Prime Minister Nguyen Xuan Phuc on January 11 said the Vietnam Oil and Gas Group (PetroVietnam) needs to remain a role model in expanding markets, optimising opportunities, connecting investment, and reviving growth, among other matters.

Prime Minister Nguyen Xuan Phuc applauds PetroVietnam’s special
contributions to the country’s achievements.

Addressing a meeting held by PetroVietnam in Hanoi, PM Phuc tasked the group with building a pure and strong Party organisation and developing its staff.

PetroVietnam has the conditions necessary to create strong brands, he stressed, asking it to handle five of 12 sluggish projects and eliminate those performing poorly.

A review of the operational model of certain member companies is urgently needed so as to avoid overlaps within the group, he said.

The government leader also suggested stepping up scientific and technological research and application, utilising new-generation free trade agreements, and boosting cooperation with Russia and other partners.

At the meeting, PM Phuc applauded PetroVietnam’s special contributions to the country’s achievements, affirming that the Party and State have always paid due regard to the group over the years.

He highlighted PetroVietnam’s performance in exploration and its efforts in removing difficulties for member companies, helping them regain growth momentum and thrive in the “new normal”.

PetroVietnam has conducted business activities in tandem with safeguarding national security and sovereignty, he said. It ranks second among State groups and corporations in terms of State budget contributions.

The group adopted drastic, timely action in 2020, including introducing a package of solutions to cope with the twin crises of COVID-19 and tumbling oil prices.

Thanks to such efforts, it completed many of its annual targets, with total turnover reaching VND566 trillion (US$24.36 billion), State budget contributions hitting VND83 trillion, and pre-tax profit VND17.5 trillion, the meeting heard.