Deputy Prime Minister Truong Hoa Binh worked with Vietnam Oil and Gas Group

On the afternoon of September 10, Member of the Politburo, Standing Deputy Prime Minister Truong Hoa Binh had a working session with Vietnam Oil and Gas Group (PVN). Attending the meeting were Chairman of the State Capital Management Committee at Enterprise Nguyen Hoang Anh, leaders of ministries, central branches and key members of PVN.

Deputy Prime Minister Truong Hoa Binh speaks at the meeting..

PVN's mission

According to Mr. Le Manh Hung, General Director of PVN, from 2015 and earlier, the proportion of the Group's contribution to the State budget revenue accounted for 25-30%, the average contribution to GDP from 16-18%..

From 2015 up to now, PVN has continued to hold an important role, PVN pays the annual budget, accounting for 9-11% of the total state revenue and 16.5-17% of the total central budget revenue. Contribution to the country's GDP on average is 10-13% annually.

The Group's consolidated net profit after tax / average equity ratio reached 10.4% / year. Consolidated profit after tax / charter capital reached 15.8% for the period 2010-2019. The growth rate of PVN's total consolidated assets in the period 2010-2019 reached 9.7% / year. Total consolidated assets as of December 31, 2019 are VND 861,400 billion. The growth rate of the Group's consolidated equity in the 2010-2019 period reached 9.8% / year. Consolidated equity source as of December 31, 2019 is 479,300 billion VND.

Speaking at the meeting, Deputy Prime Minister Truong Hoa Binh emphasized: PVN has the mission of "contributing to ensuring national energy security, being an economic leader in building and developing a mighty country of Vietnam" . This is one of the economic pillars of the country, acting as a tool to regulate the economy of the Government, making an important contribution to the State Budget.

According to the Deputy Prime Minister, up to now, PVN is proud to have a big brand in the country and internationally, with a science and technology level similar to that of developed countries, with a large scale and high competitiveness, to own. Oil and gas activities at home and abroad.

PVN is the most deeply integrated Vietnamese enterprise, the team of science, technology, technology and management staff, skilled and unique technical workers, constantly growing in quality and quality. PVN's role is very important in the country's economic development, industrialization, modernization and international integration, making important contributions to the state budget during more than 30 years of national renewal (an average of about 25 -30% in the period 2006-2012, about 9-11% of the total state budget revenue and accounted for 16.5-17% of the total central budget revenue in recent years), ensure energy security and participate in protecting sovereignty the country's sea islands..

“PVN has become a large petroleum corporation in the country and the region with many important oil and gas factories and projects in the country, owning nearly 40 billion USD of State assets and over 60,000 employees. There are many good experts to meet international requirements, become the master to replace foreign experts from engineering and technology to management ”- Deputy Prime Minister said.

According to the Deputy Prime Minister, in the last months of 2019 and the beginning of 2020, we are facing with the COVID-19 epidemic raging around the world, the adverse effects of the pandemic are huge on economic development - country society. In that context, with the timely guidance of the Party and State leaders and the drastic, creative, flexible and timely active management of the Government, the Prime Minister, together with the synchronous Vietnam has responded quickly, promptly and effectively to the new development of the COVID-19 epidemic, the political system, the business community, and especially the strong support from the people of the country. Up to now, outbreaks have been basically controlled, and suspected and infected cases have been identified, appropriately zoned and isolated, making an important contribution to keeping the situation stable and focused. make efforts to realize the dual goal of fighting against epidemics and developing socio-economic development.

We continue to maintain a stable macroeconomic foundation, controlled inflation, consumer price index tends to decrease gradually, interest rates decrease, exchange rates and foreign exchange markets are stable. Ministries, branches and localities have synchronously implemented solutions to remove difficulties and problems, speed up the implementation of public investment projects; disbursement in August increased by 45.4%; 8 months of 2020 increased by 30.4%, the highest in the period 2016-2020.

“PVN has overcome many difficulties, achieved great results in production and business activities. On behalf of the Government and the Prime Minister, I acknowledge and appreciate the achievements and results achieved by the leaders, officers and employees of PVN ”- Standing Deputy Prime Minister evaluated.

Referring to the tasks and solutions in the coming time, the Deputy Prime Minister said that PVN is still facing many difficulties, challenges and potential risks. Therefore, to achieve the economic growth target of 2020, it is necessary to have a great contribution from state economic groups, including important contributions from PVN.

Photo: Le Son.

Eight missions and solutions for the Vietnam Oil and Gas industry

In order to implement and successfully fulfill the set targets and plans, Deputy Prime Minister Truong Hoa Binh suggested that the Vietnam Oil and Gas industry focus on effectively implementing 5 objectives of Decision No. 1008 / QD-TTg of Prime Minister dated July 12, 2017 on production, business and development investment plan of PVN up to 2020 with some major solutions as follows:

Firstly: Continue to well implement the Resolution No. 41-NQ / TW dated July 23, 2015 on the strategic orientation of the development of Vietnam's petroleum industry to 2025 and a vision to 2035.

Second: Improving the quality of corporate governance, restructuring the Group, focusing on key fields and industries.

Third: PVN effectively implemented the instructions of the Prime Minister at the Standing meeting of the Government working with PVN and Vietnam Airlines on May 21, 2020.

Fourth: the State Capital Management Committee at Enterprises directs PVN to complete the equitization settlement for 3 units (PetroVietnam Oil Corporation - PVOil, Binh Son Refining and Petrochemical Joint Stock Company - BSR) , PetroVietnam Power Corporation - PV Power), divestment plan in 3 units (if any).

The year is: Developing solutions to attract foreign direct investment capital and capital of other economic sectors to invest in the Group's projects.

Sixth: Monitoring the situation in the East Sea to deploy oil and gas projects in the traditional and offshore areas on the Vietnamese continental shelf. Focus on directing and regaining the progress of key projects that have been slow compared with requirements.

Seventh: Promote innovation activities, research and develop technology, have feasible solutions for early application of technology 4.0

Eighthly: To build a contingent of highly qualified scientific and technological staff who are dedicated to key scientific and technological fields. Absolutely comply with the provisions of Vietnamese law on safety and environmental protection.

Regarding the proposals of PVN, the Standing Deputy Prime Minister of the Government Truong Hoa Binh assigned ministries and agencies to synthesize, study and propose competent authorities to consider and decide.

Le Son