Petrovietnam Contributes to Creating Room for National Double-Digit Growth Targets
In the context of a volatile and challenging global economy, the Vietnam National Oil and Gas Group (Petrovietnam) has continued to affirm its position as a key enterprise of the economy with positive contributions. The business production results for the first half of 2023, just announced, show that Petrovietnam is not only an effective "shock absorber" against external shocks but also creates an important impetus for the country's double-digit economic growth target.
Position as a Key Enterprise in the Economy
With a history of formation and development of over 50 years, Petrovietnam has affirmed its pillar role in the energy sector - a key field of the economy. As one of Vietnam's largest state-owned enterprises, Petrovietnam not only operates in the field of exploration, exploitation, and oil and gas processing but has also expanded to many other industrial sectors such as petrochemicals, renewable energy, technical services, finance...
According to Dr. Lê Xuân Nghĩa, former Vice Chairman of the National Financial Supervision Commission: "Petrovietnam has always maintained its role as a key enterprise in the economy, especially during difficult periods. The Group not only directly contributes to GDP growth but also creates a multiplier effect for many other economic sectors."
Impressive Business Results in the First Half of 2023
In the first half of 2023, Petrovietnam achieved many positive results across most operational areas, despite facing numerous difficulties from fluctuating global energy markets and a downward trend in crude oil prices compared to the same period last year.
Specifically, oil and gas production reached 10.8 million tons, achieving 51% of the annual plan. Of this, crude oil production reached 5.5 million tons, and natural gas reached 5.3 billion m³. The Group supplied approximately 11 billion m³ of natural gas to power plants and industrial customers, contributing to ensuring national energy security.
In the electricity sector, Petrovietnam produced 31.3 billion kWh of electricity, achieving 49% of the annual plan. The Group's power plants contributed about 30% of the country's total electricity output.
| Indicator | H1/2023 | Achievement of Annual Plan (%) | Compared to Same Period (%) |
|---|---|---|---|
| Oil and Gas Production (million tons) | 10.8 | 51 | 101.5 |
| Crude Oil Production (million tons) | 5.5 | 50 | 100.2 |
| Natural Gas Production (billion m³) | 5.3 | 52 | 102.3 |
| Electricity Production (billion kWh) | 31.3 | 49 | 102.5 |
Role as an "Economic Shock Absorber" Against Market Volatility
Dr. Lê Xuân Nghĩa commented: "In the context of global economic volatility, high inflation in many countries, and geopolitical conflicts affecting energy supply chains, Petrovietnam has and is playing the role of an effective shock absorber for Vietnam's economy."
Specifically, Petrovietnam has flexibly adjusted its business operations to ensure stable energy supply for production and people's livelihoods, while controlling the selling prices of essential domestic products to follow world market fluctuations.
In addition, the Group has strongly invested in renewable energy projects such as wind power, solar power, contributing to the country's energy structure transformation, reducing dependence on fossil fuels and external factors.
Significant Contributions to the State Budget
Contributing to the state budget is one of Petrovietnam's most important and successful tasks in the first half of 2023. The Group paid approximately 85,000 billion VND to the state budget, achieving 50% of the annual plan.
| Year | Budget Contribution (billion VND) | Share in Total State Budget (%) |
|---|---|---|
| 2021 | 150,000 | 12.5 |
| 2022 | 165,000 | 13.2 |
| 2023 (full year estimate) | 170,000 | 13.5 |
Mr. Nguyễn Văn Biên, Head of the Finance - Accounting Department of Petrovietnam, stated: "Despite fluctuations in the crude oil market, Petrovietnam has ensured full and on-time budget contributions. This demonstrates the responsibility of a state-owned enterprise to the country's common development."
Creating Room for Double-Digit Economic Growth Targets
Petrovietnam's contributions do not stop at ensuring energy security and providing stable budget revenue, but also create significant room for other economic sectors to develop, contributing to achieving the country's double-digit economic growth target.
Ensuring stable energy supply at reasonable prices helps reduce production costs for businesses, especially in industrial, agricultural, and service sectors. This creates favorable conditions for other economic sectors to recover and grow.
Additionally, Petrovietnam's investment projects create thousands of direct jobs and tens of thousands of indirect jobs, contributing to employment generation and increasing income for workers.
Development Orientation in the Second Half of 2023
To continue leveraging its key role, Petrovietnam has set many important goals for the second half of 2023. The Group will focus on completing 2023 business production targets, especially oil and gas production and electricity output.
In the oil and gas sector, Petrovietnam will accelerate the progress of new exploration and exploitation projects such as Dragon - White Tiger phase 2, Ca - Red Lion, White Lion... to increase oil and gas reserves and production in the long term.
In the electricity sector, the Group will focus on completing wind power and solar power projects to increase the proportion of renewable energy in the national energy structure. Especially, the offshore wind power project at Hon Khoai with a capacity of 3,400 MW will be implemented in the near future.
Petrovietnam will also continue to restructure the enterprise, apply digital technology and digital transformation in management and production, improving operational efficiency and competitiveness.
Conclusion
With the results achieved in the first half of 2023, Petrovietnam has continued to affirm its position as a key enterprise of the economy, making important contributions to macroeconomic stability and creating room for the country's double-digit economic growth target. Despite remaining challenges, with the correct development orientation and the efforts of all officials and employees, Petrovietnam is expected to continue to be an important growth driver of the Vietnamese economy in the time to come.
To follow detailed information about Petrovietnam's business production results, readers can access the Group's official website at petrovietnam.vn
#Petrovietnam #Vietnamese Economy #Economic Growth #Key Enterprise #Energy Security