As Petrovietnam undergoes restructuring and transitions into a National Industrial and Energy Group, strategic development direction is needed to contribute to the country’s overall growth objectives in the near future.

Multi-million dollar solutions

To improve production efficiency and competitiveness at the Dung Quat Oil Refinery, Binh Son Refining and Petrochemical Joint Stock Company (BSR) has consistently emphasised scientific research and innovation to optimise refinery operations.

The company has focused on critical factors affecting operational safety, production costs, and business efficiency, such as crude oil feedstock, product lines, processing capacity, operating conditions, and energy consumption. Environmental indicators have steadily improved, generating economic benefits of more than 4.2 trillion VND (equivalent to 194 million USD).

In recent years, especially amidst fluctuations in the global oil market, BSR has concentrated on research and innovation to optimise and diversify its product portfolio while cutting operational costs to boost profits and enhance market competitiveness.

BSR Chairman Bui Ngoc Duong stated that the company will continue to focus on efficient innovation to fully exploit existing resources and pursue breakthrough innovations with creative ideas to develop new products that drive growth and increase corporate efficiency.

At the same time, smart innovation will target digital transformation efforts, including applying artificial intelligence, machine learning, and big data. Alongside its proactive innovation initiatives, the company remains aligned with the Government’s and Petrovietnam’s science and technology development goals, digital transformation strategies, and innovation agendas to make timely and appropriate adjustments that align with the industry’s overall direction.

Toward double-digit growth

Over the years, the Vietnam Oil and Gas Trade Union has not only served as a solid support system for protecting workers’ rights but also played a vital role in promoting and encouraging innovation among employees. Workers actively engage in emulation movements, creating new initiatives and inventions that contribute to Petrovietnam’s sustainable development.

Nghiem Thuy Lan, President of the Vietnam Oil and Gas Trade Union, noted that in 2024, the oil and gas sector innovation programme contributed significantly to Petrovietnam’s success, with total revenue exceeding 1 quadrillion VND. The optimisation of production and minimisation of operational and management costs enabled the group to maintain stable operations while enhancing business performance.

The union proposed 128 entries for the Creative Labour Certificate to the Vietnam General Confederation of Labour, of which 48 have already been approved.

Le Xuan Huyen, Deputy General Director of Petrovietnam, stated that in the face of the global energy transition, Net Zero commitments, digital transformation, and AI applications, businesses must swiftly adapt to achieve sustainable growth.

To meet the national target of double-digit growth with science and technology contributing 50–55% of value added from 2025 onwards, the group must achieve a growth rate of 8–10%, as Petrovietnam remains a major pillar of the national economy.

Moreover, the corporation has recently been assigned the task of developing a nuclear power plant, a completely new domain, making scientific research, technology application, and innovation even more critical for the corporation’s and its affiliates’ development.

Le Manh Hung, Chairman of the Members’ Council of Petrovietnam, stated: “With our new model, the group will transition from five core sectors to three main pillars: industry, energy, and services, with energy being the central pillar. To ensure successful transformation and sustainable development, we are also identifying strategic technologies, management models, and research and innovation strategies that are both effective and aligned with future directions.”