PVN has contributed positively to the economic development

In the first 9 months of 2019, PVN has maintained the production pace stability and effectively, surpassingly fulfilled most of the production targets, it has made an important contribution to GDP (6.98%) and highest in the last 9 years of the Vietnamese economy.

Entering 2019, the economy of Vietnam in general and the oil and gas industry in particular faced to many difficulties and challenges in the context that the world’s economy tends to slow down with increasing risk factors. , oil and gas exploitation activities to meet with many obstacles, directly affecting business results. That is the price of crude oil recovered slowly and remained low; many projects require large capital demands, while capital arrangements face many difficulties; ineffective projects need time and resources to fully handle …

Information Technology Drilling rig No.3 at Bach Ho field.

In this context, the Standing Committee of the Party Committee, the Board of Directors and the PVN leaders followed closely the guidance of the Party, the Government, to lead, issue resolutions and plans to remove difficulties, promptly handle the problems encountered, maintain an effective production pace, and exceed all planned targets in the first 9 months of 2019.

Fertilizer production reached 1.10 million tons in the first 9 months, up 8 percent compared to the set target for the period and fulfilling 76.6 percent of the yearly plan. Electricity production reached 16.42 billion kWh in the first 9 months, an increase of 4.3 percent from the targeted output and equivalent to 76 percent of the yearly target. Petroleum production reached 8.99 million tons in the first 9 months, surpassing the goal for the period by 5.6 percent and fulfilling 79.2 percent of the yearly plan.

For financial targets, aggregate revenue of the group in September was estimated at 61.4 trillion VND, the figure represents a 9.5 percent increase from the monthly target; total revenues for 9 months up to 560.6 trillion VND, surpassing the period’s plan by 12 percent and fulfilling 92 percent of the yearly plan.

Those achievements have contributed significantly to the country’s economy (69.8%) in the first 9 months of 2019.

In recent years, PVN has always been one of the country's economic pillars with essential products such as gasoline, fertilizer, and electricity, performing well its role as a macroeconomic regulation tool of the Government, play an important role to the State budget.

In addition to economic development, PVN has contributed positively in affirming and protecting the sovereignty and sovereignty of the Fatherland in the East Sea; focus on social security, building corporate culture; always effectively promoting the role of a pillar and leader of the country's economy.

In order to clarify difficulties and obstacles in implementing key projects of the Oil and Gas industry, PVN has collaborated with National Assembly Committees and specialized agencies to organize many seminars and seminars to find out specific solutions and recommendations to deal with current difficulties of the Oil and Gas industry.

More than ever, PVN is in need of specific policies and solutions to promptly remove difficulties for the projects that PVN is implementing, aiming to ensure energy security for national development in the country in the coming time.