Petrovietnam: Affirming Its Pioneering Role in the New Growth Phase
Petrovietnam recently organized its 2026 Representative Conference with the objective of unifying efforts to enhance the responsibilities of state representatives, promote governance according to OECD standards, accelerate digital transformation, and innovate capital management to improve operational efficiency towards sustainable development.
The Representative Conference: A Strategic Highlight in Development Strategy
The 2026 Representative Conference of the Vietnam Oil and Gas Group (Petrovietnam) was attended by hundreds of delegates serving as state capital representatives at member units. This important annual event aims to evaluate operational effectiveness, outline development directions, and improve corporate governance quality.
Amid a fluctuating global economic landscape with both challenges and opportunities, Petrovietnam has identified the 2026-2030 period as a new growth phase requiring significant innovation in management thinking and operations. This year's conference focused on maximizing the role of state capital representatives in enterprises.
Key Conference Content
1. Enhancing Representative Responsibilities
The conference thoroughly discussed strengthening the responsibilities of state capital representatives in exercising representation rights, protecting, and developing state assets in enterprises. Delegates agreed on the need to enhance supervision and evaluation of representative effectiveness through specific, transparent measurement indicators.
2. OECD Standards Governance
One of the conference's key focuses was implementing corporate governance principles according to Organisation for Economic Co-operation and Development (OECD) recommendations. Petrovietnam recognizes that improving corporate governance quality to international standards is a crucial factor for enhancing competitiveness and attracting investment.
Specifically, the group will focus on improving governance structures, enhancing information transparency, increasing the effectiveness of boards of directors and supervisory boards, and strengthening shareholder rights.
3. Digital Transformation
Digital transformation has been identified as a top priority in Petrovietnam's new development strategy. The group aims to apply digital technology across all operations, from oil and gas exploration and extraction to plant operations, business, and services.
Key digital transformation solutions include:
- Building big data systems to analyze markets and optimize operations
- Applying artificial intelligence (AI) and machine learning in production forecasting and risk management
- Developing digital platforms to connect member units
- Migrating customer services to digital platforms
- Training human resources with digital skills
4. Capital Management Innovation
The conference also focused on innovating the management of state capital in enterprises. Petrovietnam proposed solutions to increase capital utilization efficiency, optimize ownership structure, and strengthen the role of representatives in guiding corporate development strategies.
Specifically, the group will:
- Improve the decentralization and authorization mechanism for representatives
- Establish a capital management effectiveness evaluation system
- Accelerate equitization at enterprises
- Strengthen post-investment supervision
5. Sustainable Development
Aligned with national strategic orientation and global trends, Petrovietnam has identified sustainable development as a cross-cutting goal in all operations. The conference agreed on solutions to reduce emissions, improve energy efficiency, and develop renewable energy sources.
Specific targets include:
- Reducing greenhouse gas emissions by 20% by 2030 compared to 2020
- Increasing the proportion of renewable energy in the total energy structure to 15% by 2030
- Investing in low-carbon and green hydrogen technologies
- Enhancing social responsibility and environmental protection activities
Results and Action Plan
Based on discussion content, the conference agreed on specific results and action plans:
| Focus Area | Target | Deadline |
|---|---|---|
| Governance Quality Improvement | 100% of enterprises implementing OECD governance standards | 2028 |
| Digital Transformation | Complete transformation of 80% of main operations to digital platforms | 2030 |
| Capital Management | Optimize 30% of investment portfolio | 2027 |
| Sustainable Development | Reduce 20% greenhouse gas emissions | 2030 |
The conference also approved solutions to enhance the capacity of the representative team, including in-depth training programs, suitable incentive mechanisms, and an effective supervision and evaluation system for representative work.
Conclusion
The 2026 Representative Conference of Petrovietnam demonstrated strong determination in innovating the governance model, applying digital technology, and moving toward sustainable development. Enhancing the role of representatives has been identified as a key factor in successfully implementing strategic objectives during the new growth phase.
Through specific solutions and clear action plans, Petrovietnam is affirming its commitment to becoming a modern, efficient, and responsible state-owned economic group, contributing to the sustainable development of the oil and gas industry and the national economy.
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