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PM urges Petrovietnam to restructure into national industrial-energy group

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Prime Minister Pham Minh Chinh directed the Vietnam Oil and Gas Group (Petrovietnam) to restructure itself into a national industrial-energy group while addressing the firm’s year-end review conference in Hanoi on December 28.

He urged the firm to show accelerated, decisive, effective, and sustainable transformations, fostering closer and more efficient coordination with ministries, agencies, localities, and businesses.

Highlighting the nation’s developmental goals for 2030 and 2045, and strategic breakthroughs and major tasks outlined at the 13th National Party Congress, the PM stressed the importance of strong economic breakthroughs in 2025, the final year of the five-year socio-economic development plan (2021-2025). To achieve this, state-owned enterprises, especially Petrovietnam, must thoroughly review their business plans for 2025, aiming for the highest possible double-digit growth rate.

The Government leader said Petrovietnam should surpass its limits, achieve annual growth rates of 15-20% by 2025, and contribute to the national GDP growth rate of 8% that year and double-digit rate in following years.

He encouraged the group to adopt intelligent corporate governance practices, strictly comply with safety, security, and environmental protection regulations, and ensure the safe and efficient operation of its facilities.

PM Chinh asked Petrovietnam to develop a strategy and restructuring plan aligned with the sector’s goal of becoming a national industrial and energy corporation. The group must uphold its dominance in the traditional oil and gas area while expanding into renewable and clean energy, enhancing its position in global energy value chains, he said.

He called for the modernisation of infrastructure and mastery of offshore wind power technologies, including the development of turbines, blades, and foundations, alongside the enhancement of human resources training and governance capacity.

He instructed the group to effectively implement the Politburo’s Conclusion No. 76-KL/TW and the Government’s Resolution No. 38/NQ-CP on the development strategy for Vietnam’s oil and gas sector. At the same time, it must promote innovation, technology improvement, and digital transformation with a focus on building a database, he said.

The PM highlighted Petrovietnam’s critical role in ensuring energy, food, economic, maritime sovereignty and social security, underlined that the group’s achievements in 2024 and throughout its 63-year history have made significant contributions to the country’s socio-economic development, the safeguarding of national sovereignty, and ensuring national energy security.

In 2024, Petrovietnam has fully met and surpassed critical targets across all operational fields, including oil and gas production, power generation, and fertiliser production, achieving high growth rates. The group ensured uninterrupted safety and security across all units, facilities, plants, and drilling rigs. Remarkably, domestic crude oil production targets for 2024 were achieved two months and three days ahead of schedule.

Petrovietnam set a new record in total revenue, surpassing the milestone of 1 quadrillion VND, a 36% increase compared to the pre-COVID-19 period, contributing nearly 9% of the country’s GDP and paying 165 trillion VND (6.48 billion USD) into the State budget, a 52% increase compared to the pre-pandemic period.

Strategic projects such as the Thai Binh 2 thermal power plant and the Nhon Trach 3 and 4 power plants were implemented on schedule. Additionally, the group took the lead in renewable energy, particularly offshore wind power.

For the first time, Petrovietnam achieved record-breaking growth across all financial indicators compared to the pre-COVID-19 period. Consolidated revenue reached 601 trillion VND, up 51%; revenue from the parent company alone totalled 270 trillion VND, a 237% increase; and pre-tax profits of the parent company stood at 35.1 trillion VND, a 45% increase. Consolidated profits remained strong, maintaining over USD 2.3 billion annually. With these results, the group surpassed its comprehensive five-year financial targets, approved by the Prime Minister, in just four years (2021-2025).

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Central Vietnam province Quang Nam welcomes $562 mln investment initiatives

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Vietnamese and foreign businesses on Wednesday signed agreements to explore investment opportunities totaling VND14.3 trillion ($561.9 million) in the central province of Quang Nam.

Quang Nam leaders hand over investment registration certificates for six projects in the province, central Vietnam. Photo by The Investor/Thanh Van.

Quang Nam leaders hand over investment registration certificates for six projects in the province, central Vietnam. Photo by The Investor/Thanh Van.

At a conference on the 2021-2030 provincial Master Plan, with a vision until 2050, local leaders awarded investment registration certificates for six projects, with a total investment of more than VND1.07 trillion ($42 million).

Among these are two South Korean projects, including the VND146.4 billion ($5.7 million) Wiring Harness automotive parts assembly factory invested by Kyungrim Tech and the VND168 billion ($7.3 million) packaging industry support factory by Oriental Commerce Vina Co., Ltd.

Another project, an R&D center for Thaco Auto, has a total investment of over VND296 billion ($11.61 million), while China’s Standard Track Co., Ltd. will spend VND58 billion ($2.3 million) on a household goods production factory project.

Hong Kong-based Portillo Estudio Ltd. will construct a ready-built warehouse costing VND216 billion ($8.5 million).

Tucai SA from Spain received an investment registration certificate to manufacture flexible connectors with an investment of over VND187 billion ($7.3 million).

In addition, Quang Nam also signed memoranda of understanding on investment cooperation for four initiatives.

