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Vietnam Energy Forum

Approving the Restructuring project of the PVN (in the period until the end of 2025)

 - Deputy Prime Minister Le Minh Khai signed Decision No. 1243/QD-TTg to approve the "Project to restructure Vietnam Oil and Gas Group (PVN) for the period until the end of 2025".

The goal of the Project is to construct and develop Vietnam Oil and Gas Group into the leading energy industry group in the country and region, in accordance with the new development trend, the Fourth Industrial Revolution, green, digital and new energy transitions; with a core position and role in ensuring national energy security, and implementing functions, tasks and powers according to the provisions of the Petroleum Law, the Charter of organization and operation with the modern technologies and management and high specialization suitable to Vietnamese conditions; contributing to ensuring energy and security and protecting national sovereignty at sea.

Consolidating and developing PVN and its member units, especially those units operating in key fields, forming a value-added chain of the oil and gas industry, with strong financial and scientific potential and high competitive ability, effective operation sustainable development and proactively expanding markets and actively integrating internationally.

Mobilizing all resources to invest in developing PVN and Vietnam's oil and gas industry.

To implement restructuring, organization, and consolidation according to the economic group model including the parent company - PVN and member companies, operating in accordance with goals, development strategies, and industry development planning. Vietnam Oil and Gas approved by the Politburo/Prime Minister.

Continue restructuring, focusing on maintaining core areas and main business areas and divesting all capital from not main business fields.

Restructuring the financial resources from the own and additional resources.

Maintaining the position as the Gas leading supplier (LPG, LNG, CNG...) in Vietnam. Promoting the development of petrochemicals, deep processing of gas products and high-quality oil and gas services; Developing clean energy, renewable energy, new energy sources such as offshore wind power, marine energy, H2, NH3, low carbon emission fuels... according to the approval of competent authorities, in line with the orientation of energy transition and environmental protection.

Actively handling the projects, works, and businesses that have difficulties and problems (if any) according to market principles, for complying with legal regulations and approval from competent authorities.

Applying modern management methods; reviewing and promoting devolving and decentralization; Completing the system of internal processes and regulations, making the public and transparent information, having a streamlined and effective organizational structure, and rearranging human resources in accordance with capacities, qualifications, and each level of the cadres. Strengthening supervision, inspection, internal audit and risk control; Early detection and timely handling of shortcomings and weaknesses; complying with the policies of the Party and State and the provisions of law.

Striving for a PVN average turnover growth of 3% - 6.5%/year, increasing annual budget collection by about 10%; restructuring to make PVN stronger, especially PVN will participate in developing the renewable power projects for contributing to the renewable power industry development. PVN continues to be a one-member limited liability company with 100% charter capital held by the State.

According to the plan, the Parent Company - PVN continues to be a one-member limited liability company with 100% charter capital held by the State (in accordance with Decision No. 1479/QD-TTg dated November 29, 2022, of the Prime Minister).

The Dependent Units of PVN:

- Maintaining the Petroleum College (PV College), improving its operational efficiency.

- Maintaining the Vietnam Petroleum Institute (VPI), improving its operational efficiency.

- Researching and improving the operating mechanisms according to regulations.

- Developing a feasible and appropriate project for transferring /restructuring the Petroleum University (PVU).

- Dissolving PVN Branch - Southwest Pipeline Operation Company to ensure compliance with the orientation of transferring capital contribution at BCC Block B - O Mon.

By the end of 2025, most member enterprises will be joint stock companies with a streamlined model:

By the end of 2025, most member enterprises will be joint stock companies, they have a streamlined organizational model and healthy financial situation and operate effectively, and have modern technological and production technical levels equivalent to the countries in the region, fully meeting international standards on corporate governance; forming a professional management team with high qualifications and good moral qualities.

Consolidating and developing a number of the large-scale member enterprises that operate effectively and have the ability to compete regionally and internationally in the main business areas of PVN; considering finding a new company, branch (if any), merging, consolidating, trading and merging a number of units with the suitable operating professions and fields to focus resources in improving competitiveness and operational efficiency after restructuring implementation and handling problems for improving efficiency./.

VietnamEnergy.vn

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