Despite global economic turbulence and a 14% year-on-year plunge in crude oil prices in the first nine months of 2025, the Vietnam National Industry - Energy Group (Petrovietnam) posted robust results, with consolidated revenue climbing by double digits compared to the same period in 2024.
Key norms surge
Petrovietnam sustained steady operations, achieving growth across all core norms. Production targets were met or exceeded by 3.3-21.2%, while all financial indicators outperformed expectations. Estimated total revenue hit 795 trillion VND (30.57 billion USD), up 7% year on year. State budget contributions reached 109 trillion VND, surpassing the full-year goal by 19%. Consolidated revenue was pegged at 484 trillion VND, a 10% jump year-on-year, with profits surpassing set targets.
Capital spending soared in 2025, dubbed a “breakthrough year” for investment. Disbursed investment totalled 34.4 trillion VND, a 44.7% annual increase.
Several major projects were put into operation ahead of schedule, creating fresh momentum for growth. Phase 3 of the Dai Hung oil field launched on May 7, while the Kinh Ngu Trang – Kinh Ngu Trang Nam (White Whale – White Whale South) fields started on July 14, boosting output by 1,500–1,600 barrels daily.
In power generation, Nhon Trach 3 power plant was connected with the national grid on February 5 and is set for commercial operation in October 2025. Nhon Trach 4 power plant followed on June 27, eyeing a commercial start in November. The Block B gas-power chain progressed, with O Mon IV power plant breaking ground on August 19. Other projects, including O Mon III, the Dung Quat refinery upgrade and Long Phu 1 thermal power plant, remain on track.
Three pillars of growth
Petrovietnam pins its success on science, technology and innovation. To support Vietnam’s 8.3–8.5% GDP growth target for 2025 amid energy market challenges, the group optimised technology and plant capacity. Key facilities ran at 115%–120% of design. Ca Mau and Phu My fertiliser plants topped 110%, while Dung Quat and Nghi Son refineries hit 115%–120%. Drilling rigs maintained near-perfect uptime at 99.99%.
The group is advancing a technology and product development strategy through 2030, with a vision to 2045, rolling out new products and eco-industrial energy hubs.
New product revenue hit 6.1 trillion VND in the first nine months, with multiple patents and utility solutions secured. Several innovations are in the running for the Ho Chi Minh and State Science and Technology Awards.
A flagship effort is the digital overhaul of the Ca Mau fertiliser plant into Petrovietnam’s first “smart factory,” setting a blueprint for group-wide adoption. This is one of the 32 digital initiatives in its 2030 roadmap, underscoring technology as a growth engine.
Petrovietnam has also expanded its global reach, making international market development a strategic priority to drive growth and competitiveness. A dedicated resolution, “Petrovietnam’s International Market and Business Development Strategy 2026–2030”, targets markets like the Middle East, Central Asia, Southeast Asia, North America and the EU, while exploring new territories to diversify its portfolio. Global revenue for the first nine months was estimated at 94.7 trillion VND, establishing overseas operations as a key driver of growth. The group aims for international operations to contribute 30% of consolidated revenue by 2030.
The third pillar is management innovation, focusing on an integrated energy model, value chain synergy and a multi-layered global ecosystem. Petrovietnam adopted comprehensive solutions in operations, risk management, planning, investment, capital, assets, cash flow and cost optimisation.
It ensures seamless coordination across the value chain, from extraction and transport to refining, inventory, production and trading, maintaining safe, uninterrupted operations across all facilities and platforms while leveraging market opportunities. Cost efficiency, organisational streamlining and workforce upskilling are priorities, alongside modernising internal regulations to match new conditions.
Social responsibility remains central. Petrovietnam’s “STEM Innovation Petrovietnam” aims to cultivate Vietnam’s next generation of sci-tech talents, with multiple STEM labs opened and plans for 100 labs nationwide by year-end, backed by 500 billion VND. The group also raised over 21 billion VND for Typhoon Bualoi relief efforts in late September, supporting affected communities as of early October./.