Thaco will spend over VND7.2 trillion ($282.4 million) researching the construction of a Cua Lo channel route to accommodate 50,000-ton ships, a road linking the Viet-Han Industrial Park to Vo Chi Cong street, the Tam Hoa bonded zone, and the Tam Hoa-Tam Tien urban area.

Capella Quang Nam JSC will inject over VND600 billion ($23.5 million) into the infrastructure of the expanded Tam Thang 2 IP.

Meanwhile, Viet Phuong Group will study investing in the infrastructure of Bac Thang Binh 1 and Bac Thang Binh 2 industrial parks, with total capital of more than VND6.5 trillion ($255 million), and Hoi An South Development Ltd will invest more than $1 billion in phase 2 of Hoiana Resort & Golf.

In addition, Capela Quang Nam JSC, the investor in the Tam Thang 2 Industrial Park, signed an agreement to lease infrastructure and land.

Tinfulong Material Singapore PET.LTD signed an MoU to invest in a high-tech polyester fiber raw material factory that is environmentally friendly, while Que Nam Medicinal Herb Pharmaceutical JSC signed a deal to develop a pharmaceutical factory using herbal extraction methods.

Chairman of the provincial People’s Committee Le Van Dung stated that by 2030, the province aims to become one of the quite developed localities in the country, with a modern, integrated infrastructure network. It will develop an airport, seaports, logistics services, tourism, automotive manufacturing, mechanical industries, and regional-level energy production.

The province also seeks to establish a supporting industry center, develop deep-processing agricultural and forestry products, medicinal herbs, and silica industries on a national scale; and to create high-quality vocational training centers.

By 2050, Quang Nam targets becoming a centrally governed city with high human development indices and income levels, contributing significantly to the central budget.

At the conference, the province also announced a series of prioritized investment projects for the 2021-2030 period and beyond.

Among these are 40 projects in transportation infrastructure, 32 in economic infrastructure in industrial zones and clusters, and 53 in commercial and service infrastructure.

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Forum on developing green logistics in industrial transformation held

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The Ho Chi Minh City Investment and Trade Promotion Centre (ITPC) coordinated with relevant units to organise the Green Business Forum with the theme “Sustainable logistics solutions in industrial transformation: From factories to industrial parks and seaports”, on September 24.

This is an important event to promote sustainable logistics solutions, accompanying the green and sustainable economic development strategy of Ho Chi Minh City.

At the forum, experts said that in the current context, preventing and responding to climate change and reducing greenhouse effects are becoming increasingly important and a common global responsibility.

Towards the goal of “zero net emissions”, Vietnam has shaped the trend of green economic development as an inevitable goal in the development process.

Cao Thi Phi Van, IPTC Deputy Director, said that ten days ago, Ho Chi Minh City issued the Green Growth Action Plan for 2024-2030 to implement the National Strategy on Green Growth towards sustainable development in Ho Chi Minh City for 2021-2030.

Accordingly, the City aims to promote a circular economy, reduce greenhouse gas emissions, respond to climate change and contribute to the goal of hunger eradication and poverty reduction, thereby creating momentum for sustainable economic growth.

At the forum, speakers focused on presenting and discussing topics on sustainable logistics and green industry development. Specifically, green finance, green growth orientation in the logistics sector, and industrial transformation practices for sustainable development in the future.

Also, at the forum, speakers proposed sustainable development solutions in the logistics industry, such as solutions related to autonomous energy and efficient means of transport, solutions from technology and integrated solutions in the logistics industry, and investors and green solution providers.

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Japan pledges $20 bln investment in clearn energy in Vietnam

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Japan plans to invest up to $20 billion in low-carbon energy projects in Vietnam amid a regional push for net zero emissions, Japanese broadcaster NHK reported.

The plan was revealed at a meeting in Hanoi on Wednesday between Deputy Minister of Industry and Trade Nguyen Hoang Long and Japanese Ambassador to Vietnam Ito Naoki.

Deputy Minister of Industry and Trade Nguyen Hoang Long shakes hand with Japanese Ambassador to Vietnam Ito Naoki at a meeting in Hanoi on March 5. Photo courtesy of NHK.

Deputy Minister of Industry and Trade Nguyen Hoang Long shakes hand with Japanese Ambassador to Vietnam Ito Naoki at a meeting in Hanoi on March 5. Photo courtesy of NHK.

The Japan Bank for International Cooperation (JBIC) and private companies will lead the investments into 14 projects, including wind power plants.

“Japan wants to provide maximum support so Japanese firms can take advantage of these opportunities and participate in Vietnam’s decarbonization market,” said Ambassador Ito Naoki.

In a separate meeting with the Japanese diplomat in February, Deputy Prime Minister Tran Hong Ha called for Japan’s support in implementing measures to achieve Vietnam’s net-zero emissions goal by 2050. This includes collaboration through the Asia Zero Emission Community (AZEC) initiative under the Joint Crediting Mechanism (JCM).

To date, Japan has provided Vietnam with over $20 billion in loans, nearly $750 million in non-refundable aid, and $1.34 billion in technical support.

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