Petrovietnam exceeds key targets in four months, eyes sustainable growth with new projects

Petrovietnam exceeds key targets in four months, eyes sustainable growth with new projects

Petrovietnam delivered strong results in the first four months of 2025, exceeding most key production targets despite global market headwinds.

The Nhơn Trạch 3 power plant, Việt Nam's first LNG power plant, is completing preparations to be ready for operation in the near future. — Photo courtesy of Petrovietnam

The Vietnam National Industry - Energy Group (Petrovietnam) reported robust performance in the first four months of 2025, with most key production targets exceeded, despite mounting global market challenges.

As of the end of April, crude oil output reached 3.16 million tonnes, 12.8 per cent above the four-month plan. Gas production stood at 1.98 billion cubic metres, exceeding the target by 10.4 per cent, while electricity generation hit 11.06 billion kWh, surpassing the plan by 9.9 per cent.

Fertiliser production rose 19.5 per cent above target and refined fuel output totalled 5.39 million tonnes, 12.7 per cent higher than planned.

These achievements contributed to stable revenue growth and tax collection, with total revenue reaching VNĐ323.3 trillion (US$12.4 billion) and State budget contributions amounting to VNĐ45.6 trillion. Investment activity also saw strong growth, with VNĐ10.2 trillion disbursed, a 22.5 per cent year-on-year increase.

One notable success was the completion of Phase 3 of the Đại Hùng (Big Bear) oilfield development project, finished 20 days ahead of schedule. The project was executed entirely by Vietnamese personnel within Petrovietnam’s ecosystem and is set to provide vital input for power generation during the current peak dry season.

Looking ahead, Petrovietnam aims to commission at least one new facility each month for the remainder of 2025, beginning with Đại Hùng Phase 3. This initiative underpins its broader strategy for sustainable development by synchronising investment, production and market expansion.

The group also marked progress in fertiliser production.

Its two major plants not only secured domestic supply but also expanded exports. Notably, Cà Mau Fertiliser received Australia’s highest certification standard for exports, enhancing its international market reach.

Petrovietnam's gas and power segments continued stable and efficient operations.

PV GAS has proposed taking the lead in importing LNG from the United States to secure long-term energy supply. Meanwhile, the refining and petrochemical division is focusing on inventory management, cost reduction and developing environmentally friendly products.

Petrovietnam also pushed ahead with its international expansion. It extended a production sharing contract at Block PM3 CAA with Petronas for another 20 years and signed cooperation agreements with Kazakhstan's national oil company on exploration and energy.

The Nhơn Trạch 3 power plant, Việt Nam's first LNG power plant, is completing preparations to be ready for operation in the near future. — Photo courtesy of Petrovietnam

Domestically, the group enhanced collaboration with leading Vietnamese enterprises, such as Viettel, Vinachem, ACV, TKV and Hòa Phát, in line with the Government’s Resolution 68 on private sector development.

General Director Lê Ngọc Sơn emphasised the need for proactive management in May and the second quarter in the face of global uncertainties, including geopolitical tensions and trade protectionism. He called for acceleration in key investment projects, including Block B, Blue Whale, BK-24, White Dolphin and Nhơn Trạch 3 and 4 power plants.

To meet national energy needs during the peak season, Petrovietnam’s power plants will work with the National Load Dispatch Centre (A0) to ensure stable power supply and optimise fuel use and costs during peak demand periods. 

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