute for Brand and Competitiveness Strategy Research, in the period 2026-2030, Petrovietnam needs to be seen as a "companion force for national construction". This means that the Group needs to affirm its role more in proactively participating in building and perfecting policies and institutions.
Improving the quality of institutions in the energy and foundational industry sectors will help release resources that are still stuck in bottlenecks. Petrovietnam, with international management experience, is responsible for leading other Vietnamese businesses to catch up with the trend of digitalization and greening" - Dr. Vo Tri Thanh said.
Sharing this view, Dr. Le Xuan Nghia - Director of the Development Consulting Institute - said that with revenue accounting for about 9-10% of GDP, Petrovietnam's growth is decisive for the high growth target of the economy.
Therefore, he pointed out that human resources and financial resources are the most valuable resources for Petrovietnam to master technology and break through, creating a solid foundation for the country's double-digit growth target.
However, for Petrovietnam to fully promote its role, it is necessary to continue to improve mechanisms and policies in the direction of granting more proactive rights to businesses in investment, management and implementation of strategic projects.
The characteristic of the oil and gas industry is a long investment cycle, high risk and requiring quick decisions. If bottlenecks in procedures, financial mechanisms and investment are not removed in time, many development opportunities may be missed.
Vietnam's double-digit growth target requires the synergy of many new and old drivers. In that picture, Petrovietnam is not only a large state-owned enterprise but also a pillar of energy security, an industrial locomotive and an important force in the green transition process.
Effectively exploiting Petrovietnam's potential means creating more strong momentum for the economy to break through, improve resilience to external fluctuations and move towards rapid growth while still ensuring long-term sustainability.
