188bet 88betapp Petrovietnam: 50 years of energy creation, affirming its role as a pillar of the national economy

Oil and gas exploitation activities at Bach Ho field

Lesson 1: 50-year journey - a story of courage, intelligence and aspiration

Half a century since the country's reunification, the Vietnam Oil and Gas industry has risen to become one of the solid pillars of the economy. 's 50-year journey is a story of courage, intelligence and aspiration, illustrated by great achievements 188bet 88betapp the national energy development.

The birth of the oil and gas industry was not simply an decision, but originated from the genius vision of President Ho Chi Minh. During his visit to the Soviet Union 188bet 88betapp 1959, he affirmed his wish that after Vietnam gained independence, the Soviet Union and Azerbaijan would help Vietnam exploit oil and gas to build a strong and prosperous country. That thought has become a guiding principle for later generations of oil and gas officials.

Only 100 days after the country's reunification, the issued Resolution No. 244 dated August 9, 1975 as the political basis for the National Assembly to issue Resolution No. 33 dated August 20, 1975 and the Government to issue Decision No. 170/CP dated September 3, 1975 - establishing the Vietnam General Department of Petroleum and Gas, the direct predecessor of today's Vietnam National Energy and Industry Group. The establishment of the General Department right after reunification not only demonstrated the urgency of exploiting resources to rebuild the country, but also affirmed the strategic position of the oil and gas industry 188bet 88betapp the national development vision.

'The Miracle of the White Tiger' - a historic turning point

On June 26, 1986, the first commercial oil flow from Bach Ho field was exploited. This was not only the result of years of hard work "finding fire", but also a strong boost for the economy 188bet 88betapp crisis and entering the Doi Moi process. From here, Vietnam officially became an oil-producing country, creating an important source of foreign currency, contributing to macroeconomic stability and ensuring energy security.

The discovery of oil 188bet 88betapp the fractured basement rock at Bach Ho was considered an "unbelievable breakthrough" 188bet 88betapp the scientific community at that time. It affirmed the intelligence, will and mettle of Vietnamese oil and gas workers - the brave "workers" at the forefront of the storm.

Petrovietnam workers work at Phu My Fertilizer Plant (Petrovietnam Fertilizer and Chemicals Corporation (PVFCCo - Phu My)

From a start with almost nothing, after only a few decades, Petrovietnam has built and developed a modern and synchronous oil and gas industry chain. This value chain ranges from exploration, exploitation to processing, petrochemical refining, gas - electricity industry, fertilizer production, technical services and even pioneering steps 188bet 88betapp the field of renewable energy.

188bet 88betapp the upstream sector, drilling rigs on the continental shelf have continuously exploited to bring more than 440 million tons of oil and nearly 200 billion cubic meters of gas, providing essential energy for the economy.

Moving down to the mid- and downstream, the Dung Quat and Nghi Son Oil Refineries have become the "heart" of Vietnam's petrochemical industry, meeting about 60-70% of domestic gasoline demand, thereby significantly reducing dependence on imports.

188bet 88betapp the electricity sector, Petrovietnam also affirmed its pivotal role when owning a capacity of more than 8,200 MW, equivalent to 10% of the total national electricity output, contributing to ensuring the balance and stability of the power system 188bet 88betapp the context of high demand. 188bet 88betapp the fertilizer sector, the two Phu My and Ca Mau Fertilizer Plants have helped supply 70-80% of the domestic demand for nitrogen fertilizer, becoming an important factor 188bet 88betapp ensuring national food security.

Many key projects have become symbols of the group's spirit of overcoming difficulties and daring to think and act. Dung Quat Oil Refinery - the first "project of the century" 188bet 88betapp the petrochemical industry; Phu My Fertilizer Plant - the "companion" of farmers nationwide; thermal power projects such as Song Hau 1 and Thai Binh 2 - stable supply for the power system; or Thi Vai LNG port warehouse - a strategic step opening the era of importing liquefied natural gas... All are bold marks, affirming the mettle and intelligence of Petrovietnam.

Dung Quat Oil Refinery Product Export Port

Along with the projects are the telling numbers, demonstrating the strength and position of the group 188bet 88betapp the national economy. Petrovietnam's asset size has exceeded one quadrillion VND, with equity reaching more than 556,000 billion VND. Total cumulative revenue 188bet 88betapp 50 years reached 605 billion USD and 188bet 88betapp the period 2020-2025 alone, profit reached 316,000 billion VND, a result showing the ability to maintain efficiency even 188bet 88betapp the context of many fluctuations 188bet 88betapp the world economy. Regarding budget contributions, Petrovietnam has paid the State more than 142 billion USD, accounting for an average of 8-9% of total budget revenue each year; there were periods when this figure reached 30%, meaning that for every three dong of budget revenue, one dong came from oil and gas.

Not only stopping at economics, Petrovietnam is also a name mentioned a lot 188bet 88betapp the field of science and technology. The Group has been honored to receive 6 Ho Chi Minh Awards, 4 State Awards, 46 Vifotec and WIPO Awards and 4 international patents. 188bet 88betapp particular, 188bet 88betapp terms of social responsibility, Petrovietnam is always a pioneer with practical programs for the community. 188bet 88betapp the period of 2011-2025, the Group has contributed more than 10,300 billion VND to health care, education, hunger eradication and poverty reduction, contributing to spreading the spirit of humanity, accompanying the development of society.

All of these results have created the image of Petrovietnam as not only the largest enterprise 188bet 88betapp Vietnam but also an energy pillar, economic fulcrum and national pride.

Representatives of Quang Tri Provincial Police and General Director of Petrovietnam Le Ngoc Son presented symbolic plaques of house handover and gifts to outstanding households 188bet 88betapp the program of summarizing, completing and handing over 1,143 houses 188bet 88betapp the program of eliminating temporary and dilapidated houses 188bet 88betapp Quang Tri province.

Overcoming the crisis

Petrovietnam has faced many global shocks: the 1997 Asian financial crisis, the 2008 oil crisis, the 2014-2016 oil price period, especially the "double crisis" of COVID-19 and plunging oil prices 188bet 88betapp 2020-2021.

188bet 88betapp that context, the Group has chosen the "volatility management" approach: Proactively forecasting, building flexible scenarios, optimizing costs, restructuring investments, and promoting digital transformation. As a result, 188bet 88betapp 2020 - the most difficult year, Petrovietnam still recorded a positive profit of over VND 20,000 billion, becoming a bright spot of the economy.

Carry out the mission '5 safe - 5 best'

From the development practice, Petrovietnam has clearly defined the mission of "5 An": Energy security, economic security, food security, national defense security, social security. At the same time, the Group affirms "5 best": Largest scale, highest budget contribution, highest profit, most science and technology awards, most social security.

These "an" and "nhat" have portrayed Petrovietnam as a national pillar, both an economic enterprise and a strategic force 188bet 88betapp ensuring sovereignty, national defense and social security.

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