In 1975, the country was just unified, the wound of war was still deep. The economy is exhausted, facilities are poor, and infrastructure is almost destroyed. At that time, Vietnam was still subject to sanctions, loans were almost frozen, equipment - technology were outdated, and human resources were scarce. In that context, the thought of an oil and gas industry - which requires high technology, huge investment capital, and elite human resources - seemed like a dream. However, the Party and State leaders have seen the strategic importance of oil and gas.
It is not only a source of energy, oil and gas are also the "key" to opening the way to industrialization to affirm the country's position in a world in strong change. Therefore, right after the day the country was completely unified, on September 3, 1975, the General Department of Oil and Gas of Vietnam, the forefather of Petrovietnam, was established. This is a step with a strategic vision, demonstrating the will and aspiration for self-reliance and self-reliance of Vietnam.
The beginning of the Vietnamese oil and gas industry was also extremely difficult and lacking. Without modern technology, we have to rely on international help. The staff is both lacking and weak, mostly from other professions. Infrastructure is almost zero, from seaports, warehouses to exploration vehicles. The international environment is full of challenges: Banning transportation, fluctuating oil prices, fierce competition. The only thing they have is the iron will and belief that Vietnam has a sea and oil as President Ho Chi Minh wished.
They have to work in extremely harsh conditions. In the sea is a big waves, in the forest of sunshine and wind, in temporary camps. Many people call it "going to build petroleum industry from zero numbers". But it was in that difficult time, the bravery of the Petrovietnam workers who was trained. They are resilient, diligent, learning and doing, ready to sacrifice private life to engage in a great career. The event on June 26, 1986, when the first drops of oil from the White Tiger mine poured out and the first oil wells from the Bach Ho mine were exploited, so it was not merely an economic product. It is a symbol of Vietnamese will not fear difficulties, dare to think and dare to go to the end to realize the desire to develop the country. It is a affirmation of Vietnam that can completely own the most complex industry in the world.
Under the leadership of the Party and State, Petrovietnam has always played the role of a "silent giant" behind the miraculous development of the economy. There was a period when the contribution of the oil and gas industry accounted for 30% of the total state budget revenue, a proportion that no other economic sector could achieve. Especially during the crisis period, with difficult economic growth, revenue from Petrovietnam has become a "pillar" to help the national budget remain stable. During periods of fluctuations in world oil prices, Petrovietnam is always assigned the task of regulating and stabilizing the domestic gasoline and gas markets.
During the crisis period, economic growth was difficult, revenue from Petrovietnam became a "pill" to help the national budget remain stable
Through the completion and synchronization of the oil and gas industry chain, Petrovietnam is also playing an important, core role in implementing the 5 words An, including: Salary security; Economic security; Food security; National defense security and sovereignty at sea; and contributing to ensuring social security. Petrovietnam is currently supplying about 60-70% of gasoline demand, 70 - 80% of civil gas demand, over 10% of electricity output and 70-80% of domestic district demand.
Domestic oil and gas fields, thousands of kilometers long gas pipeline systems, gas - thermal power plants, petrochemical refineries, farms... have become the backbone in ensuring national energy security. 100% of defense fuels produced by Petrovietnam are provided for national security and defense activities, protecting national sovereignty at sea.
Petrovietnam has now become the largest enterprise in Vietnam with assets of over 1 million billion VND; consolidated equity of over 556 billion USD.
Petrovietnam's total revenue reached over 605 billion USD, equivalent to about 9 - 10% of GDP. Paying over 142 billion USD (about 2,897 million billion VND); before 2000, it accounted for about 30% of total state budget revenue, currently accounting for about 8 - 9%.
The highest profit, of which the period 2020 - 2025 will reach 316 trillion VND (equivalent to about 2.2 billion USD/year), in 2024 alone, will reach 59,662 billion VND. In the period of 2011 - 2025, Petrovietnam has spent over 10.3 trillion VND on social security activities, with 5,129 billion VND in the period of 2020 - 2025 alone.
Not only directly contributing to the 5 "An", through its activities, Petrovietnam also attracts the development of many other industries and fields of the developed economy such as mechanical engineering, construction, shipping, chemicals, finance - banking...
Petrovietnam is therefore not simply an economic group, but also a core to promote industrialization and modernization of the country. Works such as Dung Quat Oil Refinery, Phu My Pump Factory, Ca Mau Gas - Electricity Cluster - Pump, Nam Con Son Gas Project Chain... have become symbols of modern Vietnamese industry.
But Petrovietnam is not only the embodiment of the aspiration to be self-reliant, the courage to overcome difficulties, and the intelligence of Vietnam, but also a testament to the motto "Vietnam wants to be friends with countries in the international community...". From the very beginning, international cooperation has been the key for the Vietnamese oil and gas industry to overcome difficulties and move up. The establishment of Vietsovpetro Joint Venture in 1981 not only brings technology and capital but also trains a team of high-quality human resources. After that, Petrovietnam expanded cooperation with a series of international partners such as Total (France), BP (UK), ConocoPhillips (USA), Idemitsu (Japan), Petronas (Malaysia)... Petrovietnam's activities have also expanded, presence in many countries such as Russia, Algeria, Malaysia... In addition to the economic benefits for the country, joint mining projects also contribute to strengthening bilateral and multilateral relations, enhancing Vietnam's international position, being an economic diplomatic tool and demonstrating the stature of a national energy group.
Petrovietnam also made its mark in the field of high-quality technical services such as drilling rigs, oil tankers (FSO/FPSO), and marine works. Petrovietnam's service units have been able to manufacture self-elevated drilling rigs (jack-up rig), FPSO, FSO... products that Vietnam previously had to import, even having the capacity to compete with international contractors, participating in construction in many countries. This is a clear demonstration of Petrovietnam's endogenous capacity in science and technology and an important preparation for the energy transition era, affirming the dynamism and vision of the Group.
That said, in the overall picture of the Vietnamese economy, Petrovietnam is not only a large enterprise but a strategic pillar. And if we compare the Vietnamese economy to a "living body", Petrovietnam is the "blood pump heart" for that muscle to operate. The stable development of Petrovietnam also means the stability of the economy and society. Oil and gas cooperation is also an effective foreign channel. If domestically, Petrovietnam is an economic pillar, in the international arena, Petrovietnam is the "economic - energy ambassador" of Vietnam. This is a role that not many Vietnamese enterprises can take on.
Looking back at the 50-year journey of construction and development, we can see the stature and strategic role of Petrovietnam in the socio-economic development of the country. Petrovietnam has gone from a number 0 to an energy giant.
The change of Petrovietnam's name from the Vietnam Oil and Gas Group to the Vietnam National Industry - Energy Group has shown that. Petrovietnam today not only absorbed but also participated in shaping new trends, especially in offshore wind power and renewable energy.
From the first drilling rigs in Bach Ho to offshore wind power projects, from the first dollars paid to the budget to global visions, all reflect the intelligence, bravery and aspiration of Vietnam.
If Vietnam's economy has had a miraculous development after 50 years, behind that miraculous development, the contributions of Petrovietnam and the generations of Petrovietnam workers are great.
