Petrovietnam’s cultural identity helps it overcome adversity

The Vietnam Oil and Gas Group (Petrovietnam) has exceeded its production targets despite the adverse effects of the Covid-19 pandemic due to its strong corporate culture and workers’ dedication to ensuring national energy security.

Petrovietnam brand

One of Petrovietnam’s major achievements has been the construction of a complete and synchronous oil and gas industry infrastructure, spanning oil and gas exploration, exploitation, processing, power generation and high-tech services. So far, more than 1.4 billion tonnes of oil equivalent have been discovered. Vietnam’s remaining potential is estimated at 1.6 to 2.8 billion tonnes of oil equivalent, and it is seeking a sustainable balance in exploitation activities to ensure the country's energy security.

Petrovietnam’s cultural identity helps it overcome adversity

Petrovietnam has become the nucleus of concentrated industrial parks in Ba Ria - Vung Tau, Dong Nai, Ca Mau, Quang Ngai, Ha Tinh, and Thanh Hoa provinces. Its synchronous investment has fundamentally changed the state’s economic structure, yielding a large source of revenue for the state budget and basically meeting the country’s energy and fertilizer demand.

Petrovietnam has built strong and high quality resources in terms of capital and equipment, as well as a scientifically and technologically skilled workforce. The strong development in both scale and speed, domestically and abroad, has made important contributions to Vietnam’s development and enhanced Petrovietnam’s position regionally and internationally.

Oil and gas workers have always been dynamic and creative, their traditional motivation nurtured by the Petrovietnam culture. Their dedication helped the group exceed many important targets in 2020, which was the most difficult year in Petrovietnam’s 45-year history due to the pandemic and unprecedented decline in crude oil prices.

Petrovietnam’s cultural identity helps it overcome adversity

Workers at oil and gas construction sites

Helping the needy

In October 2021, crude oil exploitation results exceeded 6.6 percent of the plan; raising the accumulated volume in the first 10 months to 9.09 million tonnes, 12.4 percent higher than the 10-month plan, and contributing VND75.4 trillion to the state budget, exceeding 21 percent of the 2021 plan and 23 percent over the same period in 2020.

The serious impacts of Covid-19 and the decline in oil brought into play the group unit’s resilience and determination to band together to overcome the crisis. Even at the height of the pandemic, nearly 60,000 oil and gas workers still devoted themselves and tried their best to fulfill their assigned tasks and plans.

Despite numerous difficulties, the group and its member units still regularly organized cultural and social activities. The Petrovietnam staff donated tens of billions of dong to support the fight against the pandemic, and hundreds of billions of dong to support people in the flood-hit central region, and the poor throughout the country.

A harmonious link between economy and culture is the key to Petrovietnam's sustainable development  strategy. The group’s cultural identity has become its strength in promoting its brand and position as a strong leading economic group, a pioneer in the national economy.

VietNam Economic News

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