Promoting the role of petroleum industry in national development strategy in the new period

Our country is developing the 4th 10-year Socio-Economic Development Strategy (to 2030 - with a vision to 2045). The quality of the strategy and the effective implementation of the strategy is an important factor for the country's rapid and sustainable development towards a wealthy Vietnam.

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Looking back on the role of the oil and gas industry for nearly 35 years of renovation

For nearly 35 years, along with the country in the renovation process, Vietnam's oil and gas industry has constantly grown, playing a very important role in ensuring energy security and increasing export turnover , creating foreign currency revenue, contributing to the government’s budget, promoting economic restructuring towards industrialization - modernization, thereby bringing our country out of crisis and underdevelopment. , becoming the middle-income country in the world. Oil and gas exploration activities in the continental shelf have also contributed significantly to protecting national maritime sovereignty.

Regarding energy security, since 1991 with an output of 3.96 million tons of oil exploited, Vietnam has started to balance imports in the context of extremely scarce foreign currency revenue and deficit of international payment balance. In recent years, the gas industry has supplied about 9-11 billion cubic meters of gas per year to the economy, including 35% of the national electricity production and nearly 80% when supplying to domestic consumers.

For the state budget, for many years the oil and gas industry has contributed over 20% of the total revenue and from 2015 to now about 9-11% of the total budget revenue of the whole country for economic growth, contributing about 10 -13% of the country's GDP.

Through international investment and cooperation, the oil industry has so far attracted more than US $ 45 billion in foreign direct investment with more than 100 oil and gas exploration and exploitation contracts, thereby supplementing an important source of capital for development investment and technology transfer to form and develop Vietnam's petroleum industry. The contribution of petroleum industry to the country's development over periods of 35 years through is utterly immense.

However, it should be frankly recognized that in the operation of the oil and gas industry, there are still shortcomings, especially in the management, administration, production and business as well as development investment. These shortcomings have caused property damage and harms to the group's reputation and created violent storms to Vietnam's oil and gas industry.

Future

The national development strategy for the period of 2021 - 2030 with a vision to 2045 is being developed and still has to wait for the approval of XIII Congress of the Party. However, the socio-economic situation, the domestic and international context, is demanding that it must be a guiding strategy for the country to develop quickly and sustainably, ensuring national defense security and national sovereignty. In order to successfully implement these basic objectives, it is indispensable to contribute the oil and gas industry. The oil and gas industry with great potential and quite modern technical facilities is fully capable to continue to play the leading role in the industry, creating a driving force for economic growth in the next decade. The contribution of the oil and gas industry to the economy will depend on the growth of scale, as well as productivity, quality, efficiency and competitiveness of the whole industry. This requires great and timely efforts of both the oil and gas industry and the authorities of the Government.

Difficulties and challenges ahead are still great, but what is happening shows that Vietnam's oil and gas industry is turning to a new page with new determination and ambition for the country's prosperity.

Nguyen Anh Tuan